REGISTERED NUMBER: 04656474 (England and Wales)

PHI Lighting Limited

Unaudited Financial Statements

for the Year Ended

31 December 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I D Hill

Miss C Westcott

REGISTERED OFFICE:

6 Oban Road

Coventry

Warwickshire

CV6 6HH

REGISTERED NUMBER:

04656474 (England and Wales)

ACCOUNTANTS:

Moffat Gilbert

Unit 12

Shottery Brook Office Park

Timothy's Bridge Road

Stratford upon Avon

Warwickshire

CV37 9NR

FIXED ASSETS

Tangible assets

4

6,733

7,131

CURRENT ASSETS

Stocks

92,585

95,270

Debtors

5

115,805

112,777

Cash at bank

-

13,173

208,390

221,220

CREDITORS

Amounts falling due within one year

6

256,461

89,053

NET CURRENT (LIABILITIES)/ASSETS

(48,071

)

132,167

TOTAL ASSETS LESS CURRENT LIABILITIES

(41,338

)

139,298

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

(41,439

)

139,197

SHAREHOLDERS' FUNDS

(41,338

)

139,298

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2026 and were signed on its behalf by:

Miss C Westcott - Director

1.	STATUTORY INFORMATION

PHI Lighting Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The previous accounting period was shortened to end on 31 December 2024 to be coterminous with its new holding company, Smart Systems UK Limited.

The accounts have been prepared on a going concern basis as the result for the year has made the company have net liabilities at it's accounts reporting date. The directors in the post balance sheet period have taken action to greatly reduce overhead costs, together with putting more resource into achieving greater sales activity. These actions are thought to return the company to profitability in the foreseeable future. At the year end too, the company received financial support from it's parent undertaking, Smart Systems UK Limited.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

12,336

Additions

671

At 31 December 2025

13,007

DEPRECIATION

At 1 January 2025

5,205

Charge for year

1,069

At 31 December 2025

6,274

NET BOOK VALUE

At 31 December 2025

6,733

At 31 December 2024

7,131

5.

DEBTORS

31.12.25

31.12.24

£

£

Amounts falling due within one year:

Trade debtors

15,563

60,746

Other debtors

10,800

10,800

Tax

35,676

7,991

VAT

2,112

-

Prepayments and accrued income

21,355

22,063

85,506

101,600

Amounts falling due after more than one year:

Tax

30,299

11,177

Aggregate amounts

115,805

112,777

Within other debtors is the rent deposit of £10,800, which is due for recovery within one year (as at 31 December 2024 this same £10,800 was due after more than one year). The taxation due for recovery after one year is wholly deferred taxation.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

20,866

-

Trade creditors

34,110

34,864

Amounts owed to group undertakings

65,469

-

Social security and other taxes

7,922

5,902

VAT

-

14,456

Other creditors

5,898

5,538

Medlock Electrical Ltd

100,000

-

Accruals and deferred income

22,196

28,293

256,461

89,053

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.25

31.12.24

£

£

Within one year

24,378

40,000

Between one and five years

23,046

10,000

47,424

50,000

8.	ULTIMATE CONTROLLING PARTY

The entire share capital of the company was purchased during the previous period by Smart Systems UK Limited which, at that time, became the company's ultimate parent undertaking. The registered office of Smart Systems UK Limited is 6 Oban Road, Coventry, Warwickshire.CV6 6HH.