Company Registration No. 02802110 (England and Wales)
PHASEDEAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
PHASEDEAL LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
PHASEDEAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
2
982,800
975,000
Current assets
Debtors
3
295,781
302,404
Cash at bank and in hand
14,298
553
310,079
302,957
Creditors: amounts falling due within one year
4
(307,944)
(287,059)
Net current assets
2,135
15,898
Total assets less current liabilities
984,935
990,898
Creditors: amounts falling due after more than one year
5
(224,875)
(235,152)
Provisions for liabilities
(125,720)
(140,511)
Net assets
634,340
615,235
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
7
634,240
615,135
Total equity
634,340
615,235
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PHASEDEAL LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 September 2019 and are signed on its behalf by:
Mrs Lily Berger
Mr Abraham Klein
Director
Director
Company Registration No. 02802110
PHASEDEAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2017
100
619,759
619,859
Year ended 31 March 2018:
Profit and total comprehensive income for the year
-
15,376
15,376
Dividends
-
(20,000)
(20,000)
Balance at 31 March 2018
100
615,135
615,235
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
39,105
39,105
Dividends
-
(20,000)
(20,000)
Balance at 31 March 2019
100
634,240
634,340
PHASEDEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
1
Accounting policies
Company information
Phasedeal Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
New Burlington House, 1075 Finchley Road, London, NW11 0PU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration receivable in respect of services provided in the normal course of business. The turnover of the company is represented by sale proceeds on the disposal of property held for trading purposes coupled with rents and charges receivable in respect thereof. Rental income is accounted for on an accruals basis with increases arising from rent reviews being taken into account when such reviews have been settled with tenants.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
PHASEDEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PHASEDEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Acquisitions and disposals of property
Acquisitions and disposals of property are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
2
Investment property
2019
£
Fair value
At 1 April 2018
975,000
Additions
7,800
At 31 March 2019
982,800
Investment property comprise residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31st March, 2019 by the Company's directors who are considered to have the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2019
2018
£
£
Cost
243,269
235,469
Accumulated depreciation
-
-
Carrying amount
243,269
235,469
PHASEDEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
5,304
11,880
Other debtors
290,477
290,524
295,781
302,404
Other debtors includes £290,000 (2018: £290,000)
owed by connected undertakings
which
are interest free and repayable on demand. These are companies of which the directors and their families are directors and/or shareholders.
4
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
9,930
9,580
Corporation tax
5,703
6,668
Other creditors
292,311
270,811
307,944
287,059
Other creditors includes £288,406 (2018: £266,906)
owed
to
connected undertakings
which
are interest free and repayable on demand. These are companies of which the directors and their families are directors and/or shareholders.
5
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
224,875
235,152
Bank loans and overdrafts represent
a
mortgage advance which is secured by a
fixed legal charge over the company's property portfolio coupled with a floating charge over the remaining
assets and undertakings of the company; it is repayable in instalments ending in 2035 and
bears interest
at a fixed margin over three month LIBOR.
Creditors which fall due after five years are as follows:
2019
2018
£
£
Payable by instalments
185,155
196,832
PHASEDEAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 8 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Profit and loss reserves
Of the profit and loss account reserves, £20,429 is distributable, the remaining £613,811 not being distributable as it is not realised.