Phosphor Technology Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02281612 (England and Wales)

Financial Statements for the Year Ended 31 March 2022

for

Phosphor Technology Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

9

DIRECTORS:

G C Sorce

Mrs A N R Davis

SECRETARY:

Mrs A N R Davis

REGISTERED OFFICE:

55 High Street

Hoddesdon

Hertfordshire

EN11 8TQ

REGISTERED NUMBER:

02281612 (England and Wales)

ACCOUNTANTS:

Reece & Co.

55 High Street

Hoddesdon

Hertfordshire

EN11 8TQ

FIXED ASSETS

Tangible assets

4

53,408

64,338

CURRENT ASSETS

Stocks

434,476

429,862

Debtors

5

200,794

297,662

Cash at bank and in hand

2,021,633

1,733,777

2,656,903

2,461,301

CREDITORS

Amounts falling due within one year

6

284,849

211,808

NET CURRENT ASSETS

2,372,054

2,249,493

TOTAL ASSETS LESS CURRENT LIABILITIES

2,425,462

2,313,831

PROVISIONS FOR LIABILITIES

8

6,523

8,272

NET ASSETS

2,418,939

2,305,559

CAPITAL AND RESERVES

Called up share capital

9

470,000

470,000

Retained earnings

10

1,948,939

1,835,559

SHAREHOLDERS' FUNDS

2,418,939

2,305,559

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2022 and were signed on its behalf by:

G C Sorce - Director

1.	STATUTORY INFORMATION

Phosphor Technology 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 as modified by the revaluation of certain assets.

Turnover

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

Financial Instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities including trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year) including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Judgements and key sources of estimation uncertainty

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision effects only that period, or in the period of the revision and future periods, if the revision effects both current and future periods.

The directors do not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements.

Tangible fixed assets

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

Improvements to property

-

7.5% on cost

Plant and Equipment

-

25% on reducing balance

Custom Test Equipment

-

12.5% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

50% on cost

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

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 15 (2021 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Custom

to

Plant and

Test

property

Equipment

Equipment

£

£

£

COST

At 1 April 2021

472,236

307,778

66,050

Additions

-

-

-

At 31 March 2022

472,236

307,778

66,050

DEPRECIATION

At 1 April 2021

472,235

250,517

66,028

Charge for year

-

14,316

21

At 31 March 2022

472,235

264,833

66,049

NET BOOK VALUE

At 31 March 2022

1

42,945

1

At 31 March 2021

1

57,261

22

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2021

26,650

10,830

883,544

Additions

-

7,632

7,632

At 31 March 2022

26,650

18,462

891,176

DEPRECIATION

At 1 April 2021

20,983

9,443

819,206

Charge for year

1,417

2,808

18,562

At 31 March 2022

22,400

12,251

837,768

NET BOOK VALUE

At 31 March 2022

4,250

6,211

53,408

At 31 March 2021

5,667

1,387

64,338

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

148,659

229,193

Other debtors

52,135

68,469

200,794

297,662

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade creditors

42,713

38,043

Taxation and social security

104,955

42,663

Other creditors

137,181

131,102

284,849

211,808

7.	LEASING AGREEMENTS

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

31.3.22

31.3.21

£

£

In more than five years

60,000

60,000

8.	PROVISIONS FOR LIABILITIES

31.3.22

31.3.21

£

£

Deferred tax

6,523

8,272

Deferred

tax

£

Balance at 1 April 2021

8,272

Reduction for the year

(1,749

)

Balance at 31 March 2022

6,523

Deferred taxation arises from accelerated capital allowances with particular reference to allowances for research and development expenditure.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

470,000

Ordinary

£1

470,000

470,000

10.

RESERVES

Retained

earnings

£

At 1 April 2021

1,835,559

Profit for the year

563,380

Dividends

(450,000

)

At 31 March 2022

1,948,939

11.	RELATED PARTY DISCLOSURES

The company has paid £5,000 (2021 - £5,000) to its holding company for management services.

The total amount of dividends for the year paid to the holding company was £450,000.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Bitherstone Services Limited.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2022 set out on pages two to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Reece & Co.

55 High Street

Hoddesdon

Hertfordshire

EN11 8TQ

28 September 2022