PHL Professionals Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 12186050 (England and Wales)

PHL PROFESSIONALS LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R S Brand

A Kandiah

REGISTERED OFFICE:

6 Quay Point

North Harbour Road

Portsmouth

Hampshire

PO6 3TD

REGISTERED NUMBER:

12186050 (England and Wales)

AUDITORS:

Rothmans Audit LLP

Statutory Auditors

Chartered Accountants

Fryern House

125 Winchester Road

Chandlers Ford

Hampshire

SO53 2DR

CURRENT ASSETS

Debtors

4

121,351

77,290

Cash at bank

7,387

33,467

128,738

110,757

CREDITORS

Amounts falling due within one year

5

347,646

202,768

NET CURRENT LIABILITIES

(218,908

)

(92,011

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(218,908

)

(92,011

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(218,909

)

(92,012

)

(218,908

)

(92,011

)

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 30 March 2023 and were signed on its behalf by:

R S Brand - Director

1.	COMPANY INFORMATION

PHL Professionals Ltd is a private company, limited by shares, incorporated in England and Wales. The registered office address is 6 Quay Point, North Harbour Road, Portsmouth, Hampshire, PO6 3TD. The company's registered number is 12186050.

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 presentation currency is £ sterling.

Going concern

The company is reliant on the continued support of its parent company and fellow subsidiary companies which have confirmed their continuing support for a period of at least 12 months from the date of signing the accounts. The directors have therefore prepared the accounts on a going concern basis.

Significant judgements and estimates

The directors consider that there are no significant judgements and estimates.

Turnover

Turnover represents net sales during the year (excluding value added tax) adjusted for accrued and deferred income where applicable.

Turnover is recognised on the provision of recruitment services.

Financial instruments

The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently

measured at amortised cost.

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

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.

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 the Income Statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2021 - 11 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

52,876

27,800

Amounts owed by group undertakings

67,500

49,490

Other debtors

975

-

121,351

77,290

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

105

482

Amounts owed to group undertakings

337,593

191,992

Taxation and social security

6,405

7,384

Other creditors

3,543

2,910

347,646

202,768

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Richards (Senior Statutory Auditor)

for and on behalf of Rothmans Audit LLP

7.	CONTINGENT LIABILITIES

The company has a cross guarantee with its group company, PHL Group Midco Limited, in favour of MNL Nominees Limited to guarantee its loan notes. The total indebtedness at the balance sheet date is £6,869,000 (2021: £nil).

The company has a cross guarantee with its group company, PHL Group Finance Limited, in favour of TC Loans Limited to guarantee its loan. The total indebtedness at the balance sheet date is £6,500,000 (2021: £nil).

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Partnering Health Limited, a company registered in England & Wales. Up until 17 March 2022, the ultimate parent company was Partnering Health Holdings Limited, a company registered in England & Wales. From 17 March 2022 until 17 August 2022, the ultimate parent company was PHL Horizon Ltd, a company registered in England & Wales. From 17 August 2022, the ultimate parent company is PHL Group Holdco Limited, a company registered in England & Wales.

The smallest group in which the results of the company are consolidated is that headed by Partnering Health Limited. The largest group in which the results of the company are consolidated is that headed by PHL Group Holdco Limited. Both of these group accounts are available to the public and may be obtained from the Registrar of Companies.

The directors do not consider there to be an ultimate controlling party.