Before I mention my problem I would like to say that the PH2 V+ is an excellent quad and only my inexperience caused the crashes I have had.  My first battery I had a great experience until I clipped a branch and the quad fell 10ft and bent the gimbal arm - so I reoplace the camera and gimbal took it for another flight - hit another branch and fell 6ft bending one of the plastic arms.  So, new sherr and reinstalled everything but on power up all the LED's do the normal boot up but the front reds do not come back on.  On inspection I found an esc that had a fried chip - I have ordered a replacent but wondered if this was the correct error for a blown esc or could I have further problems?

Any help or advice would be greatly appreciated.

Yes, ESC replacement is necessary.  There has been a LOT of discussion on the forum regarding ESC's and motors there has been a high correlation between prop strikes causing the ESC to burn out.  Read more here: Causes of motor/ESC failures. Test results  Don't EVER, EVER, EVER let your spinning props strike anything.  EVER.  It will blow the ESC. Trees, shrubs, grass ... anything that will come in contact with your spinning props.

"Any help or advice would be greatly appreciated."

1.  Buy a cheaper, smaller and lighter quad to learn with.  The 180 QX is under $200, and the Nano QX is under $100, both with radios.  I have both, and fly them most everyday.

2.  Stay away from trees!

Good luck.