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Company registration number: 11974243
Phoenix Properties Birmingham Ltd
Unaudited filleted financial statements
31 May 2022
Phoenix Properties Birmingham Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Phoenix Properties Birmingham Ltd
Directors and other information
Directors Harish Sahnan
Seema Bhandari
Company number 11974243
Registered office Flat B 85 Stanmore Road
Edgbaston
Birmingham
West Midlands
B16 9SU
Business address Flat B 85 Stanmore Road
Edgbaston
Birmingham
West Midlands
B16 9SU
Accountants Lindley & Co
Suite 4 Europa House
Europa Way
Lichfield
Staffordshire
WS14 9TZ
Bankers Metro Bank
Phoenix Properties Birmingham Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Phoenix Properties Birmingham Ltd
Year ended 31 May 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Phoenix Properties Birmingham Ltd for the year ended 31 May 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Phoenix Properties Birmingham Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Phoenix Properties Birmingham Ltd and state those matters that we have agreed to state to the board of directors of Phoenix Properties Birmingham Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Phoenix Properties Birmingham Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Phoenix Properties Birmingham Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Phoenix Properties Birmingham Ltd. You consider that Phoenix Properties Birmingham Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Phoenix Properties Birmingham Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lindley & Co
Chartered Certified Accountants
Suite 4 Europa House
Europa Way
Lichfield
Staffordshire
WS14 9TZ
25 July 2022
Phoenix Properties Birmingham Ltd
Statement of financial position
31 May 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 4 765,000 646,090
_______ _______
765,000 646,090
Current assets
Cash at bank and in hand 3,195 10,928
_______ _______
3,195 10,928
Creditors: amounts falling due
within one year 5 ( 76,221) ( 172,328)
_______ _______
Net current liabilities ( 73,026) ( 161,400)
_______ _______
Total assets less current liabilities 691,974 484,690
Creditors: amounts falling due
after more than one year 6 ( 517,099) ( 441,279)
Provisions for liabilities ( 34,893) ( 12,300)
_______ _______
Net assets 139,982 31,111
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 139,882 31,011
_______ _______
Shareholders funds 139,982 31,111
_______ _______
For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 July 2022 , and are signed on behalf of the board by:
Harish Sahnan
Director
Company registration number: 11974243
Phoenix Properties Birmingham Ltd
Statement of changes in equity
Year ended 31 May 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2020 100 ( 35,815) ( 35,715)
Profit for the year 66,826 66,826
_______ _______ _______
Total comprehensive income for the year - 66,826 66,826
_______ _______ _______
At 31 May 2021 and 1 June 2021 100 31,011 31,111
Profit for the year 116,871 116,871
_______ _______ _______
Total comprehensive income for the year - 116,871 116,871
Dividends paid and payable ( 8,000) ( 8,000)
_______ _______ _______
Total investments by and distributions to owners - ( 8,000) ( 8,000)
_______ _______ _______
At 31 May 2022 100 139,882 139,982
_______ _______ _______
Phoenix Properties Birmingham Ltd
Notes to the financial statements
Year ended 31 May 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Phoenix Properties Biringham Ltd, Flat B 85 Stanmore Road, Edgbaston, Birmingham, West Midlands, B16 9SU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of rents receivable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 June 2021 646,090 646,090
Revaluation 118,910 118,910
_______ _______
At 31 May 2022 765,000 765,000
_______ _______
Depreciation
At 1 June 2021 and 31 May 2022 - -
_______ _______
Carrying amount
At 31 May 2022 765,000 765,000
_______ _______
At 31 May 2021 646,090 646,090
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 June 2021 646,090
Fair value adjustments 118,910
_______
At 31 May 2022 765,000
_______
The investment properties were valued by the directors at the balance sheet date. They have been revalued where the directors believe the market value is materially different to cost.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 May 2022
Aggregate cost 581,331 581,331
Aggregate depreciation - -
_______ _______
Carrying amount 581,331 581,331
_______ _______
At 31 May 2021
Aggregate cost 581,331 581,331
Aggregate depreciation - -
_______ _______
Carrying amount 581,331 581,331
_______ _______
5. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 3,750 3,750
Other creditors 72,471 168,578
_______ _______
76,221 172,328
_______ _______
6. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 517,099 441,279
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 503,349 (2021 £ 427,279 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The loans are repayable by instalments and carry interest at market rate. The loans are secured by way of a charge over the company's properties.
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Harish Sahnan ( 83,914) ( 4,000) 52,500 ( 35,414)
Seema Bhandari ( 83,914) ( 4,000) 52,500 ( 35,414)
_______ _______ _______ _______
( 167,828) ( 8,000) 105,000 ( 70,828)
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Harish Sahnan ( 78,792) ( 5,122) - ( 83,914)
Seema Bhandari ( 78,792) ( 5,122) - ( 83,914)
_______ _______ _______ _______
( 157,584) ( 10,244) - ( 167,828)
_______ _______ _______ _______
8. Controlling party
The company is controlled by the directors who hold 100% of the issued share capital.