Silverfin false 31/12/2021 31/12/2021 01/01/2021 Mr R J Reed 01 September 2022 no description of principal activity 04819201 2021-12-31 04819201 2020-12-31 04819201 core:CurrentFinancialInstruments 2021-12-31 04819201 core:CurrentFinancialInstruments 2020-12-31 04819201 core:ShareCapital 2021-12-31 04819201 core:ShareCapital 2020-12-31 04819201 core:RetainedEarningsAccumulatedLosses 2021-12-31 04819201 core:RetainedEarningsAccumulatedLosses 2020-12-31 04819201 core:FurnitureFittings 2020-12-31 04819201 core:OfficeEquipment 2020-12-31 04819201 core:FurnitureFittings 2021-12-31 04819201 core:OfficeEquipment 2021-12-31 04819201 bus:OrdinaryShareClass1 2021-12-31 04819201 2021-01-01 2021-12-31 04819201 bus:FullAccounts 2021-01-01 2021-12-31 04819201 bus:SmallEntities 2021-01-01 2021-12-31 04819201 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 04819201 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 04819201 bus:Director1 2021-01-01 2021-12-31 04819201 core:FurnitureFittings 2021-01-01 2021-12-31 04819201 core:OfficeEquipment 2021-01-01 2021-12-31 04819201 2020-01-01 2020-12-31 04819201 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 04819201 bus:OrdinaryShareClass1 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04819201 (England and Wales)

PHOENIX INSURANCE CONSULTANTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2021
Pages for filing with the registrar

PHOENIX INSURANCE CONSULTANTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2021

Contents

PHOENIX INSURANCE CONSULTANTS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2021
PHOENIX INSURANCE CONSULTANTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2021
DIRECTOR Mr R J Reed
REGISTERED OFFICE Bishop Fleming
Chy Nyverow
Newham Road
Truro
Cornwall
TR12 2DP
United Kingdom
COMPANY NUMBER 04819201 (England and Wales)
CHARTERED ACCOUNTANTS Bishop Fleming LLP
Chy Nyverow
Newham Road
Truro
TR1 2DP
PHOENIX INSURANCE CONSULTANTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2021
PHOENIX INSURANCE CONSULTANTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2021
Note 2021 2020
£ £
Fixed assets
Tangible assets 3 1,312 1,749
1,312 1,749
Current assets
Debtors 4 45,280 41,295
Cash at bank and in hand 38,478 21,392
83,758 62,687
Creditors
Amounts falling due within one year 5 ( 27,639) ( 24,577)
Net current assets 56,119 38,110
Total assets less current liabilities 57,431 39,859
Provision for liabilities ( 249) 0
Net assets 57,182 39,859
Capital and reserves
Called-up share capital 6 1,000 1,000
Profit and loss account 56,182 38,859
Total shareholder's funds 57,182 39,859

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Phoenix Insurance Consultants Limited (registered number: 04819201) were approved and authorised for issue by the Director on 01 September 2022. They were signed on its behalf by:

Mr R J Reed
Director
PHOENIX INSURANCE CONSULTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
PHOENIX INSURANCE CONSULTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Phoenix Insurance Consultants Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bishop Fleming, Chy Nyverow, Newham Road, Truro, Cornwall, TR12 2DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents 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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 January 2021 1,038 7,042 8,080
At 31 December 2021 1,038 7,042 8,080
Accumulated depreciation
At 01 January 2021 793 5,538 6,331
Charge for the financial year 61 376 437
At 31 December 2021 854 5,914 6,768
Net book value
At 31 December 2021 184 1,128 1,312
At 31 December 2020 245 1,504 1,749

4. Debtors

2021 2020
£ £
Amounts owed by director 23,077 21,855
Prepayments and accrued income 12,428 9,665
Other debtors 9,775 9,775
45,280 41,295

5. Creditors: amounts falling due within one year

2021 2020
£ £
Other creditors 20,307 16,240
Corporation tax 7,332 8,337
27,639 24,577

6. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

7. Related party transactions

Included within other debtors due within one year is a loan to Mr R J Reed, a director, amounting to £23,077 (2020: £21,855 ). No interest was charged on this loan.