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REGISTERED NUMBER: SC555559 (Scotland)











































Phoenix Sprayer Servicing & Repairs Ltd

Unaudited Financial Statements

for the Year Ended 31st January 2023






Phoenix Sprayer Servicing & Repairs Ltd (Registered number: SC555559)






Contents of the Financial Statements
for the year ended 31st January 2023




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 6


Phoenix Sprayer Servicing & Repairs Ltd

Company Information
for the year ended 31st January 2023







Directors: R J Craig
Mrs L R Craig
Mrs M Craig





Registered office: 33 High Street
Coldstream
Berwickshire
TD12 4AP





Registered number: SC555559 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Phoenix Sprayer Servicing & Repairs Ltd (Registered number: SC555559)

Balance Sheet
31st January 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 9,617 12,651

Current assets
Stocks 15,408 15,138
Debtors 5 5,238 5,700
Cash at bank and in hand 122 2,768
20,768 23,606
Creditors
Amounts falling due within one year 6 18,617 15,718
Net current assets 2,151 7,888
Total assets less current liabilities 11,768 20,539

Creditors
Amounts falling due after more than one
year

7

(2,581

)

(6,306

)

Provisions for liabilities (1,827 ) (2,404 )
Net assets 7,360 11,829

Capital and reserves
Called up share capital 100 100
Retained earnings 7,260 11,729
7,360 11,829

Phoenix Sprayer Servicing & Repairs Ltd (Registered number: SC555559)

Balance Sheet - continued
31st January 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2023 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th October 2023 and were signed on its behalf by:





R J Craig - Director


Phoenix Sprayer Servicing & Repairs Ltd (Registered number: SC555559)

Notes to the Financial Statements
for the year ended 31st January 2023

1. Statutory information

Phoenix Sprayer Servicing & Repairs Ltd is a private company, limited by shares , registered in Scotland. 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.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales invoiced during the year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership are passed to the buyer.
Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Tractor - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals, bank overdraft, hire purchase contracts and directors' loans.

Hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors, trade creditors, bank overdraft and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at 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 Income and Retained Earnings.


Phoenix Sprayer Servicing & Repairs Ltd (Registered number: SC555559)

Notes to the Financial Statements - continued
for the year ended 31st January 2023

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern
The directors have considered the company's financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 4 (2022 - 4 ) .

Phoenix Sprayer Servicing & Repairs Ltd (Registered number: SC555559)

Notes to the Financial Statements - continued
for the year ended 31st January 2023

4. Tangible fixed assets
Motor
Tractor vehicles Totals
£    £    £   
Cost
At 1st February 2022
and 31st January 2023 5,800 20,155 25,955
Depreciation
At 1st February 2022 3,213 10,091 13,304
Charge for year 517 2,517 3,034
At 31st January 2023 3,730 12,608 16,338
Net book value
At 31st January 2023 2,070 7,547 9,617
At 31st January 2022 2,587 10,064 12,651

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 5,238 5,700

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 1,221 -
Hire purchase contracts 3,725 3,515
Trade creditors 1,374 3,571
Taxation and social security 3,341 4,193
Other creditors 8,956 4,439
18,617 15,718

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Hire purchase contracts 2,581 6,306

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 6,306 9,821

Hire purchase contracts are secured against the assets to which they relate.

9. Post balance sheet events

On the 20th March 2023, an interim dividend was declared of £100 per share in respect of the year ended 31st January 2024.