Company Registration No. 07677978 (England and Wales)
Foenix Partners Limited
Unaudited accounts
for the year ended 31 December 2022
Foenix Partners Limited
Unaudited accounts
Contents
Foenix Partners Limited
Company Information
for the year ended 31 December 2022
Company Number
07677978 (England and Wales)
Registered Office
1-3 Worship Street
2nd Floor c/o Buckworths
London
EC2A 2AB
England
Foenix Partners Limited
Statement of financial position
as at 31 December 2022
Intangible assets
-
929,167
Tangible assets
13,442
17,923
Debtors
2,761,453
1,137,546
Cash at bank and in hand
287,767
210,202
Creditors: amounts falling due within one year
(1,733,979)
(1,276,335)
Net current assets
1,315,241
71,413
Total assets less current liabilities
1,328,783
1,018,503
Creditors: amounts falling due after more than one year
(321,950)
(169,450)
Provisions for liabilities
Net assets
1,006,833
700,932
Called up share capital
100
100
Share premium
209,965
209,965
Profit and loss account
796,768
490,867
Shareholders' funds
1,006,833
700,932
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 October 2023 and were signed on its behalf by
Richard de Meo
Director
Company Registration No. 07677978
Foenix Partners Limited
Notes to the Accounts
for the year ended 31 December 2022
Foenix Partners Limited is a private company, limited by shares, registered in England and Wales, registration number 07677978. The registered office is 1-3 Worship Street, 2nd Floor c/o Buckworths, London, EC2A 2AB, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
The accounts are presented in £ sterling.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, once the development is complete.
Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Foenix Partners Limited
Notes to the Accounts
for the year ended 31 December 2022
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:
Motor vehicles
25% reducing balance
Fixtures & fittings
3-5 years straight line
Computer equipment
3 years straight line
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.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. it also requires management to exercise judgement in applying the Company's accounting polices. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the Company's intangible fixed assets and tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 8)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Foenix Partners Limited
Notes to the Accounts
for the year ended 31 December 2022
4
Intangible fixed assets
Other
At 1 January 2022
1,043,258
At 31 December 2021
929,167
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2022
42,485
73,686
4,385
120,556
At 31 December 2022
42,485
73,686
4,385
120,556
At 1 January 2022
24,562
73,686
4,385
102,633
Charge for the year
4,481
-
-
4,481
At 31 December 2022
29,043
73,686
4,385
107,114
At 31 December 2022
13,442
-
-
13,442
At 31 December 2021
17,923
-
-
17,923
6
Investments
Subsidiary undertakings
Valuation at 1 January 2022
-
Valuation at 31 December 2022
100
The company holds 100% of the ordinary share capital of FP Commodities Ltd, a company registered in England and Wales. The registered office of FP Commodities Ltd is the same as that of this company, which is shown on the company information page.
Foenix Partners Limited
Notes to the Accounts
for the year ended 31 December 2022
Amounts falling due within one year
Amounts due from group undertakings etc.
500,124
-
Accrued income and prepayments
1,723,482
746,377
Other debtors
537,847
391,169
8
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
30,000
283,575
Trade creditors
15,950
100,945
Taxes and social security
312,603
301,571
Other creditors
1,375,426
590,244
9
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
321,950
169,450
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan account
198,248
-
-
198,248
11
Average number of employees
During the year the average number of employees was 9 (2021: 7).