Company registration number SC509566 (Scotland)
Phoenix Fraserburgh Ltd
Unaudited financial statements
for the year ended 5 April 2023
Pages for filing with registrar
Phoenix Fraserburgh Ltd
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Phoenix Fraserburgh Ltd
1
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 Fraserburgh Ltd for the year ended 5 April 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Director of Phoenix Fraserburgh Ltd in accordance with the terms of our engagement letter dated 16 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Phoenix Fraserburgh Ltd and state those matters that we have agreed to state to the Director of Phoenix Fraserburgh Ltd in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Phoenix Fraserburgh Ltd and its Director for our work or for this report.
It is your duty to ensure that Phoenix Fraserburgh 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 loss of Phoenix Fraserburgh Ltd. You consider that Phoenix Fraserburgh 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 Fraserburgh 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.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
13 November 2023
Phoenix Fraserburgh Ltd
Statement of financial position
as at 5 April 2023
05 April 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1
1
Current assets
Debtors
257,739
264,471
Cash at bank and in hand
2,575
3,019
260,314
267,490
Creditors: amounts falling due within one year
(207,018)
(206,719)
Net current assets
53,296
60,771
Net assets
53,297
60,772
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
53,197
60,672
Total equity
53,297
60,772
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Phoenix Fraserburgh Ltd
Statement of financial position (continued)
as at 5 April 2023
05 April 2023
3
The financial statements were approved and signed by the director and authorised for issue on 10 November 2023
Morag Ritchie
Director
Company Registration No. SC509566
Phoenix Fraserburgh Ltd
Notes to the financial statements
for the year ended 5 April 2023
4
1
Accounting policies
Company information
Phoenix Fraserburgh Ltd is a private company limited by shares incorporated in Scotland. The registered office is Ferndale, East Moss Croft, Memsie, Fraserburgh, Aberdeenshire, AB43 7DD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Phoenix Fraserburgh Ltd
Notes to the financial statements (continued)
for the year ended 5 April 2023
1
Accounting policies (continued)
5
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
Phoenix Fraserburgh Ltd
Notes to the financial statements (continued)
for the year ended 5 April 2023
6
4
Related party transactions
During the year, £15,000 (2022 - £15,862) was transferred to Kathleen Ann Ltd, an associated company. At the year end, £199,451 (2022 - £184,451) was due from Kathleen Ann Ltd. Also during the year, expenses totalling £8,989 (2022 - £Nil) were paid by Ritchie Enterprises LLP on behalf of the company and £15,000 (2022 - £Nil) was transferred from Ritchie Enterprises LLP. At the year end £56,011 (2022 - £80,000) was due from Ritchie Enterprises LLP. Morag Ritchie is a member of Ritchie Enterprises LLP.