Registered number
07530892
Pheonix Consultancy Limited
Unaudited Filleted Accounts
28 February 2023
Pheonix Consultancy Limited
Registered number: 07530892
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 11,267 12,660
Tangible assets 4 4,042 5,528
15,309 18,188
Current assets
Debtors 5 - 281
Cash at bank and in hand 36,437 40,241
36,437 40,522
Creditors: amounts falling due within one year 6 (43,887) (48,278)
Net current liabilities (7,450) (7,756)
Total assets less current liabilities 7,859 10,432
Creditors: amounts falling due after more than one year 7 (7,068) (10,048)
Net assets 791 384
Capital and reserves
Called up share capital 200 200
Profit and loss account 591 184
Shareholders' funds 791 384
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Allman
David Allman
Director
Approved by the board on 26 November 2023
Pheonix Consultancy Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Grants
Government grants are recognised when there is reasonable assurance that the conditions associated with the grants have been complied with and the grants will be received. Grants are recognised using the Accrual Model (FRS 102 Paragraph 24.4). Grants relating to revenue are recognised on a systematic basis over periods in which the company recognises the related costs or benefits. Grant revenues are presented within other operating income.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 10% Straight line
Amortisation
Goodwill is being written off in equal installments over a period of 20 years. The useful economic life attributable to the goodwill is based on a number of factors. Consideration is given to; client retention rates over a significant historical period, the position held by the client in terms of the generic business cycle, the age profile of the client, client satisfaction and succession planning. Impairment reviews are performed based on the GRF multiple attributable to the sale of practices of a similiar size.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 27,868
At 28 February 2023 27,868
Amortisation
At 1 March 2022 15,208
Provided during the year 1,393
At 28 February 2023 16,601
Net book value
At 28 February 2023 11,267
At 28 February 2022 12,660
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 17,606
Additions 275
At 28 February 2023 17,881
Depreciation
At 1 March 2022 12,078
Charge for the year 1,761
At 28 February 2023 13,839
Net book value
At 28 February 2023 4,042
At 28 February 2022 5,528
5 Debtors 2023 2022
£ £
Other debtors - 281
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,987 2,913
Corporation tax 1,208 1,174
Other taxes and social security costs - 332
Other creditors 39,692 43,859
43,887 48,278
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 7,068 10,048
8 Related party transactions -- Shareholders loan
At the year end the company owed the shareholders £7186. (2022- £1541)
9 Controlling party
The company is controlled by D Allman who owns 51% of the company share capital.
10 Other information
Pheonix Consultancy Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Collinbrook Avenue
Crewe
Cheshire
CW2 6PN
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