Registration number:
Phoenix Bespoke Limited
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Phoenix Bespoke Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Phoenix Bespoke Limited
Company Information
Director |
D S Andrews |
Registered office |
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Accountants |
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Phoenix Bespoke Limited
Statement of Financial Position as at 31 July 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
25,154 |
121,035 |
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Shareholders' funds |
25,254 |
121,135 |
For the financial year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Phoenix Bespoke Limited
Statement of Financial Position as at 31 July 2022
Approved and authorised by the
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D S Andrews
Director
Phoenix Bespoke Limited
Notes to the Financial Statements for the Year Ended 31 July 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company during the year was that of the provision of creative design services.
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company made a profit for the year ended 31 July 2022 and had net assets at that date amounting to £25,254.
The director has considered the potential effect of the current COVID-19 pandemic and, with all restrictions now lifted, he feels that the crisis is over. The company has relatively low overheads, and the director continues to seek ways to reduce these, as well as take advantage of other sources of funding where suitable. The director remains confident that the company's services will continue to remain in demand. The company's latest management accounts show the company has continued to trade profitably subsequent to 31 July 2022.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable for services provided in the normal course of activities, exclusive of Value Added Tax and discounts.
The company recognises revenues as services based upon the stage of contractual completion.
Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all the related conditions will be met, usually on submission of a valid claim for payment.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Phoenix Bespoke Limited
Notes to the Financial Statements for the Year Ended 31 July 2022
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income 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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & Fittings |
25% reducing balance |
Plant & Machinery |
25% reducing balance |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Phoenix Bespoke Limited
Notes to the Financial Statements for the Year Ended 31 July 2022
Finance leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible assets |
Fixtures & Fittings |
Plant & Machinery |
Total |
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Cost or valuation |
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At 1 August 2021 |
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Additions |
- |
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Disposals |
- |
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At 31 July 2022 |
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Depreciation |
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At 1 August 2021 |
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Charge for the year |
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Eliminated on disposal |
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At 31 July 2022 |
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Carrying amount |
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At 31 July 2022 |
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At 31 July 2021 |
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Debtors |
2022 |
2021 |
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Trade debtors |
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Other debtors |
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Phoenix Bespoke Limited
Notes to the Financial Statements for the Year Ended 31 July 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Loans and borrowings |
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Phoenix Bespoke Limited
Notes to the Financial Statements for the Year Ended 31 July 2022
Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank loans |
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Bank overdrafts |
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Finance lease liabilities |
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2022 |
2021 |
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Non-current loans and borrowings |
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Bank loans |
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Finance lease liabilities |
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Finance lease liabilities are secured on the assets concerned.
Transactions with directors |
At 31 July 2022 an amount of £62,536 (2021: £131,551) was due from the director. During the year advances of £84,370 and repayments of £155,307 were made. Interest of £1,922 (2021: £2,197) was charged at a rate of 2% per annum. There are no agreed terms.
Non adjusting events after the financial period |
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