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REGISTERED NUMBER: SC080406 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

PHOENIX FURNITURE (GLASGOW) LIMITED

PHOENIX FURNITURE (GLASGOW) LIMITED (REGISTERED NUMBER: SC080406)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PHOENIX FURNITURE (GLASGOW) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: J Akhtar





REGISTERED OFFICE: 17 Torrisdale Street
Glasgow
G42 8PZ





REGISTERED NUMBER: SC080406 (Scotland)





ACCOUNTANT: John Murphy & Company (Scotland) Limited
Chartered Accountants
Castle Chambers
67 Main Street
Bothwell
Lanarkshire
G71 8ER

PHOENIX FURNITURE (GLASGOW) LIMITED (REGISTERED NUMBER: SC080406)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 514,585 527,723

CURRENT ASSETS
Stocks 5 20,825 11,530
Debtors 6 3,050 2,579
Cash at bank and in hand 41,436 64,363
65,311 78,472
CREDITORS
Amounts falling due within one year 7 149,334 149,273
NET CURRENT LIABILITIES (84,023 ) (70,801 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

430,562

456,922

CREDITORS
Amounts falling due after more than one
year

8

20,000

30,000
NET ASSETS 410,562 426,922

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 9 462,045 462,045
Retained earnings (51,485 ) (35,125 )
SHAREHOLDERS' FUNDS 410,562 426,922

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

PHOENIX FURNITURE (GLASGOW) LIMITED (REGISTERED NUMBER: SC080406)

BALANCE SHEET - continued
31 MAY 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 February 2024 and were signed by:





J Akhtar - Director


PHOENIX FURNITURE (GLASGOW) LIMITED (REGISTERED NUMBER: SC080406)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Phoenix Furniture (Glasgow) Limited 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

PHOENIX FURNITURE (GLASGOW) LIMITED (REGISTERED NUMBER: SC080406)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and Motor
property property fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 June 2022
and 31 May 2023 590,292 82,153 26,407 8,000 706,852
DEPRECIATION
At 1 June 2022 67,050 79,262 25,317 7,500 179,129
Charge for year 11,734 1,046 358 - 13,138
At 31 May 2023 78,784 80,308 25,675 7,500 192,267
NET BOOK VALUE
At 31 May 2023 511,508 1,845 732 500 514,585
At 31 May 2022 523,242 2,891 1,090 500 527,723

The property was revalued at 31st May 2020 by the director and no significant events have occurred since then to change that value.

5. STOCKS
31.5.23 31.5.22
£    £   
Stock 20,825 11,530

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 3,050 -
VAT - 2,579
3,050 2,579

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 10,000 10,000
Other loans - 12,000
Trade creditors 2,500 1,982
Corporation tax (2,911 ) 2,911
Payroll taxation 4,706 14,887
VAT 1,098 -
Directors' current accounts 110,135 87,131
Accrued charges 23,806 20,362
149,334 149,273

PHOENIX FURNITURE (GLASGOW) LIMITED (REGISTERED NUMBER: SC080406)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 10,000 20,000
20,000 30,000

9. RESERVES
Revaluation
reserve
£   
At 1 June 2022
and 31 May 2023 462,045

10. ULTIMATE CONTROLLING PARTY

The controlling party is J Akhtar.