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COMPANY REGISTRATION NUMBER: 10337393
Phoenix Fish Sales Limited
Filleted Unaudited Financial Statements
31 August 2023
Phoenix Fish Sales Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Phoenix Fish Sales Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
69,965
91,747
Current assets
Debtors
6
255,664
13,482
Cash at bank and in hand
300,561
319,622
---------
---------
556,225
333,104
Creditors: amounts falling due within one year
7
132,302
61,766
---------
---------
Net current assets
423,923
271,338
---------
---------
Total assets less current liabilities
493,888
363,085
Provisions
13,370
17,432
---------
---------
Net assets
480,518
345,653
---------
---------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
480,418
345,553
---------
---------
Shareholders funds
480,518
345,653
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Phoenix Fish Sales Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 11 March 2024 , and are signed on behalf of the board by:
L M Gower
Director
Company registration number: 10337393
Phoenix Fish Sales Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Goodwins Farm, Wakes Colne, Colchester, Essex, CO6 2AP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
20 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 September 2022
90,715
5,297
96,012
Additions
951
951
--------
-------
--------
At 31 August 2023
90,715
6,248
96,963
--------
-------
--------
Depreciation
At 1 September 2022
1,890
2,375
4,265
Charge for the year
22,206
527
22,733
--------
-------
--------
At 31 August 2023
24,096
2,902
26,998
--------
-------
--------
Carrying amount
At 31 August 2023
66,619
3,346
69,965
--------
-------
--------
At 31 August 2022
88,825
2,922
91,747
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
4,350
12,927
Amounts owed by related undertakings
250,000
Other debtors
1,314
555
---------
--------
255,664
13,482
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,504
9,194
Accruals and deferred income
2,655
2,310
Social security and other taxes
123,649
47,788
Director loan accounts
2,494
2,474
---------
--------
132,302
61,766
---------
--------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
A Ordinary shares of £ 1 each
50
50
50
50
B Ordinary shares of £ 1 each
50
50
50
50
----
----
----
----
100
100
100
100
----
----
----
----
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Director's loan account
( 2,494)
( 2,474)
Related party loan
250,000
----
----
---------
-------