Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-313239true2022-08-01falseNo description of principal activity2729trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03532634 2022-08-01 2023-07-31 03532634 2021-08-01 2022-07-31 03532634 2023-07-31 03532634 2022-07-31 03532634 c:Director1 2022-08-01 2023-07-31 03532634 d:Buildings d:ShortLeaseholdAssets 2022-08-01 2023-07-31 03532634 d:Buildings d:ShortLeaseholdAssets 2023-07-31 03532634 d:Buildings d:ShortLeaseholdAssets 2022-07-31 03532634 d:LandBuildings 2023-07-31 03532634 d:LandBuildings 2022-07-31 03532634 d:PlantMachinery 2022-08-01 2023-07-31 03532634 d:PlantMachinery 2023-07-31 03532634 d:PlantMachinery 2022-07-31 03532634 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03532634 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 03532634 d:MotorVehicles 2022-08-01 2023-07-31 03532634 d:MotorVehicles 2023-07-31 03532634 d:MotorVehicles 2022-07-31 03532634 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03532634 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 03532634 d:FurnitureFittings 2022-08-01 2023-07-31 03532634 d:FurnitureFittings 2023-07-31 03532634 d:FurnitureFittings 2022-07-31 03532634 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03532634 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 03532634 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03532634 d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 03532634 d:CurrentFinancialInstruments 2023-07-31 03532634 d:CurrentFinancialInstruments 2022-07-31 03532634 d:Non-currentFinancialInstruments 2023-07-31 03532634 d:Non-currentFinancialInstruments 2022-07-31 03532634 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 03532634 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 03532634 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 03532634 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 03532634 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 03532634 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 03532634 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 03532634 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 03532634 d:ShareCapital 2023-07-31 03532634 d:ShareCapital 2022-07-31 03532634 d:RetainedEarningsAccumulatedLosses 2023-07-31 03532634 d:RetainedEarningsAccumulatedLosses 2022-07-31 03532634 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 03532634 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 03532634 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 03532634 d:TaxLossesCarry-forwardsDeferredTax 2022-07-31 03532634 d:RetirementBenefitObligationsDeferredTax 2023-07-31 03532634 d:RetirementBenefitObligationsDeferredTax 2022-07-31 03532634 c:OrdinaryShareClass1 2022-08-01 2023-07-31 03532634 c:OrdinaryShareClass1 2023-07-31 03532634 c:OrdinaryShareClass1 2022-07-31 03532634 c:FRS102 2022-08-01 2023-07-31 03532634 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 03532634 c:FullAccounts 2022-08-01 2023-07-31 03532634 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03532634 2 2022-08-01 2023-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03532634









PHOENIX TAVINOR ENGINEERING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
PHOENIX TAVINOR ENGINEERING LIMITED
REGISTERED NUMBER: 03532634

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,397,114
1,588,608

  
1,397,114
1,588,608

Current assets
  

Stocks
 5 
104,787
101,178

Debtors: amounts falling due within one year
 6 
1,007,654
1,186,267

Cash at bank and in hand
  
7,602
50

  
1,120,043
1,287,495

Creditors: amounts falling due within one year
 7 
(610,497)
(794,744)

Net current assets
  
 
 
509,546
 
 
492,751

Total assets less current liabilities
  
1,906,660
2,081,359

Creditors: amounts falling due after more than one year
 8 
(394,472)
(610,548)

Provisions for liabilities
  

Deferred tax
 10 
(106,982)
(120,900)

  
 
 
(106,982)
 
 
(120,900)

Net assets
  
1,405,206
1,349,911


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
1,405,106
1,349,811

  
1,405,206
1,349,911


Page 1

 
PHOENIX TAVINOR ENGINEERING LIMITED
REGISTERED NUMBER: 03532634
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2024.




V N Tavinor
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
PHOENIX TAVINOR ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Phoenix Tavinor Engineering Limited (the Company) is a private company, limited by shares, incorporated and domiciled in England under company number 03532634. The address of the registered office is Sterling House, 71 Francis Road, Edgbaston, Birmingham, B16 8SP.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts are prepared on the going concern basis.

Page 3

 
PHOENIX TAVINOR ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- he costs incurred and the costs to complete the contract can be measured reliably.
Rental income
Turnover from the rental of property is recognised when all the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive consideration due for the rental of properties; 
- the period of rent can be measured reliably; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
PHOENIX TAVINOR ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
PHOENIX TAVINOR ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and the reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
straight line basis
Plant and machinery
-
10%
straight line basis
Motor vehicles
-
25%
reducing balance basis
Fixtures and fittings
-
25%
reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
PHOENIX TAVINOR ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Page 7

 
PHOENIX TAVINOR ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 8

 
PHOENIX TAVINOR ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
27
29

Page 9

 
PHOENIX TAVINOR ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 August 2022
94,652
4,827,721
148,452
163,440
5,234,265


Additions
15,250
105,188
-
956
121,394



At 31 July 2023

109,902
4,932,909
148,452
164,396
5,355,659



Depreciation


At 1 August 2022
88,608
3,276,183
137,074
143,792
3,645,657


Charge for the year on owned assets
3,239
187,194
2,892
5,492
198,817


Charge for the year on financed assets
-
114,071
-
-
114,071



At 31 July 2023

91,847
3,577,448
139,966
149,284
3,958,545



Net book value



At 31 July 2023
18,055
1,355,461
8,486
15,112
1,397,114



At 31 July 2022
6,044
1,551,538
11,378
19,648
1,588,608




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
18,055
6,044

18,055
6,044


Page 10

 
PHOENIX TAVINOR ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Stocks

2023
2022
£
£

Raw materials and consumables
104,787
101,178

104,787
101,178



6.


Debtors

2023
2022
£
£


Trade debtors
541,015
722,095

Amounts owed by group undertakings
259,545
259,545

Other debtors
101,076
112,254

Prepayments and accrued income
106,018
92,373

1,007,654
1,186,267



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
55,176

Bank loans
10,000
10,000

Trade creditors
291,877
293,706

Other taxation and social security
56,813
84,413

Obligations under finance lease and hire purchase contracts
191,799
264,797

Other creditors
8,497
9,912

Accruals and deferred income
51,511
76,740

610,497
794,744


Page 11

 
PHOENIX TAVINOR ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
18,333
28,333

Net obligations under finance leases and hire purchase contracts
351,217
542,564

Accruals and deferred income
24,922
39,651

394,472
610,548


The following liabilities were secured:

2023
2022
£
£



Net obligations under finance leases and hire purchase contracts
543,016
807,361

543,016
807,361

Details of security provided:

Net obilgations under finance leases and hire purchase contracts are secured over the asset to which the contract relates.

Page 12

 
PHOENIX TAVINOR ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
8,334
18,333


8,334
18,333


28,334
38,333



10.


Deferred taxation




2023


£






At beginning of year
(120,900)


Utilised in year
13,918



At end of year
(106,982)

Page 13

 
PHOENIX TAVINOR ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(210,631)
(235,613)

Tax losses carried forward
103,698
114,713

Pension surplus
(49)
-

(106,982)
(120,900)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. Contributions totalling £588 (2022 - £406) were payable to the fund at the balance sheet date and are included in creditors.


13.Other financial commitments

The company has total commitments at the balance sheet date of £765,000 (2022 - £935,000).


14.


Transactions with directors

Included in debtors is £78,888 (2022 - £72,418) owed by the director. The maximum amount outstanding during the year was £78,888.  The loan is unsecured and repayable on demand.


15.


Controlling party

The ultimate and immediate parent company is Phoenix Tavinor Engineering (Holdings) Limited a company registered in England and Wales. The registered office of the parent company is Sterling House, 71 Francis Road, Edgbaston, Birmingham, West Midlands, B16 8SP.

 
Page 14