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Registration number: 05711134

Phoenix Bespoke Limited

Unaudited Financial Statements

for the Year Ended 31 July 2022

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Phoenix Bespoke Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Financial Statements

4 to 8

 

Phoenix Bespoke Limited

Company Information

Director

D S Andrews

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Phoenix Bespoke Limited

Statement of Financial Position as at 31 July 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

23,272

23,541

Current assets

 

Debtors

5

100,049

173,897

Cash at bank and in hand

 

4,633

35,069

 

104,682

208,966

Creditors: Amounts falling due within one year

6

(82,748)

(83,765)

Net current assets

 

21,934

125,201

Total assets less current liabilities

 

45,206

148,742

Creditors: Amounts falling due after more than one year

6

(17,144)

(25,051)

Provisions for liabilities

(2,808)

(2,556)

Net assets

 

25,254

121,135

Capital and reserves

 

Called up share capital

100

100

Retained earnings

25,154

121,035

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 9 February 2024
 

.........................................

D S Andrews

Director

 

Phoenix Bespoke Limited

Notes to the Financial Statements for the Year Ended 31 July 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company during the year was that of the provision of creative design services.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 1 (2021 - 1).

4

Tangible assets

Fixtures & Fittings
£

Plant & Machinery
£

Total
£

Cost or valuation

At 1 August 2021

13,146

46,397

59,543

Additions

-

7,298

7,298

Disposals

-

(1,531)

(1,531)

At 31 July 2022

13,146

52,164

65,310

Depreciation

At 1 August 2021

10,244

25,758

36,002

Charge for the year

725

6,363

7,088

Eliminated on disposal

-

(1,052)

(1,052)

At 31 July 2022

10,969

31,069

42,038

Carrying amount

At 31 July 2022

2,177

21,095

23,272

At 31 July 2021

2,902

20,639

23,541

5

Debtors

2022
£

2021
£

Trade debtors

31,123

39,241

Other debtors

68,926

134,656

100,049

173,897

 

Phoenix Bespoke Limited

Notes to the Financial Statements for the Year Ended 31 July 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Loans and borrowings

7

20,123

22,979

Trade creditors

 

7,221

8,582

Taxation and social security

 

41,094

39,223

Accruals and deferred income

 

14,210

12,000

Other creditors

 

100

981

 

82,748

83,765

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Loans and borrowings

7

17,144

25,051

 

Phoenix Bespoke Limited

Notes to the Financial Statements for the Year Ended 31 July 2022

7

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank loans

4,894

4,773

Bank overdrafts

11,772

13,529

Finance lease liabilities

3,457

4,677

20,123

22,979

2022
£

2021
£

Non-current loans and borrowings

Bank loans

14,993

19,443

Finance lease liabilities

2,151

5,608

17,144

25,051

Finance lease liabilities are secured on the assets concerned.

8

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.

9

Non adjusting events after the financial period

Subsequent to 31 July 2022, dividends totalling £63,000 were declared and paid.

The company did not have sufficient distributable reserves for this distribution to be lawful. Under Companies Act 2006, the shareholders could be required to repay the dividends in certain circumstances.