14 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 10675755 2022-04-01 2023-03-31 10675755 2023-03-31 10675755 2022-03-31 10675755 2021-04-01 2022-03-31 10675755 2022-03-31 10675755 core:FurnitureFittings 2022-04-01 2023-03-31 10675755 core:MotorVehicles 2022-04-01 2023-03-31 10675755 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 10675755 bus:Director1 2022-04-01 2023-03-31 10675755 core:WithinOneYear 2023-03-31 10675755 core:WithinOneYear 2022-03-31 10675755 core:FurnitureFittings 2022-03-31 10675755 core:MotorVehicles 2022-03-31 10675755 core:FurnitureFittings 2023-03-31 10675755 core:MotorVehicles 2023-03-31 10675755 core:ShareCapital 2023-03-31 10675755 core:ShareCapital 2022-03-31 10675755 core:RetainedEarningsAccumulatedLosses 2023-03-31 10675755 core:RetainedEarningsAccumulatedLosses 2022-03-31 10675755 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10675755 core:AcceleratedTaxDepreciationDeferredTax 2022-03-31 10675755 core:FurnitureFittings 2022-03-31 10675755 core:MotorVehicles 2022-03-31 10675755 bus:SmallEntities 2022-04-01 2023-03-31 10675755 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10675755 bus:FullAccounts 2022-04-01 2023-03-31 10675755 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10675755 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10675755 bus:OrdinaryShareClass1 2023-03-31 10675755 bus:OrdinaryShareClass1 2022-03-31 10675755 core:ComputerEquipment 2022-04-01 2023-03-31 10675755 core:ComputerEquipment 2022-03-31 10675755 core:ComputerEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 10675755
PROJECT PHOENIX LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
PROJECT PHOENIX LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
PROJECT PHOENIX LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
19,235
24,382
Current assets
Debtors
6
508,518
274,494
Cash at bank and in hand
111,799
------------
------------
508,518
386,293
Creditors: amounts falling due within one year
7
( 68,282)
( 35,821)
------------
------------
Net current assets
440,236
350,472
------------
------------
Total assets less current liabilities
459,471
374,854
Provisions
( 1,726)
( 2,420)
------------
------------
Net assets
457,745
372,434
------------
------------
Capital and reserves
Called up share capital
9
2,000
2,000
Profit and loss account
455,745
370,434
------------
------------
Shareholders funds
457,745
372,434
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 March 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 .
These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:
C Gabriel
Director
Company registration number: 10675755
PROJECT PHOENIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 11 Wentworth Street, Huddersfield, HD1 5PX.
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. 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 services rendered, stated net of discounts and of Value Added Tax.
Taxation
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.
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:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
20% reducing balance
Computer equipment
-
33% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 balance sheet 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 11 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2022
13,611
18,408
8,254
40,273
Additions
264
264
------------
------------
------------
------------
At 31 March 2023
13,875
18,408
8,254
40,537
------------
------------
------------
------------
Depreciation
At 1 April 2022
3,243
6,627
6,021
15,891
Charge for the year
1,595
2,356
1,460
5,411
------------
------------
------------
------------
At 31 March 2023
4,838
8,983
7,481
21,302
------------
------------
------------
------------
Carrying amount
At 31 March 2023
9,037
9,425
773
19,235
------------
------------
------------
------------
At 31 March 2022
10,368
11,781
2,233
24,382
------------
------------
------------
------------
6. Debtors
2023
2022
£
£
Amounts owed by related undertakings
499,845
261,821
Other debtors
8,673
12,673
------------
------------
508,518
274,494
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
6,833
2,933
Corporation tax
23,005
26,036
Social security and other taxes
38,444
6,852
------------
------------
68,282
35,821
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
1,726
2,420
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,726
2,420
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 20 each
100
2,000
100
2,000
------------
------------
------------
------------
10. Finance
The company has granted a debenture over its assets in support of a finance facility advanced to a related company.
11. Related party transactions
There is no one controlling party of the company. The amounts owed by related undertakings included in debtors are loans owed by companies controlled by the shareholders. They are unsecured, repayable on demand and currently interest-free. The loans included in debtors are amounts owed by the shareholders which are unsecured, repayable on demand and currently interest-free.
12. Operating lease commitments
The company occupies its premises on a short-term tenancy basis.