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REGISTERED NUMBER: SC222334 (Scotland)












Financial Statements

for the Year Ended 31 August 2023

for

Phoenix Wealth Solutions Limited

Phoenix Wealth Solutions Limited (Registered number: SC222334)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Phoenix Wealth Solutions Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: C Macdonald
Mrs S Macdonald
Miss K Macdonald





SECRETARY: Mrs S Macdonald





REGISTERED OFFICE: 22 Church Street
Johnstone
Renfrewshire
PA5 8DU





REGISTERED NUMBER: SC222334 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Phoenix Wealth Solutions Limited (Registered number: SC222334)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 165,043 174,438

CURRENT ASSETS
Debtors 5 38,677 36,498
Cash at bank and in hand 327,764 421,554
366,441 458,052
CREDITORS
Amounts falling due within one year 6 29,629 47,922
NET CURRENT ASSETS 336,812 410,130
TOTAL ASSETS LESS CURRENT
LIABILITIES

501,855

584,568

CREDITORS
Amounts falling due after more than one
year

7

-

(37,395

)

PROVISIONS FOR LIABILITIES (7,162 ) (6,603 )
NET ASSETS 494,693 540,570

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 494,593 540,470
SHAREHOLDERS' FUNDS 494,693 540,570

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

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

The directors acknowledge their 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 Wealth Solutions Limited (Registered number: SC222334)

Balance Sheet - continued
31 August 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 Board of Directors and authorised for issue on 15 April 2024 and were signed on its behalf by:





C Macdonald - Director


Phoenix Wealth Solutions Limited (Registered number: SC222334)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Phoenix Wealth Solutions 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
Going concern
The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Turnover represents the fair value of professional services provided to clients during the year and is recognised on the completion of services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

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.

Phoenix Wealth Solutions Limited (Registered number: SC222334)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
Freehold to and Computer
property property fittings equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 102,771 61,794 56,092 43,661 264,318
Additions - - 789 2,603 3,392
At 31 August 2023 102,771 61,794 56,881 46,264 267,710
DEPRECIATION
At 1 September 2022 19,009 5,868 28,447 36,556 89,880
Charge for year 2,056 1,236 4,208 5,287 12,787
At 31 August 2023 21,065 7,104 32,655 41,843 102,667
NET BOOK VALUE
At 31 August 2023 81,706 54,690 24,226 4,421 165,043
At 31 August 2022 83,762 55,926 27,645 7,105 174,438

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,457 9,014
Other debtors 36,220 27,484
38,677 36,498

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 8,943
Taxation and social security 27,953 37,521
Other creditors 1,676 1,458
29,629 47,922

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 37,395

Phoenix Wealth Solutions Limited (Registered number: SC222334)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100