PHOENIX SCAFFOLDING ABERDEENSHIRE LTD
SC394579
FILLETED ACCOUNTS
FOR THE YEAR ENDED 30 MARCH 2023
PHOENIX SCAFFOLDING ABERDEENSHIRE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 7
PHOENIX SCAFFOLDING ABERDEENSHIRE LTD
BALANCE SHEET
AS AT
30 MARCH 2023
30 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
128,486
128,486
Current assets
Debtors
4
-
0
500
Cash at bank and in hand
-
0
506
-
1,006
Creditors: amounts falling due within one year
5
(66,315)
(61,085)
Net current liabilities
(66,315)
(60,079)
Total assets less current liabilities
62,171
68,407
Creditors: amounts falling due after more than one year
6
(22,500)
(22,500)
Provisions for liabilities
(12,051)
(12,051)
Net assets
27,620
33,856
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
27,618
33,854
Total equity
27,620
33,856

The director of the company has elected not to include a copy of the profit and loss account within these financial statements.true

The director confirms that the company was entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and that the members have not required the company to obtain an audit for the year in accordance with section 476 of that Act. The director acknowledges his responsibilities under the Act to ensure that the company keeps accounting records in accordance with section 386 and to prepare accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit for that financial year in accordance with section 394 and which otherwise comply with the Companies Act 2006 as far as applicable to the company

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 28 June 2024
John Whyte
Director
Company Registration No. SC394579
PHOENIX SCAFFOLDING ABERDEENSHIRE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 31 March 2021
2
50,963
50,965
Year ended 30 March 2022:
Loss and total comprehensive income for the year
-
(17,109)
(17,109)
Balance at 30 March 2022
2
33,854
33,856
Year ended 30 March 2023:
Loss and total comprehensive income for the year
-
(6,236)
(6,236)
Balance at 30 March 2023
2
27,618
27,620
PHOENIX SCAFFOLDING ABERDEENSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023
- 3 -
1
Accounting policies
1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

The financial statements have not been prepared on a going concern basis as the business has ceased to trade. The financial statements have been prepared on a break up basis.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue for the provision of services is recognised by reference to the date on which services were rendered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
Nil
Plant and machinery
15% Reducing balance
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Land and buildings are included at cost and no depreciation is provided for. The director is of the opinion that as the residual value is high any depreciation charge would be immaterial.

PHOENIX SCAFFOLDING ABERDEENSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
1
Accounting policies (continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

PHOENIX SCAFFOLDING ABERDEENSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
1
Accounting policies (continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

PHOENIX SCAFFOLDING ABERDEENSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 31 March 2022 and 30 March 2023
75,000
149,399
224,399
Depreciation and impairment
At 31 March 2022 and 30 March 2023
-
0
95,913
95,913
Carrying amount
At 30 March 2023
75,000
53,486
128,486
At 30 March 2022
75,000
53,486
128,486
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
0
500
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
6,000
6,000
Corporation tax
21,185
21,185
Other taxation and social security
6,045
6,045
Other creditors
33,085
27,855
66,315
61,085
PHOENIX SCAFFOLDING ABERDEENSHIRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
22,500
22,500

The Bank loan is repayable in monthly instalments ending in September 2026 with interest being charged at a fixed interest rate of 2.5%.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Director's transactions

As at 30 March 2023, the company was due the director £8,153 (2022 - £4,123). This loan is interest free with no set repayment terms.

9
Company information

Phoenix Scaffolding Aberdeenshire Ltd is a private company limited by shares incorporated in Scotland. The registered office is 79 Broad Street, Fraserburgh, Aberdeenshire, AB43 9AU.

2023-03-302022-03-31false28 June 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityJohn WhytefalsefalseSC3945792022-03-312023-03-30SC3945792023-03-30SC3945792022-03-30SC394579core:LandBuildings2023-03-30SC394579core:OtherPropertyPlantEquipment2023-03-30SC394579core:LandBuildings2022-03-30SC394579core:OtherPropertyPlantEquipment2022-03-30SC394579core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-30SC394579core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-30SC394579core:ShareCapital2023-03-30SC394579core:ShareCapital2022-03-30SC394579core:RetainedEarningsAccumulatedLosses2023-03-30SC394579core:RetainedEarningsAccumulatedLosses2022-03-30SC394579core:ShareCapital2021-03-30SC394579core:RetainedEarningsAccumulatedLosses2021-03-30SC3945792021-03-30SC394579bus:Director12022-03-312023-03-30SC394579core:RetainedEarningsAccumulatedLosses2021-03-312022-03-30SC3945792021-03-312022-03-30SC394579core:RetainedEarningsAccumulatedLosses2022-03-312023-03-30SC394579core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-312023-03-30SC394579core:PlantMachinery2022-03-312023-03-30SC394579core:MotorVehicles2022-03-312023-03-30SC394579core:LandBuildings2022-03-30SC394579core:OtherPropertyPlantEquipment2022-03-30SC3945792022-03-30SC394579core:WithinOneYear2023-03-30SC394579core:WithinOneYear2022-03-30SC394579core:CurrentFinancialInstruments2023-03-30SC394579core:CurrentFinancialInstruments2022-03-30SC394579core:Non-currentFinancialInstruments2023-03-30SC394579core:Non-currentFinancialInstruments2022-03-30SC394579bus:PrivateLimitedCompanyLtd2022-03-312023-03-30SC394579bus:SmallCompaniesRegimeForAccounts2022-03-312023-03-30SC394579bus:FRS1022022-03-312023-03-30SC394579bus:AuditExemptWithAccountantsReport2022-03-312023-03-30SC394579bus:FullAccounts2022-03-312023-03-30xbrli:purexbrli:sharesiso4217:GBP