Company registration number 02291033 (England and Wales)
THE PHOENIX PATTERN AND TOOL COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
THE PHOENIX PATTERN AND TOOL COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr C V Johnson
Mr D J Knowles
Secretary
Mr C V Johnson
Company number
02291033
Registered office
Hobgate Road
Heath Town
Wolverhampton
West Midlands
WV10 0PG
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
Leicester
Leicestershire
LE87 2BB
THE PHOENIX PATTERN AND TOOL COMPANY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
THE PHOENIX PATTERN AND TOOL COMPANY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE PHOENIX PATTERN AND TOOL COMPANY LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Phoenix Pattern and Tool Company Limited for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of The Phoenix Pattern and Tool Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Phoenix Pattern and Tool Company Limited and state those matters that we have agreed to state to the board of directors of The Phoenix Pattern and Tool Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Phoenix Pattern and Tool Company Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that The Phoenix Pattern and Tool Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Phoenix Pattern and Tool Company Limited. You consider that The Phoenix Pattern and Tool Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of The Phoenix Pattern and Tool Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
15 July 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
THE PHOENIX PATTERN AND TOOL COMPANY LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
900
Tangible assets
4
326,878
357,063
326,878
357,963
Current assets
Stocks
24,421
26,178
Debtors
5
452,773
421,697
Cash at bank and in hand
249,598
369,826
726,792
817,701
Creditors: amounts falling due within one year
6
(264,055)
(319,674)
Net current assets
462,737
498,027
Total assets less current liabilities
789,615
855,990
Creditors: amounts falling due after more than one year
7
(34,434)
(64,481)
Provisions for liabilities
9
(56,997)
(59,512)
Net assets
698,184
731,997
Capital and reserves
Called up share capital
10
100
100
Capital redemption reserve
6
6
Profit and loss reserves
698,078
731,891
Total equity
698,184
731,997
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE PHOENIX PATTERN AND TOOL COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 15 July 2024 and are signed on its behalf by:
Mr C V Johnson
Mr D J Knowles
Director
Director
Company registration number 02291033 (England and Wales)
THE PHOENIX PATTERN AND TOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
The Phoenix Pattern and Tool Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hobgate Road, Heath Town, Wolverhampton, West Midlands, WV10 0PG.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Development costs
20% on cost
1.5
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.
THE PHOENIX PATTERN AND TOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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:
Plant and machinery
10% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on 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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
THE PHOENIX PATTERN AND TOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
18
3
Intangible fixed assets
Development costs
£
Cost
At 1 May 2023 and 30 April 2024
6,050
Amortisation and impairment
At 1 May 2023
5,150
Amortisation charged for the year
900
At 30 April 2024
6,050
Carrying amount
At 30 April 2024
At 30 April 2023
900
THE PHOENIX PATTERN AND TOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
1,141,464
99,090
4,444
13,122
1,258,120
Additions
870
12,800
13,670
Disposals
(750)
(8,668)
(9,418)
At 30 April 2024
1,140,714
99,090
5,314
17,254
1,262,372
Depreciation and impairment
At 1 May 2023
808,901
77,257
2,932
11,967
901,057
Depreciation charged in the year
33,249
4,369
1,800
3,200
42,618
Eliminated in respect of disposals
(668)
(7,513)
(8,181)
At 30 April 2024
841,482
81,626
4,732
7,654
935,494
Carrying amount
At 30 April 2024
299,232
17,464
582
9,600
326,878
At 30 April 2023
332,563
21,833
1,512
1,155
357,063
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
350,660
286,593
Other debtors
102,113
135,104
452,773
421,697
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
19,524
20,038
Trade creditors
95,748
95,072
Amounts owed to group undertakings
17,208
79,304
Taxation and social security
102,171
96,304
Other creditors
29,404
28,956
264,055
319,674
THE PHOENIX PATTERN AND TOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
22,778
41,746
Other creditors
11,656
22,735
34,434
64,481
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Hire purchase contracts
22,735
33,814
Bank loans
42,302
61,784
65,037
95,598
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a government-backed guarantee.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
56,997
59,512
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" of £1 each
75
75
75
75
"B" of £1 each
25
25
25
25
100
100
100
100
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
THE PHOENIX PATTERN AND TOOL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
12
Control
Ultimate parent company
The ultimate parent company is CVJPIC Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr C V Johnson, by virtue of his controlling interest in the ultimate parent company.
2024-04-302023-05-01false15 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr D J KnowlesMr D J KnowlesMr C V Johnsonfalsefalse022910332023-05-012024-04-3002291033bus:CompanySecretaryDirector12023-05-012024-04-3002291033bus:Director12023-05-012024-04-3002291033bus:CompanySecretary12023-05-012024-04-3002291033bus:Director22023-05-012024-04-3002291033bus:RegisteredOffice2023-05-012024-04-3002291033bus:Agent12023-05-012024-04-30022910332024-04-30022910332023-04-3002291033core:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-04-3002291033core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-3002291033core:PlantMachinery2024-04-3002291033core:FurnitureFittings2024-04-3002291033core:ComputerEquipment2024-04-3002291033core:MotorVehicles2024-04-3002291033core:PlantMachinery2023-04-3002291033core:FurnitureFittings2023-04-3002291033core:ComputerEquipment2023-04-3002291033core:MotorVehicles2023-04-3002291033core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3002291033core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3002291033core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-3002291033core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3002291033core:CurrentFinancialInstruments2024-04-3002291033core:CurrentFinancialInstruments2023-04-3002291033core:Non-currentFinancialInstruments2024-04-3002291033core:Non-currentFinancialInstruments2023-04-3002291033core:ShareCapital2024-04-3002291033core:ShareCapital2023-04-3002291033core:CapitalRedemptionReserve2024-04-3002291033core:CapitalRedemptionReserve2023-04-3002291033core:RetainedEarningsAccumulatedLosses2024-04-3002291033core:RetainedEarningsAccumulatedLosses2023-04-3002291033core:ShareCapitalOrdinaryShares2024-04-3002291033core:ShareCapitalOrdinaryShares2023-04-3002291033core:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3002291033core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-05-012024-04-3002291033core:PlantMachinery2023-05-012024-04-3002291033core:FurnitureFittings2023-05-012024-04-3002291033core:ComputerEquipment2023-05-012024-04-3002291033core:MotorVehicles2023-05-012024-04-30022910332022-05-012023-04-3002291033core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-3002291033core:PlantMachinery2023-04-3002291033core:FurnitureFittings2023-04-3002291033core:ComputerEquipment2023-04-3002291033core:MotorVehicles2023-04-30022910332023-04-3002291033core:WithinOneYear2024-04-3002291033core:WithinOneYear2023-04-3002291033bus:PrivateLimitedCompanyLtd2023-05-012024-04-3002291033bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3002291033bus:FRS1022023-05-012024-04-3002291033bus:AuditExemptWithAccountantsReport2023-05-012024-04-3002291033bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP