Company Registration No. 05413728 (England and Wales)
Phoenix Precision Engineering Limited
Unaudited accounts
for the year ended 31 March 2024
Phoenix Precision Engineering Limited
Unaudited accounts
Contents
Phoenix Precision Engineering Limited
Company Information
for the year ended 31 March 2024
Directors
Mark Barry Dennaford
Paul John Fallon
Company Number
05413728 (England and Wales)
Registered Office
13 PEVEREL DRIVE
GRANBY BLETCHLEY
MILTON KEYNES
BUCKS
MK1 1NL
Phoenix Precision Engineering Limited
Statement of financial position
as at 31 March 2024
Cash at bank and in hand
15,430
7,079
Creditors: amounts falling due within one year
(37,758)
(19,511)
Net current (liabilities)/assets
(510)
847
Called up share capital
2
2
Profit and loss account
273
7,892
Shareholders' funds
275
7,894
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by
Paul John Fallon
Director
Company Registration No. 05413728
Phoenix Precision Engineering Limited
Notes to the Accounts
for the year ended 31 March 2024
Phoenix Precision Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 05413728. The registered office is 13 PEVEREL DRIVE, GRANBY BLETCHLEY, MILTON KEYNES, BUCKS, MK1 1NL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at historical cost less depreciation and impairment. Historical cost includes expenditure that is directly attributable to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. on a reducing balance basis.
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
25% reducing ballance
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to the initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis over its useful economic life.
Operating Leases: The Company as Lessee
Rentals paid under operating leases are charged to profit and loss on a straight line basis over the lease term.
Phoenix Precision Engineering Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2023
40,837
3,250
1,229
45,316
At 31 March 2024
40,837
3,250
1,229
45,316
At 1 April 2023
40,272
3,188
809
44,269
Charge for the year
141
16
105
262
At 31 March 2024
40,413
3,204
914
44,531
At 31 March 2024
424
46
315
785
At 31 March 2023
565
62
420
1,047
Amounts falling due within one year
Trade debtors
20,742
7,848
Accrued income and prepayments
-
4,937
Phoenix Precision Engineering Limited
Notes to the Accounts
for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
10,633
10,276
Taxes and social security
11,388
6,077
Loans from directors
188
-
8
Operating lease commitments
2024
2023
At 31 March 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
24,210
14,241
Later than one year and not later than five years
48,420
-
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).