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COMPANY REGISTRATION NUMBER: 06571551
Phoenix Property Services (Staffordshire) Limited
Filleted Unaudited Financial Statements
30 April 2024
Phoenix Property Services (Staffordshire) Limited
Financial Statements
Year ended 30 April 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Phoenix Property Services (Staffordshire) Limited
Balance Sheet
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
3,434
4,279
Current assets
Debtors
6
16,924
16,958
Cash at bank and in hand
10,069
4,465
--------
--------
26,993
21,423
Creditors: amounts falling due within one year
7
30,366
24,722
--------
--------
Net current liabilities
3,373
3,299
-------
-------
Total assets less current liabilities
61
980
----
----
Net assets
61
980
----
----
Capital and reserves
Called up share capital
20
20
Profit and loss account
41
960
----
----
Shareholders funds
61
980
----
----
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 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Phoenix Property Services (Staffordshire) Limited
Balance Sheet (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
Mr D Riley
Director
Company registration number: 06571551
Phoenix Property Services (Staffordshire) Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 King Street, Newcastle-under-Lyme, Staffordshire, ST5 1ER. The company registration number is 06571551 .
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. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
Income tax
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 material 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
Computer equipment
-
25% straight line
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. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objectives evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
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 4 (2023: 3 ).
5. Tangible assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 May 2023
6,053
9,707
15,760
Additions
500
500
-------
--------
--------
At 30 April 2024
6,053
10,207
16,260
-------
--------
--------
Depreciation
At 1 May 2023
4,830
6,651
11,481
Charge for the year
183
1,162
1,345
-------
--------
--------
At 30 April 2024
5,013
7,813
12,826
-------
--------
--------
Carrying amount
At 30 April 2024
1,040
2,394
3,434
-------
--------
--------
At 30 April 2023
1,223
3,056
4,279
-------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
1,050
6,460
Other debtors
15,874
10,498
--------
--------
16,924
16,958
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,668
1,675
Corporation tax
12,308
11,262
Social security and other taxes
8,332
8,855
Other creditors
3,058
2,930
--------
--------
30,366
24,722
--------
--------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
5,833
10,008
Later than 1 year and not later than 5 years
5,833
-------
--------
5,833
15,841
-------
--------
9. Directors' advances, credits and guarantees
During the year the directors have maintained a current account with the company, the total balance at the start of the year was £10,498 included in other debtors (2023 - £4,227). Total advances during the year were £49,908 (2023 - £57,271). There were no material advances during the year (2023 - £Nil). Total repayments during the year were £48,400 (2023 - £51,000). There were no individual material repayments. (2023 - Nil). The balance at the year end was 12,006 included in other debtors (2023 - £10,498). The advances were on an interest free basis.