Registered number
00737126
Phoenix Grain Company Limited
Filleted Accounts
31 December 2023
Phoenix Grain Company Limited
Registered number: 00737126
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 50,355 63,249
Investments 4 - 3,976
50,355 67,225
Current assets
Stocks 131,000 125,680
Debtors 5 146,187 161,373
Cash at bank and in hand 9,107 392
286,294 287,445
Creditors: amounts falling due within one year 6 (293,990) (297,414)
Net current liabilities (7,696) (9,969)
Total assets less current liabilities 42,659 57,256
Creditors: amounts falling due after more than one year 7 (30,040) (48,322)
Provisions for liabilities (9,568) (12,018)
Net assets/(liabilities) 3,051 (3,084)
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,951 (3,184)
Shareholders' funds 3,051 (3,084)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Walton
Director
Approved by the board on 20 September 2024
Phoenix Grain Company Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 727 177,945 103,503 282,175
At 31 December 2023 727 177,945 103,503 282,175
Depreciation
At 1 January 2023 - 151,782 67,144 218,926
Charge for the year - 3,804 9,090 12,894
At 31 December 2023 - 155,586 76,234 231,820
Net book value
At 31 December 2023 727 22,359 27,269 50,355
At 31 December 2022 727 26,163 36,359 63,249
4 Investments
Other
investments
£
Cost
At 1 January 2023 3,976
Disposals (3,976)
At 31 December 2023 -
5 Debtors 2023 2022
£ £
Trade debtors 7,827 32,354
Other debtors 138,360 129,019
146,187 161,373
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 134,543
Obligations under finance lease and hire purchase contracts 8,282 8,282
Trade creditors 35,072 109,978
Taxation and social security costs 3,968 4,457
Other creditors 236,668 40,154
293,990 297,414
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,167 24,167
Obligations under finance lease and hire purchase contracts 15,873 24,155
30,040 48,322
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 24,155 156,980
The loans are secured against the assets purchased.
9 Other information
Phoenix Grain Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
New House Farm
Gorse Lane
Tarleton
Lancashire
PR4 6LH
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