Company Registration No. 04359758 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
PHOENIX ASBESTOS RECOVERY LIMITED
PHOENIX ASBESTOS RECOVERY LIMITED
CONTENTS
Page
Balance Sheet
1 - 2
Notes to the financial statements
3 - 6
PHOENIX ASBESTOS RECOVERY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed Assets
Tangible assets
3
44,713
58,362
Current assets
Stocks
15,079
87,341
Debtors
4
373,448
270,117
Cash at bank and in hand
717,122
572,780
1,105,649
930,238
Creditors: Amounts Falling Due Within One Year
5
(236,511)
(109,993)
Net current assets
869,138
820,245
Total assets less current liabilities
913,851
878,607
Creditors: Amounts Falling Due After More Than One Year
6
-
0
(3,004)
Provisions for liabilities
(9,810)
(9,910)
Net assets
904,041
865,693
Capital and Reserves
Called up share capital
999
999
Retained earnings
903,042
864,694
Total equity
904,041
865,693
PHOENIX ASBESTOS RECOVERY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

For the financial year ended 31 December 2023 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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Mr M J Parker
Director
Company registration number 04359758 (England and Wales)
PHOENIX ASBESTOS RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting Policies
Company Information

Phoenix Asbestos Recovery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 6-7 Gorseinon Business Park, Gorseinon Road, Gorseinon, Swansea, Wales, SA4 4DQ.

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 £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
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:

Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
33.33% on cost

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.

1.4
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.

1.5
Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

PHOENIX ASBESTOS RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting Policies
(Continued)
- 4 -
1.6
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.

1.7
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.

1.9
Pension Costs and other Post-Retirement Benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Hire Purchase and Leasing Commitments

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.

PHOENIX ASBESTOS RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees

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

2023
2022
Number
Number
Total
13
14
3
Tangible Fixed Assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
255,011
2,011
29,380
286,402
Additions
1,274
-
0
-
0
1,274
At 31 December 2023
256,285
2,011
29,380
287,676
Depreciation and impairment
At 1 January 2023
196,843
1,837
29,360
228,040
Depreciation charged in the year
14,861
44
18
14,923
At 31 December 2023
211,704
1,881
29,378
242,963
Carrying amount
At 31 December 2023
44,581
130
2
44,713
At 31 December 2022
58,168
174
20
58,362
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
191,913
28,463
Other debtors
140,303
223,453
Prepayments and accrued income
41,232
18,201
373,448
270,117
PHOENIX ASBESTOS RECOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: Amounts Falling Due Within One Year
2023
2022
£
£
Obligations under finance leases
3,004
12,015
Other borrowings
29,166
-
0
Trade creditors
40,353
30,308
Corporation tax
13,131
7,833
Other taxation and social security
90,905
23,583
Other creditors
27,584
29,708
Accruals and deferred income
32,368
6,546
236,511
109,993
6
Creditors: Amounts Falling Due After More Than One Year
2023
2022
£
£
Other creditors
-
0
3,004
7
Directors' transactions

Mr R S Bell

 

The following advances and credits to a director subsisted during the years ended 31 December

2022 and 31 December 2021 -

 

 

 

 

 

 

 

 

 

 

 

31/12/2023

 

31/12/2022

 

 

 

 

Balance outstanding at start of year

80

 

720

 

 

 

 

Amounts advanced

 

-

 

-

 

 

 

 

Amounts repaid

 

-

 

-640

 

 

 

 

Amounts written off

 

-

 

-

 

 

 

 

Amounts waived

 

-

 

-

 

 

 

 

Balance outstanding at end of year

80

 

80

 

 

 

 

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