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Registration number: 14582535

Phoenix Green Garage Sales Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Period from 10 January 2023 to 31 January 2024

 

Phoenix Green Garage Sales Limited

(Registration number: 14582535)
Statement of Financial Position as at 31 January 2024

Note

2024
£

Current assets

 

Stocks

4

339,157

Debtors

5

256,180

Cash at bank and in hand

 

1,651

 

596,988

Creditors: Amounts falling due within one year

6

(595,402)

Net assets

 

1,586

Capital and reserves

 

Called up share capital

10

Profit and loss account

1,576

Shareholders' funds

 

1,586

For the financial period ending 31 January 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 30 September 2024 and signed on its behalf by:
 

.........................................
Mr D Goodwin
Director

 

Phoenix Green Garage Sales Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Suite 1, 31 Sheephouse, Farnham, GU9 8LR. United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that
a change attributable to an item of income or expense recognised as other comprehensive income is also
recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the reporting date in the countries where the company operates and generates taxable
income.

 

Phoenix Green Garage Sales Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 31 January 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Stocks

2024
£

Other inventories

339,157

5

Debtors

2024
£

Trade debtors

175,060

Other debtors

81,120

256,180

 

Phoenix Green Garage Sales Limited

Notes to the Unaudited Financial Statements for the Period from 10 January 2023 to 31 January 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

Trade creditors

1,800

Taxation and social security

39,538

Accruals and deferred income

1,803

Other creditors

552,261

595,402

7

Related party transactions

During the year, the following amounts had been advanced to the directors. Interest was charged as applicable at the beneficial loan interest rate prevailing during the year, resulting in interest charges of £362.

Transactions with directors

2024

At 10 January 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr D Goodwin

-

71,026

(40,119)

30,907

Mr N H Benwell

-

75,683

(46,388)

29,295