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REGISTERED NUMBER: SC163799 (Scotland)










Financial Statements

For The Year Ended 31 July 2024

for

Phoenix Plumbing & Heating Contractors
Limited

Phoenix Plumbing & Heating Contractors
Limited (Registered number: SC163799)

Contents of the Financial Statements
For The Year Ended 31 July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Phoenix Plumbing & Heating Contractors
Limited

Company Information
For The Year Ended 31 July 2024







DIRECTORS: J McLean Airlie
J N Keenan





REGISTERED OFFICE: Room 1
Arcadia Business Centre
Miller Lane
Clydebank
G81 1UJ





REGISTERED NUMBER: SC163799 (Scotland)





ACCOUNTANTS: Cahill Jack Associates Limited
91 Alexander Street
Airdrie
North Lanarkshire
ML6 0BD

Phoenix Plumbing & Heating Contractors
Limited (Registered number: SC163799)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 15,967 21,290

CURRENT ASSETS
Stocks 40,688 64,274
Debtors 5 67,781 80,834
Cash at bank 67,832 27,694
176,301 172,802
CREDITORS
Amounts falling due within one year 6 71,582 52,269
NET CURRENT ASSETS 104,719 120,533
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,686

141,823

CREDITORS
Amounts falling due after more than one
year

7

(9,000

)

(13,000

)

PROVISIONS FOR LIABILITIES (2,986 ) (3,987 )
NET ASSETS 108,700 124,836

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 108,690 124,826
SHAREHOLDERS' FUNDS 108,700 124,836

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Phoenix Plumbing & Heating Contractors
Limited (Registered number: SC163799)

Balance Sheet - continued
31 July 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:





J N Keenan - Director


Phoenix Plumbing & Heating Contractors
Limited (Registered number: SC163799)

Notes to the Financial Statements
For The Year Ended 31 July 2024


1. STATUTORY INFORMATION

Phoenix Plumbing & Heating Contractors Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of financial information in compliance with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The directors have identified the following areas which give rise to estimation uncertainty:

1) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and any residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account.

2) Valuation of stock of parts uses estimations for provisions against old and obsolete items of stock.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

Phoenix Plumbing & Heating Contractors
Limited (Registered number: SC163799)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and any other sales taxes The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.


Rendering of services
Revenue from agreement to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the agreement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

The company adds to the carrying amount of an item of fixed asset the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the
company. Any carrying amount of the replaced part is written off. Repairs and maintenance are charged to
the profit and loss during the year in which they are incurred except for any parts unused at the year end.
Asset residual values, useful lives and depreciation methods of relevant assets are reviewed, and adjusted
prospectively if appropriate. Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and recognised in the profit and loss during the year of disposal.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Phoenix Plumbing & Heating Contractors
Limited (Registered number: SC163799)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, inventories are assessed for impairment. If inventory is 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

Other items
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Holiday pay
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 11 ) .

Phoenix Plumbing & Heating Contractors
Limited (Registered number: SC163799)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2024


4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023
and 31 July 2024 36,083 85,309 400 121,792
DEPRECIATION
At 1 August 2023 35,400 64,702 400 100,502
Charge for year 171 5,152 - 5,323
At 31 July 2024 35,571 69,854 400 105,825
NET BOOK VALUE
At 31 July 2024 512 15,455 - 15,967
At 31 July 2023 683 20,607 - 21,290

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 43,122 64,776
Tax - 1,703
VAT 24,659 14,355
67,781 80,834

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 6,000 6,000
Trade creditors 48,470 36,290
Tax 7,324 -
Social security and other taxes 6,390 6,581
Directors' current accounts 98 98
Accrued expenses 3,300 3,300
71,582 52,269

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 6,000 6,000
Bank loans - 2-5 years 3,000 7,000
9,000 13,000

Phoenix Plumbing & Heating Contractors
Limited (Registered number: SC163799)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 15,000 19,000

The bank loan is supported by a 100% guarantee from the UK Government.