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Registered number: 02332807
Phoenix Aircon Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Troubleshooters (services for business) Ltd
65-66 Broad Street
Blaenavon
Torfaen
NP4 9NH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02332807
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 290,561 270,843
Investments 5 1,504,344 1,347,521
1,794,905 1,618,364
CURRENT ASSETS
Stocks 6 5,500 5,500
Debtors 7 322,502 255,519
Cash at bank and in hand 351,397 351,112
679,399 612,131
Creditors: Amounts Falling Due Within One Year 8 (370,772 ) (308,124 )
NET CURRENT ASSETS (LIABILITIES) 308,627 304,007
TOTAL ASSETS LESS CURRENT LIABILITIES 2,103,532 1,922,371
Creditors: Amounts Falling Due After More Than One Year 9 (87,560 ) (104,039 )
NET ASSETS 2,015,972 1,818,332
CAPITAL AND RESERVES
Called up share capital 10 95 95
Profit and Loss Account 2,015,877 1,818,237
SHAREHOLDERS' FUNDS 2,015,972 1,818,332
Page 1
Page 2
For the year ending 31 January 2024 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Stephen Cleaver
Director
22nd October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Phoenix Aircon Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02332807 . The registered office is 74 South Street, Sebastopol, Pontypool, Torfaen, NP4 5DZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0% reducing balance
Leasehold 0% reducing balance
Plant & Machinery 15% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 15% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 3 4
Sales, marketing and distribution 7 7
10 11
4. Tangible Assets
Land & Property
Leasehold Investment Properties Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 110,941 150,684 166,531 3,965 432,121
Additions - - 58,115 - 58,115
Disposals - - (11,571 ) - (11,571 )
As at 31 January 2024 110,941 150,684 213,075 3,965 478,665
Depreciation
As at 1 February 2023 - 72,026 87,507 1,745 161,278
Provided during the period - 11,799 26,265 333 38,397
Disposals - - (11,571 ) - (11,571 )
As at 31 January 2024 - 83,825 102,201 2,078 188,104
Net Book Value
As at 31 January 2024 110,941 66,859 110,874 1,887 290,561
As at 1 February 2023 110,941 78,658 79,024 2,220 270,843
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5. Investments
Unlisted Other Total
£ £ £
Cost
As at 1 February 2023 233,919 1,113,602 1,347,521
Additions - 156,823 156,823
As at 31 January 2024 233,919 1,270,425 1,504,344
Provision
As at 1 February 2023 - - -
As at 31 January 2024 - - -
Net Book Value
As at 31 January 2024 233,919 1,270,425 1,504,344
As at 1 February 2023 233,919 1,113,602 1,347,521
6. Stocks
2024 2023
£ £
Finished goods 5,500 5,500
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 321,855 248,896
Prepayments and accrued income 647 6,490
Other debtors - (67 )
PAYE - 200
322,502 255,519
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 111,069 82,597
Corporation tax 64,923 46,022
VAT 56,334 55,941
PAYE 8,178 -
Other creditors 97,650 97,650
Pension Due 2,101 4,132
Bounceback Loan under 1 year 10,000 10,000
Property Mortgage under 1 year 8,906 8,906
Accruals and deferred income 2,750 2,500
Directors' loan accounts 8,861 376
370,772 308,124
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bounceback Loan 15,501 25,501
Property Mortgage 72,059 78,538
87,560 104,039
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 95 95
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