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REGISTERED NUMBER: 06132550 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Phoenix Credit Limited

Phoenix Credit Limited (Registered number: 06132550)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Phoenix Credit Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: G Southwell
A R Cornish





SECRETARY: G Southwell





REGISTERED OFFICE: Phoenix Car Centre
Chilcomb Lane
Chilcomb
Winchester
Hampshire
SO21 1HU





REGISTERED NUMBER: 06132550 (England and Wales)





ACCOUNTANTS: RP & Co Accounting Services (South) Limited
14 Marshall Road
Ampfield
Romsey
Hampshire
SO51 0DQ

Phoenix Credit Limited (Registered number: 06132550)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 102,830 88,873

CURRENT ASSETS
Stocks 1,479,699 1,906,435
Debtors 5 407,791 451,668
Cash at bank and in hand 165,496 150,142
2,052,986 2,508,245
CREDITORS
Amounts falling due within one year 6 1,334,401 1,792,556
NET CURRENT ASSETS 718,585 715,689
TOTAL ASSETS LESS CURRENT
LIABILITIES

821,415

804,562

PROVISIONS FOR LIABILITIES 1,289 1,289
NET ASSETS 820,126 803,273

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 820,026 803,173
SHAREHOLDERS' FUNDS 820,126 803,273

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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 Credit Limited (Registered number: 06132550)

Balance Sheet - continued
29 February 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2024 and were signed on its behalf by:




A R Cornish - Director



G Southwell - Director


Phoenix Credit Limited (Registered number: 06132550)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Phoenix Credit Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 etc - 15% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 16 ) .

Phoenix Credit Limited (Registered number: 06132550)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 97,077
Additions 19,404
At 29 February 2024 116,481
DEPRECIATION
At 1 March 2023 8,204
Charge for year 5,447
At 29 February 2024 13,651
NET BOOK VALUE
At 29 February 2024 102,830
At 28 February 2023 88,873

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 73,545 216,061
Other debtors 334,246 235,607
407,791 451,668

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 536,431 1,168,840
Trade creditors 583,513 378,586
Taxation and social security 40,758 68,114
Other creditors 173,699 177,016
1,334,401 1,792,556

7. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Stocking Loan 516,307 1,148,716

Included within Bank Loans is the loan issued by Santander Bank and is secured against the purchase of stock.
The loan is repayable on sale of the individual stock item and therefore repayable within 1 year.