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REGISTERED NUMBER: 07436334 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Phoenix Financial Consultants Limited

Phoenix Financial Consultants Limited (Registered number: 07436334)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


Phoenix Financial Consultants Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: G W Warman





REGISTERED OFFICE: Suite 2.8 Monument House
215 Marsh Road
Pinner
HA5 5NE





REGISTERED NUMBER: 07436334 (England and Wales)





ACCOUNTANTS: MMTI Ltd
Chartered Accountants
Monument House
215 Marsh Road
Pinner
HA5 5NE

Phoenix Financial Consultants Limited (Registered number: 07436334)

Abridged Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - 10,000

CURRENT ASSETS
Debtors 26,208 24,435
Cash at bank 410,983 291,299
437,191 315,734
CREDITORS
Amounts falling due within one year 80,776 67,731
NET CURRENT ASSETS 356,415 248,003
TOTAL ASSETS LESS CURRENT
LIABILITIES

356,415

258,003

PROVISIONS FOR LIABILITIES 172,185 162,595
NET ASSETS 184,230 95,408

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 184,229 95,407
184,230 95,408

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 24 January 2025 and were signed by:





G W Warman - Director


Phoenix Financial Consultants Limited (Registered number: 07436334)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. 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 and rebates.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is not being amortised.

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.

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.

Provision for commission clawbacks
The company earns commissions on the sale of insurance products. In the event that a customer cancels their insurance policy within a certain time frame, a portion of the commission earned may be subject to clawback by the insurer. The company has made a provision for such potential clawbacks based on historical trends and management's estimation. The provision is calculated at a percentage of relevant commissions earned during the year. This estimate is reviewed annually, with adjustments made if required to reflect current expectations of future clawback obligations. Actual clawbacks are charged to the income statement as incurred, while any adjustments to the provision are reflected as changes in estimates in the income statement.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

Phoenix Financial Consultants Limited (Registered number: 07436334)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2023 10,000
Impairments (10,000 )
At 30 April 2024 -
NET BOOK VALUE

At 30 April 2024 -
At 30 April 2023 10,000

4. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As of 30 April 2024, the company owed £199 (2023 - £6,224) to the director of the company. The loan was unsecured, interest free and repayable on demand.

During the year, the company paid £38,450 in rent to a company under common control of the director.

5. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G W Warman.