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COMPANY REGISTRATION NUMBER: 06852192
Phoenix Mechanical Engineers Ltd
Filleted Unaudited Financial Statements
31 March 2024
Phoenix Mechanical Engineers Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Phoenix Mechanical Engineers Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Phoenix Mechanical Engineers Ltd
Year ended 31 March 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HARPER SHELDON LIMITED Chartered Accountants
Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ
8 January 2025
Phoenix Mechanical Engineers Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
31,272
36,452
Current assets
Stocks
5,000
5,000
Debtors
6
16,408
23,900
Cash at bank and in hand
21,008
3,453
--------
--------
42,416
32,353
Creditors: amounts falling due within one year
7
53,571
55,116
--------
--------
Net current liabilities
11,155
22,763
--------
--------
Total assets less current liabilities
20,117
13,689
Creditors: amounts falling due after more than one year
8
21,007
24,787
--------
--------
Net liabilities
( 890)
( 11,098)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 892)
( 11,100)
----
--------
Shareholders deficit
( 890)
( 11,098)
----
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Phoenix Mechanical Engineers Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 8 January 2025 , and are signed on behalf of the board by:
M P Newman
M J Cassidy
Director
Director
Company registration number: 06852192
Phoenix Mechanical Engineers Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Midway House, Staverton Technology Park , Herrick Way, Staverton, Cheltenham, Glos, GL51 6TQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% & 40% Reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Leasehold Improvements
Plant & Machinery
Fixtures & Fittings
Motor Vehicles
Office Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
4,561
52,758
1,642
25,100
3,242
87,303
Additions
3,000
3,000
Disposals
( 3,850)
( 3,850)
-------
--------
-------
--------
-------
--------
At 31 Mar 2024
4,561
52,758
1,642
24,250
3,242
86,453
-------
--------
-------
--------
-------
--------
Depreciation
At 1 Apr 2023
31,457
1,156
15,203
3,035
50,851
Charge for the year
5,326
73
2,417
76
7,892
Disposals
( 3,562)
( 3,562)
-------
--------
-------
--------
-------
--------
At 31 Mar 2024
36,783
1,229
14,058
3,111
55,181
-------
--------
-------
--------
-------
--------
Carrying amount
At 31 Mar 2024
4,561
15,975
413
10,192
131
31,272
-------
--------
-------
--------
-------
--------
At 31 Mar 2023
4,561
21,301
486
9,897
207
36,452
-------
--------
-------
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
13,260
21,866
Other debtors
3,148
2,034
--------
--------
16,408
23,900
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,800
4,409
Trade creditors
18,496
17,405
Social security and other taxes
451
4,442
Other creditors
30,824
28,860
--------
--------
53,571
55,116
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
21,007
24,787
--------
--------