REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
PHOENIX ELECTRICAL WHOLESALE SUPPLIES |
LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
PHOENIX ELECTRICAL WHOLESALE SUPPLIES |
LIMITED |
PHOENIX ELECTRICAL WHOLESALE SUPPLIES |
LIMITED (REGISTERED NUMBER: SC170397) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PHOENIX ELECTRICAL WHOLESALE SUPPLIES |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Stanley House |
69/71 Hamilton Road |
Motherwell |
Lanarkshire |
ML1 3DG |
PHOENIX ELECTRICAL WHOLESALE SUPPLIES |
LIMITED (REGISTERED NUMBER: SC170397) |
BALANCE SHEET |
31 DECEMBER 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
PHOENIX ELECTRICAL WHOLESALE SUPPLIES |
LIMITED (REGISTERED NUMBER: SC170397) |
BALANCE SHEET - continued |
31 DECEMBER 2024 |
The financial statements were approved by the director and authorised for issue on |
PHOENIX ELECTRICAL WHOLESALE SUPPLIES |
LIMITED (REGISTERED NUMBER: SC170397) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Phoenix Electrical Wholesale Supplies Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is stated net of VAT. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Where the contract is only partially completed at the balance sheet date turnover represents the value of work provided to date based on a proportion of the contract value. Where payments are received in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year. |
Goodwill |
Goodwill,being the amount paid in connection with the acquisition of a business in 1996, was amortised evenly over its useful life of ten years. |
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. |
Tangible fixed assets |
Plant & machinery | - |
Fixtures & fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
PHOENIX ELECTRICAL WHOLESALE SUPPLIES |
LIMITED (REGISTERED NUMBER: SC170397) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Basic financial instruments |
Trade debtors |
Trade debtors are amounts due from customers for goods or services performed in the ordinary course of business. |
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
Trade Creditors |
Trade creditors are amounts due to suppliers for goods or services obtained in the ordinary course of business. |
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
Cash |
Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
AMORTISATION |
At 1 January 2024 |
and 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
PHOENIX ELECTRICAL WHOLESALE SUPPLIES |
LIMITED (REGISTERED NUMBER: SC170397) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Plant & | Fixtures | Motor |
property | machinery | & fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2024 |
Disposals | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Other creditors |
9. | SECURED DEBTS |
Bibby Factors Scotland Limited have a floating charge over the property and undertaking by the company. |
Royal Bank of Scotland Plc also have a bond and floating charge over the assets of the company. |
PHOENIX ELECTRICAL WHOLESALE SUPPLIES |
LIMITED (REGISTERED NUMBER: SC170397) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
10. | OTHER FINANCIAL COMMITMENTS |
At the year end the company had total commitments under operating leases of £51,667 (2023 £62,000). |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023: |
31.12.24 | 31.12.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Loans to/from directors are interest free and repayable upon demand. |
12. | RELATED PARTY DISCLOSURES |
Within other debtors is an amount owed by the parent company of £220,000 (2023 £220,000). This advance is interest free and is repayable upon demand. |