0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09663952 2023-07-01 2024-06-30 09663952 2024-06-30 09663952 2023-06-30 09663952 2022-07-01 2023-06-30 09663952 2023-06-30 09663952 2022-06-30 09663952 bus:Director1 2023-07-01 2024-06-30 09663952 core:AfterOneYear 2024-06-30 09663952 core:AfterOneYear 2023-06-30 09663952 core:WithinOneYear 2024-06-30 09663952 core:WithinOneYear 2023-06-30 09663952 core:ShareCapital 2024-06-30 09663952 core:ShareCapital 2023-06-30 09663952 core:RetainedEarningsAccumulatedLosses 2024-06-30 09663952 core:RetainedEarningsAccumulatedLosses 2023-06-30 09663952 bus:SmallEntities 2023-07-01 2024-06-30 09663952 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 09663952 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 09663952 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09663952 bus:FullAccounts 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 09663952
Phoenix Refurbs Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2024
Phoenix Refurbs Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Current assets
Stocks
233,588
233,588
Cash at bank and in hand
388
143
---------
---------
233,976
233,731
Creditors: amounts falling due within one year
4
33,117
36,459
---------
---------
Net current assets
200,859
197,272
---------
---------
Total assets less current liabilities
200,859
197,272
Creditors: amounts falling due after more than one year
5
195,029
195,020
---------
---------
Net assets
5,830
2,252
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
5,829
2,251
-------
-------
Shareholders funds
5,830
2,252
-------
-------
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 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Phoenix Refurbs Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
Mr A Olley
Director
Company registration number: 09663952
Phoenix Refurbs Limited
Notes to the Financial Statements
Year ended 30 June 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 141 Staplegrove Road, Taunton, Somerset, TA2 6AF.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
4. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
33,117
36,459
--------
--------
5. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
195,029
195,020
---------
---------
6. Director's advances, credits and guarantees
During the year loans were provided to the company by the director Mr A J Olley. The balances at the beginning of the year amounted to £35,499 and at the end of the year amounted to £32,507. No interest was payable on the loans during the year.
7. Related party transactions
The company was under the control of Mr A J Olley throughout the current period. Mr A J Olley is the managing director and majority shareholder. No transactions with related parties were undertaken during the year such as are required to be disclosed under the FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.