Phoenix Precision Limited SC098188 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is the manufacture of sheet metal enclosures and assemblies including powder coat finishing. Digita Accounts Production Advanced 6.30.9574.0 true true SC098188 2024-01-01 2024-12-31 SC098188 2024-12-31 SC098188 bus:OrdinaryShareClass1 2024-12-31 SC098188 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC098188 core:RevaluationReserve 2024-12-31 SC098188 core:ShareCapital 2024-12-31 SC098188 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-12-31 SC098188 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-12-31 SC098188 core:CurrentFinancialInstruments 2024-12-31 SC098188 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 SC098188 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 SC098188 core:FurnitureFittingsToolsEquipment 2024-12-31 SC098188 core:LandBuildings 2024-12-31 SC098188 bus:SmallEntities 2024-01-01 2024-12-31 SC098188 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC098188 bus:FilletedAccounts 2024-01-01 2024-12-31 SC098188 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC098188 bus:RegisteredOffice 2024-01-01 2024-12-31 SC098188 bus:CompanySecretary1 2024-01-01 2024-12-31 SC098188 bus:Director1 2024-01-01 2024-12-31 SC098188 bus:Director2 2024-01-01 2024-12-31 SC098188 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 SC098188 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC098188 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 SC098188 core:RevaluationReserve 2024-01-01 2024-12-31 SC098188 core:RevaluationReserve core:LandBuildings 2024-01-01 2024-12-31 SC098188 core:ShareCapital 2024-01-01 2024-12-31 SC098188 core:FurnitureFittings 2024-01-01 2024-12-31 SC098188 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 SC098188 core:LandBuildings 2024-01-01 2024-12-31 SC098188 core:PlantMachinery 2024-01-01 2024-12-31 SC098188 countries:Scotland 2024-01-01 2024-12-31 SC098188 2023-12-31 SC098188 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC098188 core:RevaluationReserve 2023-12-31 SC098188 core:ShareCapital 2023-12-31 SC098188 core:FurnitureFittingsToolsEquipment 2023-12-31 SC098188 core:LandBuildings 2023-12-31 SC098188 2023-01-01 2023-12-31 SC098188 2023-12-31 SC098188 bus:OrdinaryShareClass1 2023-12-31 SC098188 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 SC098188 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 SC098188 core:CurrentFinancialInstruments 2023-12-31 SC098188 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 SC098188 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 SC098188 core:FurnitureFittingsToolsEquipment 2023-12-31 SC098188 core:LandBuildings 2023-12-31 SC098188 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC098188 core:RevaluationReserve 2023-01-01 2023-12-31 SC098188 core:ShareCapital 2023-01-01 2023-12-31 SC098188 2022-12-31 SC098188 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC098188 core:RevaluationReserve 2022-12-31 SC098188 core:ShareCapital 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC098188

Phoenix Precision Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Phoenix Precision Limited

Contents

Statement of Financial Position

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Phoenix Precision Limited

Company Information

Directors

Mr Ian Moffat

Mrs Lynne Moffat

Company secretary

Purple Venture Secretaries Limited

Registered office

1 George Square
Castle Brae
DUNFERMLINE
Fife
KY11 8QF

Trading office

Crompton Road

Southfield Industrial Estate

GLENROTHES

Fife

KY6 2SF

Solicitors

Young & Partners LLP
1 George Square
Castle Brae
DUNFERMLINE
Fife
KY11 8QF

Accountants

Morris & Young
Chartered Accountants
6 Atholl Crescent
PERTH
PH1 5JN

 

Phoenix Precision Limited

(Registration number: SC098188)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

939,500

987,500

Current assets

 

Stocks

5

141,324

133,002

Debtors

6

361,170

344,307

Cash at bank and in hand

 

1,451,249

1,171,489

 

1,953,743

1,648,798

Creditors: Amounts falling due within one year

7

(585,573)

(542,767)

Net current assets

 

1,368,170

1,106,031

Total assets less current liabilities

 

2,307,670

2,093,531

Creditors: Amounts falling due after more than one year

7

-

(33,325)

Provisions for liabilities

(128,126)

(79,425)

Net assets

 

2,179,544

1,980,781

Capital and reserves

 

Called up share capital

8

29,163

29,163

Revaluation reserve

109,935

78,230

Retained earnings

2,040,446

1,873,388

Shareholders' funds

 

2,179,544

1,980,781

 

Phoenix Precision Limited

(Registration number: SC098188)
Statement of Financial Position as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 11 April 2025 and signed on its behalf by:
 

.........................................
Mr Ian Moffat
Director

.........................................
Mrs Lynne Moffat
Director

 

Phoenix Precision Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2024

29,163

78,230

1,873,388

1,980,781

Profit for the year

-

-

167,058

167,058

Other comprehensive income

-

31,705

-

31,705

Total comprehensive income

-

31,705

167,058

198,763

At 31 December 2024

29,163

109,935

2,040,446

2,179,544

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2023

29,163

78,230

1,630,715

1,738,108

Profit for the year

-

-

242,673

242,673

At 31 December 2023

29,163

78,230

1,873,388

1,980,781

 

Phoenix Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
1 George Square
Castle Brae
DUNFERMLINE
Fife
KY11 8QF

The principal place of business is:
Crompton Road
Southfield Industrial Estate
GLENROTHES
Fife
KY6 2SF

These financial statements were authorised for issue by the Board on 11 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£). The financial statements are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

 

Phoenix Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The land and buildings were valued on a market value basis.

Depreciation

Tangible fixed assets other than buildings are stated at cost less depreciation. The Directors are of the opinion that the property is maintained to a high standard throughout a programme of refurbishment and maintenance. The expenditure is written off to the profit & loss account. As a consequence the life of the property and it's residual value are usch that any depreciation charge would be immaterial.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% to 100% straight line

Fixtures and fittings

20% to 33.3% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Phoenix Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Phoenix Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only has financial assets and liabilities of a kind that would qualify as basic financial instruments which are recognised at their transaction value and subsequently measured at their settlement value.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 30).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

500,000

3,223,897

3,723,897

Revaluations

50,000

-

50,000

At 31 December 2024

550,000

3,223,897

3,773,897

Depreciation

At 1 January 2024

-

2,736,397

2,736,397

Charge for the year

-

98,000

98,000

At 31 December 2024

-

2,834,397

2,834,397

Carrying amount

At 31 December 2024

550,000

389,500

939,500

At 31 December 2023

500,000

487,500

987,500

Included within the net book value of land and buildings above is £550,000 (2023 - £500,000) in respect of freehold land and buildings.
 

 

Phoenix Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Revaluation

The freehold land and buildings was revalued on 3 May 2024 by D H Hall, Chartered Surveyor who is external to the company. The basis of this valuation was open market value. This class of assets has a historical cost value of £500,000 (2023 - £500,000).

5

Stocks

2024
£

2023
£

Work in progress

34,932

39,639

Other inventories

106,392

93,363

141,324

133,002

6

Debtors

Current

2024
£

2023
£

Trade debtors

361,170

344,307

 

361,170

344,307

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

245,867

305,576

Trade creditors

 

123,721

105,135

Taxation and social security

 

126,846

31,256

Accruals and deferred income

 

72,550

100,800

Other creditors

 

16,589

-

 

585,573

542,767

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

33,325

 

Phoenix Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

29,163

29,163

29,163

29,163

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus on property revaluation

31,705

31,705

During the year ended 31 December 2024, the property was revalued. Deferred tax was also applied resulting in a net revaluation movement of £31,705 (2023: £nil).

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

33,325

Current loans and borrowings

2024
£

2023
£

Cashflow finance

212,532

225,572

Hire purchase contracts

33,335

80,004

245,867

305,576