Company registration number 01249777 (England and Wales)
PHOENIXTRESCRAY LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PHOENIXTRESCRAY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PHOENIXTRESCRAY LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
3,149,153
1,491,952
Cash at bank and in hand
78,000
280,850
3,227,153
1,772,802
Creditors: amounts falling due within one year
5
(2,804,670)
(1,349,774)
Net current assets
422,483
423,028
Creditors: amounts falling due after more than one year
6
(8,260)
Net assets
422,483
414,768
Capital and reserves
Called up share capital
1,200
1,200
Profit and loss reserves
421,283
413,568
Total equity
422,483
414,768
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
Mr Duncan McArthur
Director
Company Registration No. 01249777
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Phoenixtrescray Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 25 Camperdown Street, London, E1 8DZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company’s financial statements have been prepared on the going concern basis. The company continues to make profits and remains in a net asset position. The directors of the company are confident that the company will have adequate resources to continue in operational existence for the foreseeable future. true
1.3
Turnover
Construction Contracts
All revenue is derived from construction contracts.
Contract revenue is measured at the fair value of the consideration received or receivable and includes the initial amount of revenue agreed in the contract, plus variations, claims and incentive payments to the extent that it is probable that they will result in revenue and they are capable of being measured reliably. Revenue is stated net of discounts, VAT and other sales related taxes.
When the outcome of a construction contract can be estimated reliably, contract revenue and costs are recognised by reference to the degree of completion of each contract, as measured by quantity surveyors.
Incentive payments and variations arising from construction contracts are included where they have been agreed with the client.
When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable these costs will be recoverable.
The principal estimation technique used by the company in attributing profit on contracts to a particular period is the preparation of forecasts on a contract by contract basis. These focus on revenues and costs to complete and enable an assessment to be made of the final out turn of each contract. Consistent contract review procedures are in place in respect of contract forecasting.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately. Contract costs are recognised as expenses in the period within which they have incurred.
Where costs incurred plus recognised profits less recognised losses exceed progress billings, the balance is shown as due from customers on construction contracts within trade and other receivables. Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as due to customers on construction contracts within trade and other payables.
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only enters into Basic financial instrument transactions.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Construction contracts
The main area of estimation uncertainty are the construction contracts. Firstly profit is only recognised when the outcome of the project can be reliably estimated. There is uncertainty here that the outcome is incorrectly considered to be profitable.
Secondly when the project outcome can be reliably estimated the stage of completion is based on the billing to date and costs are recognised in order to include profit at the forecast overall margin on the job. There is some uncertainty over estimating future costs and any additional work or extras which may occur.
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
26
15
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
708,527
576,007
Gross amounts owed by contract customers
784,575
158,567
Amounts owed by group undertakings
1,092,789
595,507
Other debtors
309,081
83,825
Prepayments and accrued income
4,215
3,982
2,899,187
1,417,888
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
24,087
74,064
Amounts owed by group undertakings
225,879
249,966
74,064
Total debtors
3,149,153
1,491,952
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,049,050
702,068
Amounts owed to group undertakings
979,754
412,650
Corporation tax
73,992
72,772
Other taxation and social security
56,594
42,421
Other creditors
14,343
12,299
Accruals and deferred income
630,937
107,564
2,804,670
1,349,774
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Trade creditors
8,260
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Angela Trainor
Statutory Auditor:
HJS Accountants Limited
Date of audit report:
25 June 2025
8
Financial commitments, guarantees and contingent liabilities
The company is party to a cross guarantee as security for the bank borrowings of the group.
The bank has a fixed and floating charge over the investments, property and assets of Cityside Electrical Co Ltd, Phoenix ME Limited and PhoenixTrescray Ltd.
9
Related party transactions
The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
10
Parent company
The company's immediate parent is Phoenix ME Limited which owns 100% of the share capital, its registered office is 1st Floor, 25 Camperdown Street, London, E1 8DZ.
The ultimate parent company is Cityside Electrical Co Ltd which owns 100% of the share capital in Phoenix ME Limited.
The largest and smallest group in which the company is consolidated is Cityside Electrical Co Ltd. Copies of the consolidated financial statements can be obtained from 25 Camperdown Street, London, E1 8DZ, the registered office of Cityside Electrical Co Ltd.
The ultimate controlling party is that of the director, Mr Lee Compton, due to his shareholding in Cityside Electrical Co Ltd.