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COMPANY REGISTRATION NUMBER: 04350430
Phoenix Seating Limited
Filleted Financial Statements
31 December 2024
Phoenix Seating Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
2
Phoenix Seating Limited
Balance Sheet
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
22,314
28,642
Current assets
Stocks
405,267
353,597
Debtors
7
1,501,766
891,791
Cash at bank and in hand
664,483
908,104
------------
------------
2,571,516
2,153,492
Creditors: amounts falling due within one year
8
( 1,068,928)
( 1,024,986)
------------
------------
Net current assets
1,502,588
1,128,506
------------
------------
Total assets less current liabilities
1,524,902
1,157,148
------------
------------
Net assets
1,524,902
1,157,148
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,524,802
1,157,048
------------
------------
Shareholders funds
1,524,902
1,157,148
------------
------------
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 profit and loss account has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr I S Carbone
Director
Company registration number: 04350430
Phoenix Seating Limited
Notes to the Financial Statements
Year ended 31 December 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 Unit 47, Bay 3, Second Avenue, The Pensnett Estate, Kingswinford, DY6 7UZ.
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 and in sterling, which is the functional currency of the entity.
Going concern
The director of the company has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, the company continues to adopt the going concern in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Short leasehold property improvements
-
Over the period of the lease
Plant & Machinery
-
25% straight line
Fixtures & Fittings
-
25% straight line
Motor Vehicles
-
25% straight line
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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Research and development
Research expenditure is written off in the period in which it is incurred.
4. Other operating income
Other operating income is from Management charges.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 33 (2023: 39 ).
6. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
43,738
353,894
19,459
15,500
432,591
Additions
2,205
150
2,355
--------
---------
--------
--------
---------
At 31 December 2024
43,738
356,099
19,609
15,500
434,946
--------
---------
--------
--------
---------
Depreciation
At 1 January 2024
22,349
346,826
19,274
15,500
403,949
Charge for the year
4,588
3,969
126
8,683
--------
---------
--------
--------
---------
At 31 December 2024
26,937
350,795
19,400
15,500
412,632
--------
---------
--------
--------
---------
Carrying amount
At 31 December 2024
16,801
5,304
209
22,314
--------
---------
--------
--------
---------
At 31 December 2023
21,389
7,068
185
28,642
--------
---------
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
906,760
551,954
Amounts owed by group undertakings and undertakings in which the company has a participating interest
518,002
Other debtors
77,004
339,837
------------
---------
1,501,766
891,791
------------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
895,626
852,688
Social security and other taxes
46,408
53,088
Other creditors
126,894
119,210
------------
------------
1,068,928
1,024,986
------------
------------
9. Summary audit opinion
The auditor's report dated 25 March 2025 was unqualified .
The senior statutory auditor was Pierpaolo Spadoni , for and on behalf of ACT Audit Limited .
10. Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11. Immediate and ultimate parent
The immediate and ultimate parent company is Lazzerini Srl, a company incorporated in Italy. The smallest and largest group of undertakings for which group accounts have been drawn up is that headed by Lazzerini SRL and copies are available from Lazzerini S.r.l. registered office: Viale G.Pieralisi, 21 - 60030 Monsano (AN) Italy.