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REGISTERED NUMBER: SC435864 (Scotland)





SHERWOOD PHOENIX LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024






SHERWOOD PHOENIX LIMITED (REGISTERED NUMBER: SC435864)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SHERWOOD PHOENIX LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: Mr S Pringle
Mr J Rodden



REGISTERED OFFICE: 6 Seymour Green
East Kilbride
South Lanarkshire
G75 8EP



REGISTERED NUMBER: SC435864 (Scotland)



ACCOUNTANTS: ApC
Chartered Accountants
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH



BANKERS: Natwest
9 Church Street
Mansfield
Nottinghamshire
NG18 1HP

SHERWOOD PHOENIX LIMITED (REGISTERED NUMBER: SC435864)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 13,980 21,900
Tangible assets 6 140,851 156,953
154,831 178,853

CURRENT ASSETS
Stocks 7 826,533 799,816
Debtors 8 171,091 203,157
Cash at bank and in hand 58,927 87,543
1,056,551 1,090,516
CREDITORS
Amounts falling due within one year 9 311,898 342,720
NET CURRENT ASSETS 744,653 747,796
TOTAL ASSETS LESS CURRENT
LIABILITIES

899,484

926,649

CREDITORS
Amounts falling due after more than one
year

10

(292,647

)

(319,860

)

PROVISIONS FOR LIABILITIES (15,289 ) (19,315 )
NET ASSETS 591,548 587,474

CAPITAL AND RESERVES
Called up share capital 11 4 4
Retained earnings 591,544 587,470
SHAREHOLDERS' FUNDS 591,548 587,474

SHERWOOD PHOENIX LIMITED (REGISTERED NUMBER: SC435864)

BALANCE SHEET - continued
31 OCTOBER 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2025 and were signed on its behalf by:




Mr S Pringle - Director



Mr J Rodden - Director


SHERWOOD PHOENIX LIMITED (REGISTERED NUMBER: SC435864)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


1. STATUTORY INFORMATION

Sherwood Phoenix Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The significant judgements and estimates are as follows:

The depreciation policies are set in line with the estimated useful life of the assets, given the use of those assets and changes in technology or legislation. The rates are annually reviewed in line to what the directors believe the assets are worth taken into account the income streams generated by those assets.

Turnover
Turnover represents the value excluding Value Added Tax of musical instruments sold to customers during the year. In respect of goods sold, all income is taken to profit and loss at the same point as the right to receive consideration has been acquired.

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.

Computer software is being amortised evenly over its estimated useful life of seven years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

SHERWOOD PHOENIX LIMITED (REGISTERED NUMBER: SC435864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

SHERWOOD PHOENIX LIMITED (REGISTERED NUMBER: SC435864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

5. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 November 2023
and 31 October 2024 52,800
AMORTISATION
At 1 November 2023 30,900
Amortisation for year 7,920
At 31 October 2024 38,820
NET BOOK VALUE
At 31 October 2024 13,980
At 31 October 2023 21,900

SHERWOOD PHOENIX LIMITED (REGISTERED NUMBER: SC435864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


6. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
COST
At 1 November 2023 79,695 700 43,715
Additions - - 654
At 31 October 2024 79,695 700 44,369
DEPRECIATION
At 1 November 2023 - - 21,166
Charge for year - - 3,481
At 31 October 2024 - - 24,647
NET BOOK VALUE
At 31 October 2024 79,695 700 19,722
At 31 October 2023 79,695 700 22,549

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 81,854 24,080 230,044
Additions - 1,474 2,128
At 31 October 2024 81,854 25,554 232,172
DEPRECIATION
At 1 November 2023 36,922 15,003 73,091
Charge for year 11,233 3,516 18,230
At 31 October 2024 48,155 18,519 91,321
NET BOOK VALUE
At 31 October 2024 33,699 7,035 140,851
At 31 October 2023 44,932 9,077 156,953

SHERWOOD PHOENIX LIMITED (REGISTERED NUMBER: SC435864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


7. STOCKS
2024 2023
£    £   
Stocks 826,533 799,816

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 188,671
Amounts owed by participating interests 145,095 -
Prepayments and accrued income 25,996 14,486
171,091 203,157

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 35,380 35,670
Hire purchase contracts 9,038 8,536
Trade creditors 57,950 184,336
Corporation tax 32,086 4,981
Pensions - 74
Social security and other taxes 2,616 2,508
VAT 10,410 26,437
Credit card 2,688 -
Wages control account 26 -
Directors' current accounts 156,835 75,694
Accruals and deferred income 4,869 4,484
311,898 342,720

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 35,503 35,670
Bank loans - 2-5 years 36,234 81,883
Bank loans more 5 yr by instal 189,368 162,107
Hire purchase contracts 31,542 40,200
292,647 319,860

SHERWOOD PHOENIX LIMITED (REGISTERED NUMBER: SC435864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 189,368 162,107

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
4 4

12. RELATED PARTY DISCLOSURES

At the balance sheet date 31 October 2024 there was an amount due from related parties under common control of £145,095 (2023:£NIL).