Phoenix Tavinor Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03532634 (England and Wales)

ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

FOR

PHOENIX TAVINOR ENGINEERING LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

V N Tavinor

T W Franks

REGISTERED OFFICE:

Brunswick House

Birmingham Road

Redditch

Worcestershire

B97 6DY

REGISTERED NUMBER:

03532634 (England and Wales)

ACCOUNTANTS:

Burman & Co

Chartered Accountants

Brunswick House

Birmingham Road

Redditch

Worcestershire

B97 6DY

FIXED ASSETS

Tangible assets

4

1,711,043

1,422,607

CURRENT ASSETS

Stocks

40,567

74,624

Debtors

1,208,323

1,130,020

Cash at bank

65,921

83,662

1,314,811

1,288,306

CREDITORS

Amounts falling due within one year

1,054,755

1,003,388

NET CURRENT ASSETS

260,056

284,918

TOTAL ASSETS LESS CURRENT LIABILITIES

1,971,099

1,707,525

CREDITORS

Amounts falling due after more than one year

(437,576

)

(266,421

)

PROVISIONS FOR LIABILITIES

(198,560

)

(184,514

)

NET ASSETS

1,334,963

1,256,590

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,334,863

1,256,490

SHAREHOLDERS' FUNDS

1,334,963

1,256,590

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 July 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 25 April 2019 and were signed on its behalf by:

V N Tavinor - Director

1.	STATUTORY INFORMATION

Phoenix Tavinor Engineering Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 10% on cost

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2017 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2017

3,874,824

Additions

555,729

At 31 July 2018

4,430,553

DEPRECIATION

At 1 August 2017

2,452,217

Charge for year

267,293

At 31 July 2018

2,719,510

NET BOOK VALUE

At 31 July 2018

1,711,043

At 31 July 2017

1,422,607

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 August 2017

1,150,094

Additions

434,100

Transfer to ownership

(487,694

)

At 31 July 2018

1,096,500

DEPRECIATION

At 1 August 2017

246,792

Charge for year

124,623

Transfer to ownership

(179,989

)

At 31 July 2018

191,426

NET BOOK VALUE

At 31 July 2018

905,074

At 31 July 2017

903,302

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.18

31.7.17

£

£

Hire purchase contracts

802,693

583,545

Directors' loan accounts

40,707

93,329

843,400

676,874

6.	ULTIMATE CONTROLLING PARTY

The controlling party is Phoenix Tavinor Engineering (Holdings) Limited.