Phoenix Mechanical Engineers Ltd Filleted accounts for Companies House (small and micro)

PHOENIX MECHANICAL ENGINEERS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 06852192

Phoenix Mechanical Engineers Ltd

Filleted Unaudited Financial Statements

31 March 2019

Phoenix Mechanical Engineers Ltd

Statement of Financial Position

31 March 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	11,507	15,971

Current assets

Stocks		5,150	5,020
Debtors	6	18,972	14,015
Cash at bank and in hand		247	3,191
		--------	--------
		24,369	22,226

Creditors: amounts falling due within one year	7	38,867	41,555
		--------	--------
Net current liabilities		14,498	19,329
		--------	--------
Total assets less current liabilities		( 2,991)	( 3,358)

Creditors: amounts falling due after more than one year	8	315	–
		-------	-------
Net liabilities		( 3,306)	( 3,358)
		-------	-------

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 3,308)	( 3,360)
	-------	-------
Shareholders deficit	( 3,306)	( 3,358)
	-------	-------

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 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 statement of income and retained earnings has not been delivered.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

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

Phoenix Mechanical Engineers Ltd

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 17 December 2019 , and are signed on behalf of the board by:

M P Newman	M J Cassidy
Director	Director

Company registration number: 06852192

Phoenix Mechanical Engineers Ltd

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Midway House, Staverton Technology Park , Herrick Way, Staverton, Cheltenham, Glos, GL51 6TQ.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Office Equipment	-	25% reducing balance

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).

5. Tangible assets

	Leasehold Improvements	Plant & Machinery	Fixtures & Fittings	Motor Vehicles	Office Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2018	4,561	22,848	1,642	13,220	2,693	44,964
Disposals	–	–	–	( 5,370)	–	( 5,370)
	-------	--------	-------	--------	-------	--------
At 31 Mar 2019	4,561	22,848	1,642	7,850	2,693	39,594
	-------	--------	-------	--------	-------	--------
Depreciation
At 1 Apr 2018	–	17,412	546	8,715	2,320	28,993
Charge for the year	–	1,360	164	1,128	115	2,767
Disposals	–	–	–	( 3,673)	–	( 3,673)
	-------	--------	-------	--------	-------	--------
At 31 Mar 2019	–	18,772	710	6,170	2,435	28,087
	-------	--------	-------	--------	-------	--------
Carrying amount
At 31 Mar 2019	4,561	4,076	932	1,680	258	11,507
	-------	--------	-------	--------	-------	--------
At 31 Mar 2018	4,561	5,436	1,096	4,505	373	15,971
	-------	--------	-------	--------	-------	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	15,108	8,651
Other debtors	3,864	5,364
	--------	--------
	18,972	14,015
	--------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	9,144	10,989
Trade creditors	21,650	21,391
Social security and other taxes	3,669	3,424
Other creditors	4,404	5,751
	--------	--------
	38,867	41,555
	--------	--------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	315	–
	----	----

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
M P Newman	5,364	( 1,500)	3,864
	-------	-------	-------

	2018
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
M P Newman	5,364	–	5,364
	-------	----	-------