Phoenix Purchasing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10420014 (England and Wales)

PHOENIX PURCHASING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G E Bacon

REGISTERED OFFICE:

12 Church Walk

Thames Ditton

Surrey

KT7 0NW

REGISTERED NUMBER:

10420014 (England and Wales)

FIXED ASSETS

Tangible assets

4

419

914

Investments

5

5,190

-

5,609

914

CURRENT ASSETS

Debtors

6

132,124

278,241

Cash at bank

2,469

7,137

134,593

285,378

CREDITORS

Amounts falling due within one year

7

(114,212

)

(248,507

)

NET CURRENT ASSETS

20,381

36,871

TOTAL ASSETS LESS CURRENT LIABILITIES

25,990

37,785

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

25,890

37,685

25,990

37,785

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 June 2020 and were signed by:

G E Bacon - Director

1.	STATUTORY INFORMATION

Phoenix Purchasing 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 FRS 102 "The Financial Reporting Standards

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, modified to include certain

financial instruments at fair value. The principal accounting policies adopted are set out below.

The directors have considered the impact and risk on the company of COVID-19 and the company's prospects,

recognising the high degree of uncertainty. The directors have concluded that with the right management actions

the company is a going concern for at least 12 months following the signature of the financial statements.

Accordingly the directors have prepared the financial statements on this basis.

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 the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

33.33% Straight Line

Computer equipment

-

33.33% Straight Line

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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

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

Financial assets

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other

Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party

to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at

the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and

subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the

debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue

costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the

discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 November 2018

and 31 October 2019

71

1,551

1,622

DEPRECIATION

At 1 November 2018

24

684

708

Charge for year

24

471

495

At 31 October 2019

48

1,155

1,203

NET BOOK VALUE

At 31 October 2019

23

396

419

At 31 October 2018

47

867

914

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

5,190

At 31 October 2019

5,190

NET BOOK VALUE

At 31 October 2019

5,190

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

13,237

Other debtors

132,124

265,004

132,124

278,241

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

-

125

Taxation and social security

21,568

15,545

Other creditors

92,644

232,837

114,212

248,507

8.	POST BALANCE SHEET EVENTS

COVID-19 and its effects on the business represent a non-adjusting post balance sheet event.