Phoenix Flooring Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08838420

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

PHOENIX FLOORING SOLUTIONS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

R Walker

REGISTERED OFFICE:

Venture Point, Wheelhouse Road

Towers Business Park

Rugeley

Staffordshire

WS15 1UZ

REGISTERED NUMBER:

08838420

ACCOUNTANTS:

Shelvoke Pickering Janney LLP

Chartered Certified Accountants

57-61 Market Place

Cannock

Staffordshire

WS11 1BP

FIXED ASSETS

Property, plant and equipment

4

14,443

11,598

CURRENT ASSETS

Inventories

68,035

62,664

Debtors

5

3,635

11,783

Cash at bank

13,350

18,407

85,020

92,854

CREDITORS

Amounts falling due within one year

6

72,796

64,755

NET CURRENT ASSETS

12,224

28,099

TOTAL ASSETS LESS CURRENT LIABILITIES

26,667

39,697

CREDITORS

Amounts falling due after more than one year

7

(2,470

)

-

PROVISIONS FOR LIABILITIES

(2,744

)

(2,203

)

NET ASSETS

21,453

37,494

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

21,443

37,484

SHAREHOLDERS' FUNDS

21,453

37,494

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2020 and were signed by:

R Walker - Director

1.	STATUTORY INFORMATION

Phoenix Flooring Solutions Limited is a private company, limited by shares , registered in Not specified/Other. 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

Revenue 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 15% on reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 3 (2019 - 3 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 April 2019

24,949

Additions

12,200

Disposals

(11,951

)

At 31 March 2020

25,198

DEPRECIATION

At 1 April 2019

13,351

Charge for year

4,313

Eliminated on disposal

(6,909

)

At 31 March 2020

10,755

NET BOOK VALUE

At 31 March 2020

14,443

At 31 March 2019

11,598

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

Plant and

machinery

etc

£

COST

Additions

12,200

At 31 March 2020

12,200

DEPRECIATION

Charge for year

3,050

At 31 March 2020

3,050

NET BOOK VALUE

At 31 March 2020

9,150

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

3,635

11,783

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

4,920

-

Trade creditors

21,169

39,124

Taxation and social security

11,654

20,043

Other creditors

35,053

5,588

72,796

64,755

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

2,470

-

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £15,000 (2019 - £39,425) were paid to the director .

The company was under the control of Mr R Walker who owned 100% (2019 - 100%) of the issued share capital.

At the Balance Sheet date the company owed the director £22,839 (2019 - £224)