PHOENIX_GREEN_RESOURCES_L - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Phoenix Green Resources Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Paper Mews, 330 High Street, Dorking, Surrey, RH4 2TU.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard 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. The principal accounting policies adopted are set out below.

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of a material uncertainty which may cause doubt on the company's ability to continue as a going concern.

As at 31 March 2020, the company has a loan outstanding of £2,839,023 to a related party. To continue its activities, the company will need to rely on the continued cooperation from this creditor, which the directors believe will be forthcoming. The directors have received assurances from the company's parent that Phoenix Green Resources Limited will continue to receive ongoing financial support and are therefore of the opinion that it is appropriate for the financial statements to be prepared on a going concern basis.

Turnover represents amounts receivable from the sale of machine parts.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The average monthly number of persons (including directors) employed by the company during the year was:

Amounts loaned to the company by a third party have previously been classified as long term loans. However, in the opinion of the directors these amounts fall due within one year. Consequently, the comparative amount has been restated accordingly.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Material uncertainty related to going concern

We draw attention to note 1.2 of the financial statements, which describes the basis upon which the financial statements are prepared and the material uncertainty relating to going concern.

Our opinion is not modified in this respect.

During the year, the company's parent company agreed to waive a group loan of £2,712,156.

The ultimate parent company of Phoenix Green Resources Limited is MWL International Limited, its registered office is Four Acres, Horsham Road, Alford, Cranleigh, GU6 8JE.

There is no individual ultimate controlling party.

The consolidated group accounts of MWL International Limited, which is the smallest and largest group into which Phoenix Green Resources Limited is consolidated, are available from Companies House, Crown Way, Cardiff, CF14 3UZ.