Phoenix Industrial Supplies Limited Filleted accounts for Companies House (small and micro)

PHOENIX INDUSTRIAL SUPPLIES LIMITED - Company Information

9 false false false false false false false false false false false false false false false false No description of principal activity 2020-03-01 Sage Accounts Production Advanced 2020 - FRS102_2019 1 1 1 xbrli:pure xbrli:shares iso4217:GBP 11748149 2020-03-01 2021-02-28 11748149 2021-02-28 11748149 2020-02-29 11748149 2019-01-03 2020-02-29 11748149 2020-02-29 11748149 core:FurnitureFittings 2020-03-01 2021-02-28 11748149 core:MotorVehicles 2020-03-01 2021-02-28 11748149 core:NetGoodwill 2020-03-01 2021-02-28 11748149 bus:Director3 2020-03-01 2021-02-28 11748149 core:FurnitureFittings 2020-02-29 11748149 core:MotorVehicles 2020-02-29 11748149 core:FurnitureFittings 2021-02-28 11748149 core:MotorVehicles 2021-02-28 11748149 core:WithinOneYear 2021-02-28 11748149 core:WithinOneYear 2020-02-29 11748149 core:ShareCapital 2021-02-28 11748149 core:ShareCapital 2020-02-29 11748149 core:RetainedEarningsAccumulatedLosses 2021-02-28 11748149 core:RetainedEarningsAccumulatedLosses 2020-02-29 11748149 core:BetweenOneFiveYears 2021-02-28 11748149 core:BetweenOneFiveYears 2020-02-29 11748149 core:NetGoodwill 2021-02-28 11748149 core:NetGoodwill 2020-02-29 11748149 core:FurnitureFittings 2020-02-29 11748149 core:MotorVehicles 2020-02-29 11748149 bus:SmallEntities 2020-03-01 2021-02-28 11748149 bus:AuditExemptWithAccountantsReport 2020-03-01 2021-02-28 11748149 bus:FullAccounts 2020-03-01 2021-02-28 11748149 bus:SmallCompaniesRegimeForAccounts 2020-03-01 2021-02-28 11748149 bus:PrivateLimitedCompanyLtd 2020-03-01 2021-02-28

COMPANY REGISTRATION NUMBER: 11748149

PHOENIX INDUSTRIAL SUPPLIES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

28 February 2021

PHOENIX INDUSTRIAL SUPPLIES LIMITED

FINANCIAL STATEMENTS

Year ended 28 February 2021

CONTENTS	PAGE

Balance sheet	1

Notes to the financial statements	3

PHOENIX INDUSTRIAL SUPPLIES LIMITED

BALANCE SHEET

28 February 2021

	2021	2020
Note	£	£

FIXED ASSETS

Intangible assets	5	1	1
Tangible assets	6	6,173	9,553
		-------	-------
		6,174	9,554

CURRENT ASSETS

Debtors	7	594,474	486,240
Cash at bank and in hand		108,683	111,029
		---------	---------
		703,157	597,269

CREDITORS: amounts falling due within one year	8	( 384,452)	( 477,838)
		---------	---------
NET CURRENT ASSETS		318,705	119,431
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		324,879	128,985

PROVISIONS	( 1,116)	( 1,567)
	---------	---------
NET ASSETS	323,763	127,418
	---------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	323,663	127,318
	---------	---------
SHAREHOLDERS FUNDS	323,763	127,418
	---------	---------

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 Section 1A of 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 profit and loss account has not been delivered.

For the year ending 28 February 2021 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 INDUSTRIAL SUPPLIES LIMITED

BALANCE SHEET (continued)

28 February 2021

These financial statements were approved by the board of directors and authorised for issue on 27 September 2021 , and are signed on behalf of the board by:

Mrs J A Crandon

Director

Company registration number: 11748149

PHOENIX INDUSTRIAL SUPPLIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

Year ended 28 February 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is c/o MII Engineering Limited, Unit 20 Pantglas Industrial Estate, Bedwas, Caerphilly, CF83 8DR. The company's principal place of business is Unit 90 Portmanmoor Road Industrial Estate, Cardiff, CF24 5HB.

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.

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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:

Fixtures and fittings	-	33% reducing balance
Motor vehicles	-	25% reducing balance

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 9 (2020: 10 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 March 2020 and 28 February 2021	1
	----
Amortisation
At 1 March 2020 and 28 February 2021	–
	----
Carrying amount
At 28 February 2021	1
	----
At 29 February 2020	1
	----

6. TANGIBLE ASSETS

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 March 2020	7,130	11,900	19,030
Disposals	–	( 2,500)	( 2,500)
	-------	--------	--------
At 28 February 2021	7,130	9,400	16,530
	-------	--------	--------
Depreciation
At 1 March 2020	1,885	7,592	9,477
Charge for the year	2,418	962	3,380
Disposals	–	( 2,500)	( 2,500)
	-------	--------	--------
At 28 February 2021	4,303	6,054	10,357
	-------	--------	--------
Carrying amount
At 28 February 2021	2,827	3,346	6,173
	-------	--------	--------
At 29 February 2020	5,245	4,308	9,553
	-------	--------	--------

7. DEBTORS

	2021	2020
	£	£
Trade debtors	584,988	479,898
Other debtors	9,486	6,342
	---------	---------
	594,474	486,240
	---------	---------

8. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	269,447	213,694
Corporation tax	46,747	30,316
Social security and other taxes	48,300	44,094
Other creditors	19,958	189,734
	---------	---------
	384,452	477,838
	---------	---------

9. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	17,083	17,083
Later than 1 year and not later than 5 years	30,940	45,220
	--------	--------
	48,023	62,303
	--------	--------