PHOENIX_COMMERCIAL_COLLEC - Accounts

PHOENIX COMMERCIAL COLLECTIONS LTD - Company Information

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Company Registration No. 03753408 (England and Wales)

PHOENIX COMMERCIAL COLLECTIONS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2015

PHOENIX COMMERCIAL COLLECTIONS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

PHOENIX COMMERCIAL COLLECTIONS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2015

- 1 -

2015

2014

Notes

Fixed assets

Intangible assets

750

Tangible assets

191,595

132,524

191,595

133,274

Current assets

Debtors

1,262,851

979,877

Cash at bank and in hand

303,644

1,566,495

979,886

Creditors: amounts falling due within one year

(791,550)

(687,227)

Net current assets

774,945

292,659

Total assets less current liabilities

966,540

425,933

Creditors: amounts falling due after more than one year

(16,889)

(9,121)

Provisions for liabilities

(13,252)

(7,826)

936,399

408,986

Capital and reserves

Called up share capital

300,000

Profit and loss account

636,399

108,986

Shareholders' funds

936,399

408,986

PHOENIX COMMERCIAL COLLECTIONS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 APRIL 2015

- 2 -

For the financial year ended 30 April 2015 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.

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

Approved by the Board for issue on 22 October 2015

Mr H Jones

Director

Company Registration No. 03753408

PHOENIX COMMERCIAL COLLECTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents revenue earned for services provided to clients. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under those contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including recoverable expenses, but excluding Value Added Tax. For incomplete contracts, as assessment is made of the extent to which revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion and relevant contract terms. Unbilled revenue is included in debtors, under 'amounts recoverable on contracts'

1.3

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

- over term of the lease

Fixtures, fittings & equipment

- 15% and 25% on a reducing balance basis

Motor vehicles

- 25% on a reducing balance basis

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.8

Client funds

Client monies recovered are banked in separate client bank accounts. Both the balances on these bank accounts and the matching liabilities to clients are excluded from these accounts.

PHOENIX COMMERCIAL COLLECTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2015

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 May 2014

6,750

362,117

368,867

Additions

107,616

Disposals

(71,442)

At 30 April 2015

6,750

398,291

405,041

Depreciation

At 1 May 2014

6,000

229,593

235,593

On disposals

(67,116)

Charge for the year

750

44,219

44,969

At 30 April 2015

6,750

206,696

213,446

Net book value

At 30 April 2015

191,595

At 30 April 2014

750

132,524

133,274

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £21,244 (2014 - £100,635).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £16,889 (2014 - £9,121).

Share capital

2015

2014

Allotted, called up and fully paid

300,000 Ordinary Shares of £1 each

300,000

£295,000 of the issued shares were unpaid at the year end.

PHOENIX COMMERCIAL COLLECTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2015

- 5 -

Transactions with directors

During the year the company made advances totalling £32,782, £23,054, £27,074 and £8,835 to the directors H Jones, F Ternent, A Cummins and P Caddy respectively. These incurred interest at HM Revenue & Customs approved rates. Repayments totalling £23,443, £13,233, £25,112 and £Nil, respectively, were made in respect of these advances and brought forward balances where appropriate.

Ultimate parent company

Phoenix Commercial Holdings Limited, a company incorporated in England is the immediate parent company. Phoenix Commercial (Enforcement) Holdings Limited, a company incorporated in England is the ultimate parent company.