Phoenix Naylors Abrasives Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00929557 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

PHOENIX NAYLORS ABRASIVES LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

I C Davidson

REGISTERED OFFICE:

Bridge Way

Broombank Road

Chesterfield Trading Estate

Chesterfield

Derbyshire

S41 9QJ

REGISTERED NUMBER:

00929557 (England and Wales)

AUDITORS:

Moss & Williamson Limited

Chartered Accountants

Statutory Auditor

Booth Street Chambers

Ashton-under-Lyne

Lancashire

OL6 7LQ

BANKERS:

National Westminster Bank plc

5th Floor

1 Spinningfields Square

Deansgate

Manchester

M3 3AP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

309,255

340,083

309,255

340,083

CURRENT ASSETS

Stocks

482,327

437,493

Debtors

542,686

305,864

Cash at bank and in hand

120,930

221,514

1,145,943

964,871

CREDITORS

Amounts falling due within one year

559,956

504,090

NET CURRENT ASSETS

585,987

460,781

TOTAL ASSETS LESS CURRENT LIABILITIES

895,242

800,864

CREDITORS

Amounts falling due after more than one year

(74,059

)

-

PROVISIONS FOR LIABILITIES

(76,583

)

(63,957

)

NET ASSETS

744,600

736,907

CAPITAL AND RESERVES

Called up share capital

359,000

359,000

Share premium

1,000

1,000

Retained earnings

384,600

376,907

SHAREHOLDERS' FUNDS

744,600

736,907

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 21 December 2023 and were signed by:

I C Davidson - Director

1.	STATUTORY INFORMATION

Phoenix Naylors Abrasives Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Purchased goodwill is capitalised and is amortised on a straight line basis over the estimated useful economic life of between five and ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks 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.

Financial instruments

Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities:

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities:

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Invoice discounting

Gross debts are included within trade debtors and the proceeds from invoice discounting shown separately within creditors due within one year'

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

and 31 March 2023

38,594

AMORTISATION

At 1 April 2022

and 31 March 2023

38,594

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

969,458

Additions

5,950

At 31 March 2023

975,408

DEPRECIATION

At 1 April 2022

629,375

Charge for year

36,778

At 31 March 2023

666,153

NET BOOK VALUE

At 31 March 2023

309,255

At 31 March 2022

340,083

6.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Invoice discounting

147,217

-

Other loan

96,277

-

243,494

-

The other loan is secured by way of legal charge over the company's assets. Invoice discounting advances are secured on the trade debtors

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Malcolm Foote FCA (Senior Statutory Auditor)

for and on behalf of Moss & Williamson Limited

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Trade Acquisition Partners One Ltd.

9.	FINANCIAL GUARANTEES

The company has provided guarantees in favour of its parent company Swift & Whitemore Ltd and its fellow subsidiary Northern Abrasives Ltd relating to group borrowings "Other loans" and "Invoice discounting advances