Phoenix Green Resources Limited - Limited company accounts 11.9
Phoenix Green Resources Limited - Limited company accounts 11.9
| REGISTERED NUMBER: |
| PHOENIX GREEN RESOURCES LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2015 |
| PHOENIX GREEN RESOURCES LIMITED (REGISTERED NUMBER: 07145119) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2015 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Profit and Loss Account | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 6 |
| PHOENIX GREEN RESOURCES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2015 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| PHOENIX GREEN RESOURCES LIMITED (REGISTERED NUMBER: 07145119) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MARCH 2015 |
| The directors present their report with the financial statements of the company for the year ended 31 March 2015. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of developing material processing |
| technology. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2014 to the date of this |
| report. |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act |
| 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| PHOENIX GREEN RESOURCES LIMITED (REGISTERED NUMBER: 07145119) |
| PROFIT AND LOSS ACCOUNT |
| FOR THE YEAR ENDED 31 MARCH 2015 |
| 2015 | 2014 |
| Notes | £ | £ |
| TURNOVER | - | - |
| Administrative expenses |
| OPERATING LOSS and |
| LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION |
2 |
( |
) | ( |
) |
| Tax on loss on ordinary activities | 3 | ( |
) | ( |
) |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| PHOENIX GREEN RESOURCES LIMITED (REGISTERED NUMBER: 07145119) |
| BALANCE SHEET |
| 31 MARCH 2015 |
| 2015 | 2014 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Profit and loss account | 11 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their 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. |
| PHOENIX GREEN RESOURCES LIMITED (REGISTERED NUMBER: 07145119) |
| BALANCE SHEET - continued |
| 31 MARCH 2015 |
| The financial statements were approved by the Board of Directors on its behalf by: |
| PHOENIX GREEN RESOURCES LIMITED (REGISTERED NUMBER: 07145119) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2015 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in accordance |
| with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
| Development costs |
| Development costs have been included in intangible assets in accordance with IAS 38, and will be |
| amortised over the useful life, once commercial production has commenced. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the balance sheet date. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis |
| over the period of the lease. |
| 2. | OPERATING LOSS |
| The operating loss is stated after charging: |
| 2015 | 2014 |
| £ | £ |
| Depreciation - owned assets |
| Directors' remuneration and other benefits etc |
| 3. | TAXATION |
| Analysis of the tax credit |
| The tax credit on the loss on ordinary activities for the year was as follows: |
| 2015 | 2014 |
| £ | £ |
| Current tax: |
| Corporation tax under (over) |
| provided | ( |
) | ( |
) |
| Tax on loss on ordinary activities | ( |
) | ( |
) |
| PHOENIX GREEN RESOURCES LIMITED (REGISTERED NUMBER: 07145119) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2015 |
| 4. | INTANGIBLE FIXED ASSETS |
| Development |
| costs |
| £ |
| COST |
| At 1 April 2014 |
| Additions |
| At 31 March 2015 |
| NET BOOK VALUE |
| At 31 March 2015 |
| At 31 March 2014 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Plant and | Motor |
| property | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2014 |
| Additions |
| At 31 March 2015 |
| DEPRECIATION |
| At 1 April 2014 |
| Charge for year |
| At 31 March 2015 |
| NET BOOK VALUE |
| At 31 March 2015 |
| At 31 March 2014 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2015 | 2014 |
| £ | £ |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2015 | 2014 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| PHOENIX GREEN RESOURCES LIMITED (REGISTERED NUMBER: 07145119) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2015 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2015 | 2014 |
| £ | £ |
| Other creditors |
| 9. | OPERATING LEASE COMMITMENTS |
| The following operating lease payments are committed to be paid within one year: |
| 2015 | 2014 |
| £ | £ |
| Expiring: |
| Between one and five years |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2015 | 2014 |
| value: | £ | £ |
| Ordinary | £1 |
| 11. | RESERVES |
| Profit |
| and loss |
| account |
| £ |
| At 1 April 2014 | ( |
) |
| Deficit for the year | ( |
) |
| At 31 March 2015 | ( |
) |
| 12. | ULTIMATE PARENT COMPANY |
| The ultimate parent company is |
| 13. | RELATED PARTY DISCLOSURES |
| MWL International Limited |
| Parent company of Phoenix Green Resources Limited |
| As at the balance sheet date, the company owed £1,579,156 to MWL International Limited, this |
| amount is included in amounts owed to group undertakings. |
| 14. | ULTIMATE CONTROLLING PARTY |
| There is no ultimate controlling party. |
| PHOENIX GREEN RESOURCES LIMITED (REGISTERED NUMBER: 07145119) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2015 |
| 15. | GOING CONCERN |
| The financial statements have been prepared on the basis that the company will be a going concern |
| for at least the next 12 months. This is reliant on the ongoing support of MWL International Limited, |
| and the directors of that company have confirmed that such support will be given. |