PHOENIX ASSET FINANCE LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2016
COMPANY REGISTRATION NO. 05729080 (England and Wales)
PHOENIX ASSET FINANCE LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
PHOENIX ASSET FINANCE LTD
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
-
1,530
Tangible assets
2
-
221
-
1,751
Current assets
Debtors
1,307
2,026
Cash at bank and in hand
113,253
89,546
114,560
91,572
Creditors: amounts falling due within one year
(21,704)
(24,175)
Net current assets
92,856
67,397
Total assets less current liabilities
92,856
69,148
Provisions for liabilities
(38,319)
(40,469)
54,537
28,679
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
54,437
28,579
Shareholders' funds
54,537
28,679
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 23 May 2016
Mr M Blacker
Director
Company Registration No. 05729080
PHOENIX ASSET FINANCE LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
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 January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services and trade discounts.
1.4
Goodwill
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill - over 10 years
1.5
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:
Equipment
25% and 33.3% Straight line
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015 & at 31 March 2016
15,300
3,964
19,264
Depreciation
At 1 April 2015
13,770
3,743
17,513
Charge for the year
1,530
221
1,751
At 31 March 2016
15,300
3,964
19,264
Net book value
At 31 March 2016
-
-
-
At 31 March 2015
1,530
221
1,751
PHOENIX ASSET FINANCE LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
2016-03-312015-04-01falsetruetruetruetruetruetmp6E24.html2016-05-27057290802015-04-012016-03-31057290802016-03-31057290802015-03-31057290802015-03-3105729080uk-bus:Director12015-04-012016-03-3105729080uk-gaap:ComputerEquipment2015-04-012016-03-3105729080uk-bus:OrdinaryShareClass12015-04-012016-03-3105729080uk-bus:OrdinaryShareClass12016-03-3105729080uk-bus:OrdinaryShareClass12015-03-31xbrli:purexbrli:sharesiso4217:GBP
