Phoenix Mining Consultants Limited Small abbreviated accounts

PHOENIX MINING CONSULTANTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 08374576

PHOENIX MINING

CONSULTANTS LIMITED

Unaudited

Abbreviated Accounts

31 March 2016

PHOENIX MINING CONSULTANTS LIMITED

Abbreviated Balance Sheet

31 March 2016

	2016	2015
Note	£	£	£
FIXED ASSETS	2
Tangible assets		820	2,729
		----	-------

CURRENT ASSETS

Debtors	28,346		332,843
Cash at bank and in hand	38,781		112,628
	--------		---------
	67,127		445,471
CREDITORS: Amounts falling due within one year	1,320		158,370
	--------		---------
NET CURRENT ASSETS		65,807	287,101
		--------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		66,627	289,830

PROVISIONS FOR LIABILITIES	164	392
	--------	---------
	66,463	289,438
	--------	---------

CAPITAL AND RESERVES

Called up equity share capital	3		89	89
Profit and loss account		66,374	289,349
		--------	---------
SHAREHOLDERS' FUNDS		66,463	289,438
		--------	---------

For the 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.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 24 July 2016 , and are signed on their behalf by:

Mr J S Warwick

Company Registration Number: 08374576

PHOENIX MINING CONSULTANTS LIMITED

Notes to the Abbreviated Accounts

Year Ended 31 March 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

The turnover shown in the profit and loss account represents the invoice value of services provided during the period, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Fixed assets

All fixed assets are initially recorded at cost .

Depreciation

Depreciation 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:

Equipment-straight line over three years

Website-straight line over three years

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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 the transaction. Exchange differences are taken into account in arriving at the operating profit.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2. FIXED ASSETS

	Tangible Assets
	£

COST

At 1 April 2015	7,555
Additions	848
	-------
At 31 March 2016	8,403
	-------

DEPRECIATION

At 1 April 2015	4,826
Charge for year	2,757
	-------
At 31 March 2016	7,583
	-------

NET BOOK VALUE

At 31 March 2016	820
	----

At 31 March 2015	2,729
	-------

3. SHARE CAPITAL

Allotted, called up and fully paid:

2016	2015
No	£	No	£
Ordinary A Share shares of £ 1 each	37	37	37	37
Ordinary B Share shares of £ 1 each	17	17	17	17
Ordinary C Share shares of £ 1 each	17	17	17	17
Ordinary D Share shares of £ 1 each	18	18	18	18
	----	----	----	----
	89	89	89	89
	----	----	----	----