PHOENIX_COMMERCIAL_COLLEC - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

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

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.

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

Phoenix Commercial Collections Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3-4 Bower Terrace, Tonbridge Road, Maidstone, Kent, ME16 8RY. The principle place of business is Paragon Business Park, Chorley New Road, Bolton, Lancashire, BL6 6HG.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 April 2017 are the first financial statements of Phoenix Commercial Collections Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Unbilled revenue is included in debtors, under 'other debtors'.

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

The company has elected to apply the recognition and measurement provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities, including creditors, loans from fellow group companies are initially recognised at transaction price.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

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.

The average monthly number of persons (including directors) employed by the company during the year was 63 (2016 - 60).

Amounts owed from group undertakings are non interest bearing and have no fixed terms for repayment.

Included in 'other debtors' is £295,000 (2016: £295,000) in respect of amounts due on issued £1 ordinary shares with nil paid. It is unlikely that this amount will be paid within one year.

Amounts due to group undertakings are non interest bearing and have no fixed terms for repayment.

These amounts are due under hire purchase contracts and are secured on the associated fixed assets.

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

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The majority of the above operating lease commitments relate to the total amounts payable in relation to leasehold properties occupied by the company which cover a 7 year period and expire in December 2023.

During the year the company made advances totalling £Nil (2016 - £68,033 ), £Nil (2016 - £9,226 ) and £Nil (2016 - £7,140) to the directors H Jones, A Cummins and P Caddy respectively. These incurred interest at HM Revenue & Customs approved rates. Repayments totalling £Nil (2016 - £96,874), £98 (2016 - £36,202 ) and £55 (2016- £15,920), respectively, were made in respect of these advances and brought forward balances where appropriate.

Phoenix Commercial Holdings Limited is the immediate parent company.

Phoenix Commercial (Enforcement) Holdings Limited is the ultimate parent undertaking. The registered office address is 3-4 Bower Terrace, Tonbridge Road, Maidstone, Kent, ME16 8RY.