Phoenix Glass Services Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03643087 (England and Wales)

PHOENIX GLASS SERVICES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

P D Jones

D R Blunt

SECRETARY:

D R Blunt

REGISTERED OFFICE:

22-24 Harborough Road

Kingsthorpe

Northampton

NN2 7AZ

REGISTERED NUMBER:

03643087 (England and Wales)

ACCOUNTANTS:

Phipps Henson McAllister

Chartered Accountants

22-24 Harborough Road

Kingsthorpe

Northampton

NN2 7AZ

FIXED ASSETS

Tangible assets

4

22,379

28,674

CURRENT ASSETS

Stocks

11,812

11,361

Debtors

5

46,658

37,014

Cash in hand

90

90

58,560

48,465

CREDITORS

Amounts falling due within one year

6

56,261

67,526

NET CURRENT ASSETS/(LIABILITIES)

2,299

(19,061

)

TOTAL ASSETS LESS CURRENT LIABILITIES

24,678

9,613

CREDITORS

Amounts falling due after more than one year

7

(21,250

)

(4,143

)

PROVISIONS FOR LIABILITIES

(3,255

)

(4,947

)

NET ASSETS

173

523

CAPITAL AND RESERVES

Called up share capital

8

6

6

Retained earnings

167

517

SHAREHOLDERS' FUNDS

173

523

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14 February 2018 and were signed on its behalf by:

D R Blunt - Director

1.	STATUTORY INFORMATION

Phoenix Glass Services Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Office equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under

finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	TANGIBLE FIXED ASSETS

Plant and

Office

Motor

machinery

equipment

vehicles

Totals

£

£

£

£

COST

At 1 November 2016

and 31 October 2017

93,903

14,156

31,320

139,379

DEPRECIATION

At 1 November 2016

80,833

9,753

20,119

110,705

Charge for year

2,614

881

2,800

6,295

At 31 October 2017

83,447

10,634

22,919

117,000

NET BOOK VALUE

At 31 October 2017

10,456

3,522

8,401

22,379

At 31 October 2016

13,070

4,403

11,201

28,674

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 November 2016

and 31 October 2017

14,635

DEPRECIATION

At 1 November 2016

6,403

Charge for year

2,058

At 31 October 2017

8,461

NET BOOK VALUE

At 31 October 2017

6,174

At 31 October 2016

8,232

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

33,025

33,726

Other debtors

13,633

3,288

46,658

37,014

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

3,009

7,644

Other loans

7,500

-

Hire purchase contracts

4,143

4,972

Trade creditors

19,656

29,691

Corporation tax

2,540

7,092

Social security and other taxes

14,568

10,964

Directors' current accounts

-

3,182

Accruals and deferred income

4,845

3,981

56,261

67,526

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other loans - 2-5 years

21,250

-

Hire purchase contracts

-

4,143

21,250

4,143

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

6

Ordinary

£1

6

6

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2017 and

31 October 2016:

2017

2016

£

£

P D Jones

Balance outstanding at start of year

-

-

Amounts advanced

12,000

-

Amounts repaid

(5,466

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,534

-

D R Blunt

Balance outstanding at start of year

-

-

Amounts advanced

12,000

-

Amounts repaid

(8,552

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,448

-

The directors introduced funds of £10,000 on 13 February 2018.

10.	TRANSITION TO FRS 102 1A

This is the first year that the company has presented its results under FRS 102 1A. The last financial statements

under UK GAAP were for the year ended 31 October 2016. The date of transition to FRS 102 1A was

1 November 2015. No accounting policies have changed and no adjustments made due to the change.