Phoenix Speciality Oils Limited - Accounts to registrar (filleted) - small 18.1
Phoenix Speciality Oils Limited - Accounts to registrar (filleted) - small 18.1
| REGISTERED NUMBER: |
| Financial Statements |
| for the Period |
| 1 September 2015 to 28 February 2017 |
| for |
| Phoenix Speciality Oils Limited |
| Phoenix Speciality Oils Limited (Registered number: 05426479) |
| Contents of the Financial Statements |
| for the Period 1 September 2015 to 28 February 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Phoenix Speciality Oils Limited |
| Company Information |
| for the Period 1 September 2015 to 28 February 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants & Business Advisers |
| 15 Newland |
| Lincoln |
| Lincolnshire |
| LN1 1XG |
| Phoenix Speciality Oils Limited (Registered number: 05426479) |
| Balance Sheet |
| 28 February 2017 |
| 2017 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 8 | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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 |
| Phoenix Speciality Oils Limited (Registered number: 05426479) |
| Notes to the Financial Statements |
| for the Period 1 September 2015 to 28 February 2017 |
| 1. | POST BALANCE SHEET EVENT - GROUP REFINANCE |
| Since the year end, the group has been refinanced and some £3.2m of new money has been invested into the |
| group. This comprises £2.45m in preference shares issued by the ultimate holding company, Grovetree Limited, |
| and £0.75m (net) of unsecured loans advanced by family members to the company. |
| As part of this refinance, on 3 March 2018, the company issued 350,000 preference shares of £1 each at par for |
| cash, which was paid on 28 March 2018. These preference shares carry no fixed rate of return. The company |
| has used £230,000 of the proceeds from the issue of these shares to part-repay an unsecured loan of £980,000 |
| previously advanced to the company by family members and the balance has been retained in the business. |
| 2. | STATUTORY INFORMATION |
| Phoenix Speciality Oils 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. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts have been prepared on a going concern basis. The directors are satisfied that this is an |
| appropriate basis to use in the preparation of these accounts. |
| 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 |
| Plant and machinery | - |
| Computer equipment | - |
| The cost of the production plant has been depreciated from the date of commencement of operations. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| Taxation |
| Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or |
| recovered) using the tax rates and laws that have been enacted or substantially enacted by the balance sheet |
| date. |
| 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 that result in an obligation to pay more or less tax in the future |
| have occurred at the balance sheet date. Timing differences are differences between the company's taxable |
| profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax |
| assessments in periods different from those in which they are recognised in the financial statements. |
| A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all |
| available evidence, it can be regarded as 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 at the average tax rates that are expected to apply in the periods in which the timing |
| differences are expected to reverse, based on tax rates and laws that have been enacted or substantially |
| enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
| Phoenix Speciality Oils Limited (Registered number: 05426479) |
| Notes to the Financial Statements - continued |
| for the Period 1 September 2015 to 28 February 2017 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and | Computer |
| machinery | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2015 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 28 February 2017 |
| DEPRECIATION |
| At 1 September 2015 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) |
| At 28 February 2017 |
| NET BOOK VALUE |
| At 28 February 2017 |
| At 31 August 2015 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2015 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2015 |
| £ | £ |
| Hire purchase contracts |
| Payments on account |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2015 |
| £ | £ |
| Hire purchase contracts |
| Amounts owed to group undertakings |
| Other creditors |
| 8. | PROVISIONS FOR LIABILITIES |
| 2017 |
| £ |
| Deferred tax | 22,266 |
| Phoenix Speciality Oils Limited (Registered number: 05426479) |
| Notes to the Financial Statements - continued |
| for the Period 1 September 2015 to 28 February 2017 |
| 8. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2015 | ( |
) |
| Tax losses | (28,038 | ) |
| Capital allowances | 37,482 |
| Prior year underprovision | 54,149 |
| Balance at 28 February 2017 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2017 | 2015 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | CAPITAL COMMITMENTS |
| 2017 | 2015 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 12. | ULTIMATE CONTROLLING PARTY |
| The directors consider that the ultimate parent undertaking of this company is its parent company Grovetree |
| Limited. |
| 13. | FIRST YEAR ADOPTION |
| There were no adjustments in respect of the transition to FRS102. |