Phoenix Generation Limited Filleted accounts for Companies House (small and micro)

PHOENIX GENERATION LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-10-01 Sage Accounts Production Advanced 2018 - FRS 11,584 11,584 2,317 2,317 9,267 xbrli:pure xbrli:shares iso4217:GBP 09222989 2016-10-01 2017-09-30 09222989 2017-09-30 09222989 2015-10-01 2016-09-30 09222989 2016-09-30 09222989 core:FurnitureFittings 2016-10-01 2017-09-30 09222989 bus:RegisteredOffice 2016-10-01 2017-09-30 09222989 bus:LeadAgentIfApplicable 2016-10-01 2017-09-30 09222989 bus:Director1 2016-10-01 2017-09-30 09222989 bus:Director2 2016-10-01 2017-09-30 09222989 core:FurnitureFittings 2017-09-30 09222989 core:WithinOneYear 2017-09-30 09222989 core:WithinOneYear 2016-09-30 09222989 core:ShareCapital 2017-09-30 09222989 core:ShareCapital 2016-09-30 09222989 core:RetainedEarningsAccumulatedLosses 2017-09-30 09222989 core:RetainedEarningsAccumulatedLosses 2016-09-30 09222989 bus:SmallEntities 2016-10-01 2017-09-30 09222989 bus:AuditExemptWithAccountantsReport 2016-10-01 2017-09-30 09222989 bus:FullAccounts 2016-10-01 2017-09-30 09222989 bus:SmallCompaniesRegimeForAccounts 2016-10-01 2017-09-30 09222989 bus:PrivateLimitedCompanyLtd 2016-10-01 2017-09-30 09222989 1 2016-10-01 2017-09-30

COMPANY REGISTRATION NUMBER: 09222989

PHOENIX GENERATION LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 September 2017

PHOENIX GENERATION LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2017

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

PHOENIX GENERATION LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mrs H E Ogunbiyi
	Mr C A L Ogunbiyi

Registered office	Lynton House
	7-12 Tavistock Square
	London
	WC1H 9BQ

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

PHOENIX GENERATION LIMITED

STATEMENT OF FINANCIAL POSITION

30 September 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5		9,267		–

Current assets

Debtors	6	112,011	32,983
Cash at bank and in hand		33,531	642
		---------	--------
		145,542	33,625

Creditors: amounts falling due within one year	7	166,487		108,491
		---------		---------
Net current liabilities			20,945		74,866
			--------		--------
Total assets less current liabilities			( 11,678)		( 74,866)
			--------		--------
Net liabilities			( 11,678)		( 74,866)
			--------		--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 11,778)	( 74,966)
	--------	--------
Shareholders deficit	( 11,678)	( 74,866)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 30 September 2017 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 financial statements for the year in question in accordance with section 476 ;

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

PHOENIX GENERATION LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 September 2017

These financial statements were approved by the board of directors and authorised for issue on 29 June 2018 , and are signed on behalf of the board by:

Mr C A L Ogunbiyi

Director

Company registration number: 09222989

PHOENIX GENERATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 October 2016	–	–
Additions	11,584	11,584
	--------	--------
At 30 September 2017	11,584	11,584
	--------	--------
Depreciation
At 1 October 2016	–	–
Charge for the year	2,317	2,317
	--------	--------
At 30 September 2017	2,317	2,317
	--------	--------
Carrying amount
At 30 September 2017	9,267	9,267
	--------	--------
At 30 September 2016	–	–
	--------	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	111,921	23,054
Other debtors	90	9,929
	---------	--------
	112,011	32,983
	---------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	–	90
Trade creditors	182	184
Corporation tax	1,691	–
Social security and other taxes	–	9,903
Other creditors	164,614	98,314
	---------	---------
	166,487	108,491
	---------	---------

8. Directors' advances, credits and guarantees

At the balance sheet date the directors were owed £100,700 (2016: £93,314). The loan is interest free and repayable on demand.

9. Controlling party

The company was under the control of the directors throughout the current and previous year.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

No transitional adjustments were required in equity or profit or loss for the year.