Phoenix Product Development Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03681995 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

PHOENIX PRODUCT DEVELOPMENT LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G Moore

Mr R S Smith

Mr D P Phillips

Mr A S Birrell

Mr D G Jones

SECRETARY:

Mr A R Jones

REGISTERED OFFICE:

Unit 1 West Point

11 Durham Road

Basildon

Essex

SS15 6PH

REGISTERED NUMBER:

03681995 (England and Wales)

ACCOUNTANTS:

Raffingers LLP

Chartered Certified Accountants

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

FIXED ASSETS

Intangible assets

4

188,354

213,747

Tangible assets

5

59,385

75,729

247,739

289,476

CURRENT ASSETS

Stocks

206,713

144,471

Debtors

164,282

157,918

Cash at bank and in hand

2,531,458

154,201

2,902,453

456,590

CREDITORS

Amounts falling due within one year

572,302

1,245,595

NET CURRENT ASSETS/(LIABILITIES)

2,330,151

(789,005

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,577,890

(499,529

)

CAPITAL AND RESERVES

Called up share capital

69,835

23,280

Share premium

10,123,241

5,362,634

Retained earnings

(7,615,186

)

(5,885,443

)

SHAREHOLDERS' FUNDS

2,577,890

(499,529

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 28 September 2018 and were signed on its behalf by:

Mr D G Jones - Director

1.	STATUTORY INFORMATION

Phoenix Product Development 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.

The accounts have been prepared on the going concern basis as the directors are of the opinion that the

company will meet its liabilities as and when due.

The company secured investment of £5m in May 2017 for the company to pay secured creditors and

continue its operations. The revenue of the company is increasing and the directors believe that the

company has sufficient resources to be able to continue trading for at least 12 months from the date 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.

Sale of goods:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the

goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured

reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services:

Revenue from the installation of Propelair system is recognised by reference to labour hours incurred.

Interest income:

Revenue is recognised as interest accrues using the effective interest method.

Intangible fixed assets and amortisation

Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in

equal annual instalments over their estimated useful lives.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures, fittings and computer equipment

-

33% on cost

Stocks

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

slow moving items.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Grant incomes

All grant incomes are recognised once the company has entitlement to the resources, it is certain that the

resources will be received and the monetary value of the incoming grants can be measured with sufficient

reliability.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of

the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the

assets expire or substantially the risks and rewards of ownership are transferred to another party, or in

the case of liabilities, when the company's obligations are discharged, expire or cancelled.

The company holds the following financial instruments, all of which meet the conditions to be classified as

basic instruments:

- Cash, short term trade debtors and creditors

Such instruments are initially measured at transaction price, transaction costs, and are subsequently

carried at the undiscounted amount of cash or other consideration expected to be paid or received, after

taking account of impairment adjustment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2016 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

359,998

Additions

63,194

Impairments

(127,272

)

At 31 December 2017

295,920

AMORTISATION

At 1 January 2017

146,251

Amortisation for year

22,560

Impairments

(61,245

)

At 31 December 2017

107,566

NET BOOK VALUE

At 31 December 2017

188,354

At 31 December 2016

213,747

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

709,265

Additions

28,004

Disposals

(568,173

)

At 31 December 2017

169,096

DEPRECIATION

At 1 January 2017

633,536

Charge for year

44,348

Eliminated on disposal

(568,173

)

At 31 December 2017

109,711

NET BOOK VALUE

At 31 December 2017

59,385

At 31 December 2016

75,729