ACCOUNTS - Final Accounts

PHOENIX FINANCIAL SERVICES LIMITED - Company Information

Caseware UK (AP4) 2016.0.208 2016.0.208 2017-12-312017-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseFinancial servicesfalse2017-01-01 03893660 2017-01-01 2017-12-31 03893660 2017-12-31 03893660 2016-12-31 03893660 c:Director1 2017-01-01 2017-12-31 03893660 d:CurrentFinancialInstruments 2017-12-31 03893660 d:CurrentFinancialInstruments 2016-12-31 03893660 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 03893660 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 03893660 d:ShareCapital 2017-12-31 03893660 d:ShareCapital 2016-12-31 03893660 d:RetainedEarningsAccumulatedLosses 2017-12-31 03893660 d:RetainedEarningsAccumulatedLosses 2016-12-31 03893660 c:FRS102 2017-01-01 2017-12-31 03893660 c:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 03893660 c:FullAccounts 2017-01-01 2017-12-31 03893660 c:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 iso4217:GBP

Registered number: 03893660

PHOENIX FINANCIAL SERVICES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2017

PHOENIX FINANCIAL SERVICES LIMITED

CONTENTS

	Page
Statement of financial position	1 - 2
Notes to the financial statements	3 - 6

PHOENIX FINANCIAL SERVICES LIMITED

REGISTERED NUMBER:03893660

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2017

		2017		2016
Note		£		£


CURRENT ASSETS
Debtors: amounts falling due within one year	4	-		7,384
Cash at bank and in hand	5	2,570		130
		2,570		7,514
Creditors: amounts falling due within one year	6	(10,723)		(16,503)
NET CURRENT LIABILITIES			(8,153)		(8,989)
TOTAL ASSETS LESS CURRENT LIABILITIES			(8,153)		(8,989)



NET LIABILITIES			(8,153)		(8,989)

Page 1

PHOENIX FINANCIAL SERVICES LIMITED

REGISTERED NUMBER:03893660

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2017

	2017	2016
Note	£	£

CAPITAL AND RESERVES
Called up share capital	7	1,004	1,004
Profit and loss account		(9,157)	(9,993)
		(8,153)	(8,989)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr R J Reed

Director

Date: 27 September 2018

The notes on pages 3 to 6 form part of these financial statements.

Page 2

PHOENIX FINANCIAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

1.	GENERAL INFORMATION

Phoenix Financial Services Limited is a private company limited by shares, registered in England and Wales. The registered office is Chy Nyverow, Newham Road, Truro, Cornwall TR1 2DP. The company registration number is 03893660.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

FINANCE COSTS

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.4

BORROWING COSTS

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

2.5

TAXATION

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 3

PHOENIX FINANCIAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.ACCOUNTING POLICIES (continued)

2.6

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.7

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 0 (2016:0).

DEBTORS

					2017	2016
					£	£


Other debtors	-	7,384
	-	7,384

Page 4

PHOENIX FINANCIAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

5.	CASH AND CASH EQUIVALENTS
		2017	2016
		£	£

Cash at bank and in hand	2,570	130
Less: bank overdrafts	-	(4,370)
	2,570	(4,240)

6.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2017	2016
		£	£

Bank overdrafts	-	4,370
Other creditors	10,723	933
Accruals and deferred income	-	11,200
	10,723	16,503

Page 5

PHOENIX FINANCIAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

7.	SHARE CAPITAL
		2017	2016
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

1,000 (2016:1,000) Ordinary shares of £1.00 each	1,000	1,000
1 (2016:1) Ordinary 'A' share of £1.00	1	1
1 (2016:1) Ordinary 'B' share of £1.00	1	1
1 (2016:1) Ordinary 'C' share of £1.00	1	1
1 (2016:1) Ordinary 'D' share of £1.00	1	1

	1,004	1,004

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