Phoenix Naylors Abrasives Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00929557 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

PHOENIX NAYLORS ABRASIVES LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J A Tierney

G D Roberts

SECRETARY:

J A Tierney

REGISTERED OFFICE:

Bridge Way

Broombank Road

Chesterfield Trading Estate

Chesterfield

Derbyshire

S41 9QJ

REGISTERED NUMBER:

00929557 (England and Wales)

ACCOUNTANTS:

Moss & Williamson Limited

Chartered Accountants

Booth Street Chambers

Ashton-under-Lyne

Lancashire

OL6 7LQ

BANKERS:

National Westminster Bank plc

5th Floor

1 Spinningfields Square

Deansgate

Manchester

M3 3AP

FIXED ASSETS

Intangible assets

4

10,000

15,000

Tangible assets

5

444,547

299,217

454,547

314,217

CURRENT ASSETS

Stocks

591,810

444,515

Debtors

403,799

389,432

Cash at bank and in hand

31,715

53,992

1,027,324

887,939

CREDITORS

Amounts falling due within one year

729,445

493,268

NET CURRENT ASSETS

297,879

394,671

TOTAL ASSETS LESS CURRENT LIABILITIES

752,426

708,888

PROVISIONS FOR LIABILITIES

84,821

54,463

NET ASSETS

667,605

654,425

CAPITAL AND RESERVES

Called up share capital

359,000

359,000

Share premium

1,000

1,000

Retained earnings

307,605

294,425

SHAREHOLDERS' FUNDS

667,605

654,425

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 Balance Sheet for the year ended 31 March 2018 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 8 November 2018 and were signed on its behalf by:

J A Tierney - Director

G D Roberts - Director

1.	STATUTORY INFORMATION

Phoenix Naylors Abrasives Ltd 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.

Goodwill

Purchased goodwill is capitalised and is amortised on a straight line basis over the estimated useful

economic life of between five and ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

10% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks and work in progress 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2017 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

and 31 March 2018

38,594

AMORTISATION

At 1 April 2017

23,594

Amortisation for year

5,000

At 31 March 2018

28,594

NET BOOK VALUE

At 31 March 2018

10,000

At 31 March 2017

15,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

1,025,415

Additions

190,396

Disposals

(17,040

)

At 31 March 2018

1,198,771

DEPRECIATION

At 1 April 2017

726,198

Charge for year

42,696

Eliminated on disposal

(14,670

)

At 31 March 2018

754,224

NET BOOK VALUE

At 31 March 2018

444,547

At 31 March 2017

299,217

6.	CONTINGENT LIABILITIES

The company has a terminable indemnity of £6,000 in respect of VAT deferment duty.

7.	OTHER FINANCIAL COMMITMENTS

Financial commitments not included in the balance sheet comprise lease payments under

non-cancellable operating leases falling due as follows:

2018

2017

£

£

Within one year

35,270

70,540

Between one and five years

-

35,270

35,270

105,810