Company Registration No. 01249777 (England and Wales)
PHOENIXTRESCRAY LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
PAGES FOR FILING WITH REGISTRAR
PHOENIXTRESCRAY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
PHOENIXTRESCRAY LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2020
30 September 2020
- 1 -
2020
2019
Notes
£'000
£'000
£
£
Fixed assets
Investments
4
108
Current assets
Debtors
5
1,770
113
Cash at bank and in hand
344
4
2,114
117
Creditors: amounts falling due within one year
6
(1,759)
Net current assets
355
117
Total assets less current liabilities
355
225
Creditors: amounts falling due after more than one year
7
(14)
Net assets
341
225
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
340
224
Total equity
341
225
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 June 2021 and are signed on its behalf by:
Mr Duncan McArthur
Director
Company Registration No. 01249777
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 2 -
1
Accounting policies
Company information
Phoenixtrescray Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
25 Camperdown Street, London, E1 8DZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
£'000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered the impact of COVID-19 in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
share of profits from companies in which the company is a corporate partner. These are recognised in the year in which the company is entitled.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company
only enters into Basic financial instrument transactions
.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
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.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The main area of estimation uncertainty are the construction contracts. The profitability of contracts are estimated which affects both costs and revenues included in the accounts. Stage of completion is also estimated to determine whether and how much income should be brought in to the current period. These judgements are made by quantity surveyors, so the decisions made are from a professional, reliable source.
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
22
4
Fixed asset investments
2020
2019
£'000
£'000
Other investments other than loans
108
On 1 October 2019 the trade and assets of Trescray Services LLP were hived up into this company. The investment in the LLP was offset against this.
Movements in fixed asset investments
Investments
£'000
Cost or valuation
At 1 October 2019
108
Disposals
(108)
At 30 September 2020
-
Carrying amount
At 30 September 2020
-
At 30 September 2019
108
5
Debtors
2020
2019
Amounts falling due within one year:
£'000
£'000
Trade debtors
292
1
Gross amounts owed by contract customers
1,283
Amounts owed by group undertakings
112
Prepayments and accrued income
65
1,640
113
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
5
Debtors
(Continued)
- 6 -
2020
2019
Amounts falling due after more than one year:
£'000
£'000
Other debtors
130
Total debtors
1,770
113
6
Creditors: amounts falling due within one year
2020
2019
£'000
£'000
Trade creditors
932
Amounts owed to group undertakings
268
Corporation tax
32
Other taxation and social security
96
Other creditors
431
1,759
7
Creditors: amounts falling due after more than one year
2020
2019
£'000
£'000
Trade creditors
14
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Angela Trainor.
The auditor was HJS Accountants Limited.
9
Events after the reporting date
The impact on the company subsequent to the balance sheet date as a result of the steps taken by the Government throughout 2020 to control the Covid-19 pandemic is uncertain. This is the case for the majority of businesses in the UK and around the World.
The Directors do not consider the Covid-19 pandemic has had a material impact on the company’s financial position at the balance sheet date and thus no adjustments have been made to the carrying values of the company’s assets and liabilities as at 30 September 2020.
PHOENIXTRESCRAY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 7 -
10
Related party transactions
The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
11
Parent company
The company's immediate parent is
Phoenix ME
Limited which owns 100% of the share capital
, its registered office is 1st Floor, 25 Camperdown Street, London, E1 8DZ.
The ultimate parent company is Cityside Electrical Co L
t
d
which
owns 100
% of the share
capital in Phoenix ME Limited.
The largest and smallest group in which the company is consolidated is Cityside Electrical Co L
t
d.
Copies of the consolidated financial statements can be obtained from 25 Camperdown Street, London, E1 8DZ, the registered office of Cityside Electrical Co Ltd.
The ultimate controlling party is that of the director, Mr Lee Compton, due to his shareholding in Cityside Electrical Co Ltd.