Company Registration No. 04819289 (England and Wales)
Phoenix Training Services (Midlands) Limited
Financial statements
for the year ended 31 March 2021
Pages for filing with the Registrar
Phoenix Training Services (Midlands) Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 10
Phoenix Training Services (Midlands) Limited
Statement of financial position
As at 31 March 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
80,631
60,976
Tangible assets
4
43,411
26,380
124,042
87,356
Current assets
Debtors
5
2,777,961
2,525,431
Cash at bank and in hand
189,877
20,967
2,967,838
2,546,398
Creditors: amounts falling due within one year
6
(1,649,360)
(1,372,763)
Net current assets
1,318,478
1,173,635
Total assets less current liabilities
1,442,520
1,260,991
Provisions for liabilities
7
(23,052)
(16,388)
Net assets
1,419,468
1,244,603
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
1,419,467
1,244,602
Total equity
1,419,468
1,244,603
The directors of the company have elected not to include a copy of the income statement 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.
Phoenix Training Services (Midlands) Limited
Statement of financial position (continued)
As at 31 March 2021
Page 2
The financial statements were approved by the board of directors and authorised for issue on 7 December 2021 and are signed on its behalf by:
Thomas Cropper
Director
Company Registration No. 04819289
Phoenix Training Services (Midlands) Limited
Notes to the financial statements
For the year ended 31 March 2021
Page 3
1
Accounting policies
Company information
Phoenix Training Services (Midlands) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
1 Smithy Court, Smithy Brook Road, Wigan, Lancashire, WN3 6PS.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from
services is recognised on receipt of a signed learner agreement.
1.3
Intangible fixed assets other than goodwill
Intangible assets
relating to the capitalisation of costs developing the online software
are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
The amortisation period commences from the date on which the asset is brought into use.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10 years straight line
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Phoenix Training Services (Midlands) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2021
1
Accounting policies (continued)
Page 4
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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, 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. Financial assets classified as receivable within one year are not amortised.
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.
Phoenix Training Services (Midlands) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2021
1
Accounting policies (continued)
Page 5
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.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Phoenix Training Services (Midlands) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2021
1
Accounting policies (continued)
Page 6
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
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.
1.11
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.
Phoenix Training Services (Midlands) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2021
1
Accounting policies (continued)
Page 7
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
18
22
3
Intangible fixed assets
Software
£
Cost
At 1 April 2020
60,976
Additions
29,734
At 31 March 2021
90,710
Amortisation and impairment
At 1 April 2020
-
Amortisation charged for the year
10,079
At 31 March 2021
10,079
Carrying amount
At 31 March 2021
80,631
At 31 March 2020
60,976
Phoenix Training Services (Midlands) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2021
Page 8
4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2020
35,237
Additions
25,201
At 31 March 2021
60,438
Depreciation and impairment
At 1 April 2020
8,857
Depreciation charged in the year
8,170
At 31 March 2021
17,027
Carrying amount
At 31 March 2021
43,411
At 31 March 2020
26,380
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
21,727
155,778
Corporation tax recoverable
98,810
26,774
Amounts owed by group undertakings
1,926,374
1,719,374
Other debtors
731,050
623,505
2,777,961
2,525,431
Phoenix Training Services (Midlands) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2021
Page 9
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
34,201
88,281
Amounts owed to group undertakings
1,477,731
1,187,590
Corporation tax
34,236
-
Other taxation and social security
101,110
26,787
Other creditors
2,082
70,105
1,649,360
1,372,763
HSBC UK Bank plc has fixed and floating charges over the assets of the company, dated 11 March 2019.
HSBC Bank plc also has a multilateral guarantee across all group companies.
Praetura Debt Limited has fixed and floating charges and a negative pledge over the assets of the Challenge Group Holdings Limited and its subsidiary undertakings, dated 29 April 2019.
7
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
23,052
16,388
8
Called up share capital
2021
2020
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
9
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 Simon Kite BSc FCA.
The auditor was Saffery Champness LLP.
Phoenix Training Services (Midlands) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2021
Page 10
10
Controlling party
Challenge Recruitment Group Limited is the immediate parent company. Challenge Group Holdings Limited is the ultimate controlling party of the company.
Challenge Group Holdings Limited is the largest and smallest group in which
Phoenix Training Services (Midlands)
Limited is a member and for which consolidated financial statements are prepared and publicly available. A copy of the group financial statements can be obtained from Challenge Group Holdings Limited,
1 Smithy Court, Smithy Brook Road, Wigan WN3 6PS.
2021-03-31
2020-04-01
false
07 December 2021
CCH Software
CCH Accounts Production 2020.310
No description of principal activity
This audit opinion is unqualified
Mr R W Cropper
Mr T E Cropper
D Archer
Mr G Cottom
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