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31/12/2022
2022-12-31
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No description of principal activities is disclosed
2022-01-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
12515693
2022-01-01
2022-12-31
12515693
2022-12-31
12515693
2021-12-31
12515693
bus:Director1
2022-01-01
2022-12-31
12515693
core:WithinOneYear
2022-12-31
12515693
core:WithinOneYear
2021-12-31
12515693
core:AfterOneYear
2021-12-31
12515693
core:ShareCapital
2022-12-31
12515693
core:ShareCapital
2021-12-31
12515693
core:CostValuation
core:Non-currentFinancialInstruments
2022-12-31
12515693
core:Non-currentFinancialInstruments
2022-12-31
12515693
core:Non-currentFinancialInstruments
2021-12-31
12515693
bus:Director1
2022-12-31
12515693
bus:Director1
2021-12-31
12515693
bus:SmallEntities
2022-01-01
2022-12-31
12515693
bus:AuditExemptWithAccountantsReport
2022-01-01
2022-12-31
12515693
bus:FullAccounts
2022-01-01
2022-12-31
12515693
bus:SmallCompaniesRegimeForAccounts
2022-01-01
2022-12-31
12515693
bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
Company registration number:
12515693
Phoenix Flooring Devon Limited
Unaudited filleted financial statements
31 December 2022
PHOENIX FLOORING DEVON LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022
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2022 |
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2021 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Investments |
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5 |
250,002 |
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250,002 |
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_______ |
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_______ |
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250,002 |
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250,002 |
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Current assets |
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Debtors |
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6 |
2 |
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2 |
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_______ |
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_______ |
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2 |
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2 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
250,000) |
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(
232,500) |
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_______ |
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_______ |
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Net current liabilities |
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(
249,998) |
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(
232,498) |
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_______ |
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_______ |
Total assets less current liabilities |
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4 |
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17,504 |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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- |
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(
17,500) |
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_______ |
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_______ |
Net assets |
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4 |
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4 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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4 |
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4 |
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_______ |
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_______ |
Shareholders funds |
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4 |
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4 |
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_______ |
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_______ |
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For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
16 May 2023
, and are signed on behalf of the board by:
Mr P Acers
Director
Company registration number:
12515693
PHOENIX FLOORING DEVON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 47 Boutport Street, Barnstaple, Devon, EX31 1SQ.
Principal activity
The principal activity of the company is that of a holding company.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company had net liabilities at 31 December 2020. The accounts have been prepared on a going concern basis as the company director has indicated his ongoing support of the business.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately
.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2021: Nil).
5.
Investments
|
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Shares in group undertakings and participating interests |
Total |
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£ |
£ |
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Cost |
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At 1 January 2022 and 31 December 2022 |
250,002 |
250,002 |
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_______ |
_______ |
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Impairment |
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At 1 January 2022 and 31 December 2022 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 December 2022 |
250,002 |
250,002 |
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_______ |
_______ |
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At 31 December 2021 |
250,002 |
250,002 |
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_______ |
_______ |
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6.
Debtors
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2022 |
2021 |
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£ |
£ |
|
Other debtors |
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2 |
2 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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2022 |
2021 |
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£ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
232,500 |
172,500 |
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Other creditors |
|
17,500 |
60,000 |
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_______ |
_______ |
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250,000 |
232,500 |
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_______ |
_______ |
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8.
Creditors: amounts falling due after more than one year
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2022 |
2021 |
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£ |
£ |
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Other creditors |
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- |
17,500 |
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_______ |
_______ |
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9.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses
.
10.
Directors advances, credits and guarantees
|
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Balance brought forward and o/standing |
Balance brought forward and o/standing |
|
|
2022 |
2021 |
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|
£ |
£ |
|
Mr P Acers |
2 |
2 |
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_______ |
_______ |
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Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.
11.
Related party transactions
During the year the company entered into the following transactions with related parties:
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Transaction value |
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Balance owed by/(owed to) |
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2022 |
2021 |
2022 |
2021 |
|
|
£ |
£ |
£ |
£ |
|
Connected Company |
(
60,000) |
(
150,000) |
(
232,500) |
(
172,500) |
|
|
_______ |
_______ |
_______ |
_______ |
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