Company No:
Contents
DIRECTORS | Mrs B R M Jennings |
Mr S C P Jennings | |
Mr T J Jennings |
SECRETARY | Mr T J Jennings |
REGISTERED OFFICE | Phoenix House |
Combe Street | |
Chard | |
TA20 1JE | |
United Kingdom |
COMPANY NUMBER | 00086564 (England and Wales) |
CHARTERED ACCOUNTANTS | Albert Goodman LLP |
Goodwood House | |
Blackbrook Park Avenue | |
Taunton | |
Somerset | |
TA1 2PX |
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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13,183 | 5,563 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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8,162,253 | 7,883,398 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 7,639,382 | 7,113,320 | ||
Total assets less current liabilities | 7,652,565 | 7,118,883 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Phoenix Engineering Company Limited (registered number:
Mr T J Jennings
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Phoenix Engineering Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Phoenix House, Combe Street, Chard, TA20 1JE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when machines or parts are delivered to the customer.
Defined benefit schemes
For defined benefit schemes the amounts charged to operating profit are the costs arising from employee services rendered during the period and the cost of plan introductions, benefit changes, settlements and curtailments. They are included as part of staff costs. The net interest cost on the net defined benefit liability is charged to the Profit and Loss Account and included within finance costs. Remeasurement comprising actuarial gains and losses and the return on scheme assets (excluding amounts included in net interest on the net defined benefit liability) are recognised immediately in the Statement of Comprehensive Income.
Defined benefit schemes are funded, with the assets of the scheme held separately from those of the Company, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method. Actuarial valuations are obtained at least triennially and are updated at each Balance Sheet date.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Plant and machinery |
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Vehicles |
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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.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Vehicles | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 October 2021 |
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Additions |
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At 30 September 2022 |
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Accumulated depreciation | |||||
At 01 October 2021 |
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Charge for the financial year |
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At 30 September 2022 |
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Net book value | |||||
At 30 September 2022 |
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At 30 September 2021 |
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2022 | 2021 | ||
£ | £ | ||
Raw materials |
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Work in progress |
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Finished goods |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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Pensions
The company operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company by the scheme's trustees and by independent investment managers. Contributions to the scheme are charged to the profit and loss account so as to spread the cost of pensions over employees' working lives with the company. The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit method.The date of the most recent comprehensive actuarial valuation was 31 August 2020. This valuation has not been updated to reflect conditions at the balance sheet date. The most recent actuarial valuation showed that the market value of the scheme's assets was £5,102,000 and that the actuarial value of those assets represented 103% of the benefits that had accrued to members, after allowing for expected future increases in earnings. The contributions of the employees recommended by the actuarial valuation are 6% of earnings. The defined benefit scheme is now closed to new members so under the projected unit method the current service cost would be expected to increase over time as members of the scheme approach retirement.The total cost relating to defined benefit schemes for the year recognised in profit or loss as an expense was £116,792 (2021 - £112,116).The directors consider that the principal actuarial assumptions have not changed significantly, and the scheme is still likely to be in surplus. As such, they do not consider that the financial statements need to provide for any liability in relation to the scheme.The pension scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company. The amounts recognised in the statement of financial positions are as follows:
2022 | 2021 | ||
£ | £ | ||
Fair value of scheme assets | 5,102,000 | 5,102,000 | |
Present value of defined benefit obligation | (4,966,000) | (4,966,000) | |
Other amounts not recognised in the statement of financial position | (136,000) | (136,000) | |
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Parent Company:
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Phoenix House, Combe Street, Chard, Somerset, TA20 1JE. |