Registered Number 08896967
PHOENIX ELECTRICS (UK) LIMITED
Abbreviated Accounts
31 March 2015
Notes | 2015 | ||
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£ | |||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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Provisions for liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
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Shareholders' funds |
( |
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Plant and machinery - 20% reducing balance
Fixtures, fittings and equipment - 10% reducing balance
Motor vehicles - 25% reducing balance
Other accounting policies
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of any finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rates of charge on the net obligations outstanding each period.
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
Going concern
At 31 March 2015, the company had net liabilities of £10,603 having achieved a profit for the period of £30,547 during the period then ended.In the absence of other funding, the company is dependent upon the continued financial support of its director, bankers and creditors. On the assumption that such support will continue to be amde available by its director, bankers and creditors, the director considers it appropriate that the financial statements have bene prepared on a going concern basis.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposals of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold;
Provision is made for deferred tax that would arise on remittance of the retained earnings of overseas subsidiaries, associates and joint ventures only to the extent that, at the balance sheet date, dividends have been accrued as receivable;
Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will eb suitable taxable profits from which futrue reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax artes and laws enacted or substantively enacted at the balance sheet date.
£ | |
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Cost | |
Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 March 2015 |
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Depreciation | |
Charge for the year |
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On disposals |
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At 31 March 2015 |
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Net book values | |
At 31 March 2015 | 18,462 |