REGISTERED NUMBER: NI657214 (Northern Ireland) |
PHOENIX JAMES LIMITED |
GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
REGISTERED NUMBER: NI657214 (Northern Ireland) |
PHOENIX JAMES LIMITED |
GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Directors' Report | 4 |
Independent Auditors' Report | 6 |
Consolidated Income Statement | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows |
16 |
Notes to the Consolidated Financial Statements | 17 |
PHOENIX JAMES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants and Statutory Auditors |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
BANKERS: | Danske Bank |
North Business Centre |
1-2 Broadway |
Ballymena |
Co. Antrim |
BT43 7AA |
SOLICITORS: |
10-12 Artillery Street |
Derry |
BT48 6RG |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their strategic report of the Company and the Group for the year ended 31 December 2022. |
REVIEW OF BUSINESS |
The group continues to deliver a strong trading performance in respect of the year ended 31 December 2022 and the business remains in a sound financial position at the year end. The group returned a profit for the financial year of £1,860,651 (2021: £11,457,296). The directors are satisfied that the group will return stable levels of profitability in future years. |
The directors consider the key performance indicators are those that communicate the financial performance and strengths as a whole, being revenue, gross profit margin and net profit before taxation. |
The directors have provided an analysis of the key performance indicators of the business below. The directors continue to monitor revenue and costs to ensure the group remains profitable. The group continues to maintain a strong net asset position. |
The group's key financial performance indicators during the year were as follows: |
2022 | 2021 |
Turnover | £8,644,863 | £20,291,357 |
Gross profit margin | £3,811,442 | £14,843,660 |
Net profit/(loss) before tax | £1,879,951 | £12,989,152 |
STRATEGY |
The group's success is dependent on the ongoing management of business risks and uncertainties it faces. The directors intend to grow the business further as the group establishes a quality service in the market and through better management of costs and improved efficiencies within the business. |
FUTURE DEVELOPMENTS |
The directors are committed to long term creation of shareholder value by increasing its market share in the Northern Ireland market. The directors are confident that their strategy will result in continued growth and profitability. |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
PRINCIPLE RISKS AND UNCERTAINTIES |
The management of the business and the execution of the group's strategy are subject to a number of risks. The directors consider the key business risks and uncertainties affecting the group relate to the current economic conditions and competition from others in the industry. These risks are addressed through strong customer service as well as investment in its resources and facilities |
FINANCIAL RISK MANAGEMENT |
The group's operations expose it to a variety of financial risks that include the effects of changes in price risk, foreign exchange risk and credit risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. |
Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub committee of the board. The policies set by the board of directors are implemented by the company's finance department. |
Price risk |
The group is exposed to commodity price risk as a result of its operations. However, given the size of the group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature. The group has no exposure to equity securities price risk as it holds no listed or other equity investments. |
Foreign exchange risk |
While the greater part of the group's revenues and expenses are denominated in sterling, the group is exposed to some foreign exchange risk in the normal course of the business both on sales and purchases in Canadian dollars and US dollars. While the group has not used financial instruments to date to hedge foreign exchange exposure, this position is kept constantly under review. |
Credit risk |
Policies and procedures exist to ensure that customers have an appropriate credit history, and all trade customers are allocated a credit limit which is regularly monitored. |
ENVIRONMENT |
The group and company recognise their corporate responsibility to carry out their operations whilst minimising the environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible. |
HEALTH AND SAFETY |
The group and company are committed to achieving the highest practicable standards in health and safety management and strive to make all sites and offices safe environments for employees and customers alike. Additional procedures and measures have been taken during the ongoing COVID-19 pandemic, in line with government and health advice, with the health and wellbeing of our people, our clients and our communities being of focus. |
HUMAN RESOURCES/EMPLOYEES |
The most important resource of the group and company are the people employed: their knowledge and experience is crucial to meeting customer requirements. In this current economic climate, it is vitally important that the retention of key staff is achieved. The group and company continue to invest in employment training and development and have introduced appropriate incentive and career progression arrangements. |
ON BEHALF OF THE BOARD: |
29 September 2023 |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
DIRECTORS' REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their report with the financial statements of the Company and the Group for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principle activity of the company is acting as a holding company. The activities of the group include the manufacture of clinical therapeutic chairs, medical grade face masks and investment properties. |
DIVIDENDS |
An In Specie interim dividend of £557,544 was paid during the year (2021: £758,800). |
Further Interim dividends totalling £2,028,312 (2021: £5,567,500) were paid out during the year. The directors have not proposed a final dividend (2021: £Nil). |
RESEARCH AND DEVELOPMENT |
The group is currently undertaking research and development projects covering new products and process improvement. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
CHARITABLE DONATIONS AND EXPENDITURE |
During the year the group made charitable donations of £Nil (2021: £NIL). No donations for political purposes were made during the year (2021: £Nil). |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Group's auditors are aware of that information. |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
DIRECTORS' REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
AUDITORS |
The auditors, CavanaghKelly, have indicated their willingness to continue in office in accordance with the provision of Section 485 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
PHOENIX JAMES LIMITED |
Opinion |
We have audited the financial statements of Phoenix James Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the Group's and of the Parent Company affairs as at 31 December 2022 and of the Group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
PHOENIX JAMES LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the Parent Company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
PHOENIX JAMES LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation; |
- | We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance; |
- | We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations; |
- | Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and |
- | Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override. |
The audit response to risks identified included: |
- | Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above; |
- | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; |
- | In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
PHOENIX JAMES LIMITED |
Use of our report |
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER | 6 | 8,644,863 | 20,291,357 |
Cost of sales | (4,833,421 | ) | (5,447,697 | ) |
GROSS PROFIT | 3,811,442 | 14,843,660 |
Administrative expenses | (2,309,870 | ) | (2,469,324 | ) |
1,501,572 | 12,374,336 |
Other operating income | 378,026 | 198,154 |
OPERATING PROFIT | 8 | 1,879,598 | 12,572,490 |
Finance income | 353 | 207 |
1,879,951 | 12,572,697 |
Gain/loss on revaluation of assets | - | 417,343 |
1,879,951 | 12,990,040 |
Finance costs | 9 | - | (888 | ) |
PROFIT BEFORE TAXATION | 1,879,951 | 12,989,152 |
Tax on profit | 10 | (19,300 | ) | (1,531,856 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,860,651 |
11,457,296 |
Profit attributable to: |
Owners of the parent | 1,860,651 | 11,457,296 |
Total comprehensive income attributable to: |
Owners of the parent | - | - |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
NON-CURRENT ASSETS |
Intangible assets | 14 | 8,012 | 11,206 |
Tangible assets | 15 | 4,177,622 | 4,806,109 |
Investments | 16 | 132,289 | 10,258 |
Investment property | 17 | 7,215,613 | 6,719,038 |
11,533,536 | 11,546,611 |
CURRENT ASSETS |
Stocks | 18 | 605,595 | 297,713 |
Receivables: amounts falling due within one year |
19 |
2,774,578 |
2,311,442 |
Cash at bank and in hand | 3,942,978 | 6,479,415 |
7,323,151 | 9,088,570 |
PAYABLES |
Amounts falling due within one year | 20 | (1,904,392 | ) | (3,199,202 | ) |
NET CURRENT ASSETS | 5,418,759 | 5,889,368 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
16,952,295 |
17,435,979 |
PROVISIONS FOR LIABILITIES | 22 | (633,194 | ) | (391,673 | ) |
NET ASSETS | 16,319,101 | 17,044,306 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 3 | 3 |
Revaluation reserve | 202,672 | 202,672 |
Capital redemption reserve | 2 | 2 |
Retained earnings | 16,116,424 | 16,841,629 |
SHAREHOLDERS' FUNDS | 16,319,101 | 17,044,306 |
The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by: |
Martin Tierney - Director |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
NON-CURRENT ASSETS |
Intangible assets | 14 |
Tangible assets | 15 |
Investments | 16 |
Investment property | 17 |
CURRENT ASSETS |
Receivables: amounts falling due within one year |
19 |
Cash at bank |
PAYABLES |
Amounts falling due within one year | 20 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 510,569 | 10,001,568 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up | Capital |
share | Retained | Revaluation | redemption | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2021 | 3 | 10,951,833 | 202,672 | 2 | 11,154,510 |
Changes in equity |
Dividends | - | (5,567,500 | ) | - | - | (5,567,500 | ) |
Total comprehensive income | - | 11,457,296 | - | - | 11,457,296 |
Balance at 31 December 2021 | 3 | 16,841,629 | 202,672 | 2 | 17,044,306 |
Changes in equity |
Dividends | - | (2,585,856 | ) | - | - | (2,585,856 | ) |
Total comprehensive income | - | 1,860,651 | - | - | 1,860,651 |
Balance at 31 December 2022 | 3 | 16,116,424 | 202,672 | 2 | 16,319,101 |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,820,525 | 13,102,243 |
Interest element of hire purchase or finance lease rental payments paid |
- |
(888 |
) |
Tax paid | (1,414,895 | ) | (525,505 | ) |
Net cash from operating activities | 405,630 | 12,575,850 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (301,045 | ) | (3,718,258 | ) |
Purchase of fixed asset investments | (146,330 | ) | - |
Purchase of investment property | (842,575 | ) | (1,970,540 | ) |
Sale of tangible fixed assets | 587,386 | 1,678,882 |
Sale of investment property | 346,000 | 250,568 |
Interest received | 353 | 207 |
Net cash from investing activities | (356,211 | ) | (3,759,141 | ) |
Cash flows from financing activities |
Capital repayments in year | - | (51,059 | ) |
Equity dividends paid | (2,585,856 | ) | (5,567,500 | ) |
Net cash from financing activities | (2,585,856 | ) | (5,618,559 | ) |
(Decrease)/increase in cash and cash equivalents | (2,536,437 | ) | 3,198,150 |
Cash and cash equivalents at beginning of year |
2 |
6,479,415 |
3,281,265 |
Cash and cash equivalents at end of year |
2 |
3,942,978 |
6,479,415 |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation | 1,879,951 | 12,989,152 |
Depreciation charges | 354,899 | 406,679 |
Profit on disposal of fixed assets | (9,563 | ) | (264,746 | ) |
Gain on revaluation of fixed assets | - | (417,343 | ) |
Movement in warranty provision | 225,518 | (119,175 | ) |
Revaluation of listed investments | 24,299 | 345,383 |
Finance costs | - | 888 |
Finance income | (353 | ) | (207 | ) |
2,474,751 | 12,940,631 |
(Increase)/decrease in stocks | (307,882 | ) | 331,769 |
Increase in trade and other debtors | (323,975 | ) | (757,254 | ) |
(Decrease)/increase in trade and other creditors | (22,369 | ) | 587,097 |
Cash generated from operations | 1,820,525 | 13,102,243 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 3,942,978 | 6,479,415 |
Year ended 31 December 2021 |
31/12/21 | 1/1/21 |
£ | £ |
Cash and cash equivalents | 6,479,415 | 3,281,265 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/1/22 | Cash flow | At 31/12/22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 6,479,415 | (2,536,437 | ) | 3,942,978 |
6,479,415 | (2,536,437 | ) | 3,942,978 |
Total | 6,479,415 | (2,536,437 | ) | 3,942,978 |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY |
Phoenix James Limited is a company limited by shares incorporated in Northern Ireland, within |
the United Kingdom. 131 Carnamuff Road, Ballykelly, Limavady, BT49 9JG is the registered office, |
which is also the principal place of business of the company. The nature of the group/company |
operations and its principal activities are set out in the Directors' Report. The financial statements |
have been presented in Pound Sterling (£) which is also the functional currency of the company. |
2. | STATUTORY INFORMATION |
Phoenix James Limited is a |
3. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
4. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention modified when necessary to include the revaluation of certain fixed assets. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Group's financial statements. |
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group and company accounting policies. These are documented in note 5 to the financial statements. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including no objection to the use of exemptions by the company's shareholders. |
The company has take advantage of the following exemptions: |
- | from disclosing the company's key management personnel compensation as required by FRS 102 para 33.7; and |
- | from disclosing related party transactions that are wholly owned within the same group under paragraph 33.1A from the provisions of FRS 102, on the grounds that at 31 December 2022 it was a wholly owned subsidiary. |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | ACCOUNTING POLICIES - continued |
Basis of consolidation |
The consolidated income statement, consolidated statement of changes in equity, consolidated balance sheet and consolidated statement of cash flows are the financial statements of the company and its subsidiary's undertakings made up to 31 December 2022. Inter-company transactions, balances and cash flows between group companies are eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. |
Joint ventures are all entities over which the group has joint control with one or more other joint venture partners. Investments in associates are accounted for using the gross equity method of accounting. Under the gross equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit of the investee after the date of acquisition. |
The group's share of post-acquisition profit is recognised in the consolidated Income statement. When the group's share of losses in a joint venture equals or exceeds its interest in the associate, including any other unsecured receivables, the group recognises further losses and presents its share of the net liabilities of the joint venture in provisions for liabilities and charges. |
Investments in Subsidiaries and Associates |
Investments in subsidiary unlisted company shares are valued at cost less impairment. |
Investments |
Investments comprise investments in unquoted equity instruments which are measured at fair value. Changes in fair value are recognised in the income statement. Where fair value cannot be measured reliably, then the investment is carried at cost less impairment. |
Revenue |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the significant risks and rewards of ownership have been transferred to the buyer; |
- the group retains no continuing involvement or control over the goods; |
- the amount of revenue can be measured reliably; |
- it is probable that future economic benefits will flow through the group |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Revenue is recognised on customer receipt. |
Rendering of services and contracting |
Revenue from a contract to provide services is recognised in the period in which the serves are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the group will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured |
reliably, and; |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | ACCOUNTING POLICIES - continued |
Property, plant and equipment |
Property, Plant and Equipment under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Income Statement during the period in which they are incurred. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. The estimated useful lives range as follows: |
Freehold Property | - 4% straight line, 2% straight line |
Long Leasehold | - 4% straight line (Term of lease) |
Plant and Machinery | - 25% straight line |
Fixtures and Fittings | - 15% straight line |
Motor Vehicles | - 25% reducing balance |
Computer software is being amortised evenly over its estimated useful life of 4 years. |
The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the Income Statement. |
Investment property |
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuations use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the Income Statement. |
Income from investment property is recognised in the Income Statement as rental income. |
Inventories |
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling. |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related companies are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
(iii) Offsetting |
Financial assets and liabilities are offset and 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
(i) Functional and presentation currency |
The group financial statements are presented in pound sterling. |
The company's functional and presentation currency is pound sterling. |
(ii) Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account. |
The trading results of group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings are translated at the exchange rates ruling at the year end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in "Other comprehensive income" |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease. |
Where the group enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a "finance lease". The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated over its estimated useful economic life or the term of the lease, whichever is shorter. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the consolidated Income statement, and the capital element which reduces the outstanding obligation for future instalments. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | ACCOUNTING POLICIES - continued |
Finance costs |
Finance costs are charged to the Income statement and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. |
Dividends |
Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
5. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
Judgements In applying accounting policies and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
(a) Critical judgements in applying the entity's accounting policies |
There were no critical judgements applied in the preparation of the financial statements. |
(b) Key accounting estimates and assumptions |
Warranty Provision |
The group offers a warranty for any faulty goods sold. Provision is made for potential claims under warranty for goods which have been returned. Management review the level of sales and the number of warranty claims made on a regular basis in order to calculate the provision for future claims for goods sold. |
6. | TURNOVER |
All turnover is derived from the company's principal activities. No analysis of turnover is presented as the directors consider disclosure to be seriously prejudicial to the interests of the company. |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
7. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries | 1,378,030 | 1,628,665 |
Social security costs | 131,723 | 131,647 |
Other pension costs | 25,227 | 22,637 |
1,534,981 | 1,782,949 |
The average number of employees during the year was as follows: |
2022 | 2021 |
Production and processing | 35 | 55 |
Administration | 22 | 20 |
57 | 75 |
The directors of the group are considered to be key management. Retirement benefits were accruing to 3 directors (2021: 3) in the year. |
2022 | 2021 |
£ | £ |
Directors' remuneration | 25,687 | 19,422 |
There are no employees within the parent company. |
8. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Operating lease payments | 7,417 | 22,002 |
Auditors remuneration | 23,450 | 24,200 |
(Profit) / Loss on exchange | (73,548 | ) | 6,996 |
(Profit) / Loss on disposal | 9,563 | (264,746 | ) |
Impairment of Fixed Assets | - | 345,383 |
Depreciation | 351,709 | 361,313 |
Amortisation | 3,194 | 31,94 |
9. | FINANCE COSTS |
2022 | 2021 |
£ | £ |
Hire purchase interest | - | 888 |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
10. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax | 3,297 | 1,436,704 |
Deferred tax | 16,003 | 95,152 |
Tax on profit | 19,300 | 1,531,856 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Profit before tax | 1,879,951 | 12,989,152 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
357,191 |
2,467,939 |
Effects of: |
Expenses not deductible for tax purposes | 7,228 | 83,535 |
Income not taxable for tax purposes | - | (129,833 | ) |
Capital allowances in excess of depreciation | - | (493,065 | ) |
Depreciation in excess of capital allowances | 33,738 | - |
Adjustments to tax charge in respect of previous periods | (35,568 | ) | (214,799 | ) |
Research and development credits | (351,666 | ) | (281,001 | ) |
Deferred tax movements | - | 95,152 |
Chargeable gains | - | 3,928 |
Impact of super deduction | (4,070 | ) | - |
Impact of rate change | 12,447 | - |
Total tax charge | 19,300 | 1,531,856 |
11. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
12. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Ordinary Share shares of 1 each |
Interim | 2,585,856 | 5,567,500 |
Included in the above interim dividend during the year is an In Specie dividend which involved a transfer of land to the shareholders. This amounted to £557,544 (2021: £758,800). |
13. | PRIOR YEAR ADJUSTMENT |
Certain classes of transactions have been reclassed in the prior year to be brought into line with the current year classification. There has been no impact to the results of the prior year. |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
14. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and | Computer |
licences | software | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
and 31 December 2022 | 3,310 | 15,585 | 18,895 |
AMORTISATION |
At 1 January 2022 | - | 7,689 | 7,689 |
Amortisation for year | - | 3,194 | 3,194 |
At 31 December 2022 | - | 10,883 | 10,883 |
NET BOOK VALUE |
At 31 December 2022 | 3,310 | 4,702 | 8,012 |
At 31 December 2021 | 3,310 | 7,896 | 11,206 |
15. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 January 2022 | 3,987,044 | 152,700 | 1,268,180 |
Additions | 13,305 | 86,403 | 84,528 |
Disposals | (557,544 | ) | - | (15,800 | ) |
At 31 December 2022 | 3,442,805 | 239,103 | 1,336,908 |
DEPRECIATION |
At 1 January 2022 | 42,172 | 11,186 | 846,762 |
Charge for year | 68,801 | 7,125 | 198,220 |
Eliminated on disposal | - | - | (8,229 | ) |
At 31 December 2022 | 110,973 | 18,311 | 1,036,753 |
NET BOOK VALUE |
At 31 December 2022 | 3,331,832 | 220,792 | 300,155 |
At 31 December 2021 | 3,944,872 | 141,514 | 421,418 |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
15. | PROPERTY, PLANT AND EQUIPMENT - continued |
Group |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2022 | 401,533 | 193,880 | 6,003,337 |
Additions | 51,814 | 64,995 | 301,045 |
Disposals | - | (82,122 | ) | (655,466 | ) |
At 31 December 2022 | 453,347 | 176,753 | 5,648,916 |
DEPRECIATION |
At 1 January 2022 | 175,983 | 121,125 | 1,197,228 |
Charge for year | 57,722 | 19,841 | 351,709 |
Eliminated on disposal | - | (69,414 | ) | (77,643 | ) |
At 31 December 2022 | 233,705 | 71,552 | 1,471,294 |
NET BOOK VALUE |
At 31 December 2022 | 219,642 | 105,201 | 4,177,622 |
At 31 December 2021 | 225,550 | 72,755 | 4,806,109 |
Company |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
16. | FIXED ASSET INVESTMENTS |
Group |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2022 | - | 10,258 | 10,258 |
Additions | 146,330 | - | 146,330 |
Impairments | (24,299 | ) | - | (24,299 | ) |
At 31 December 2022 | 122,031 | 10,258 | 132,289 |
NET BOOK VALUE |
At 31 December 2022 | 122,031 | 10,258 | 132,289 |
At 31 December 2021 | - | 10,258 | 10,258 |
Cost or valuation at 31 December 2022 is represented by: |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
Valuation in 2022 | 122,031 | 10,258 | 132,289 |
Company |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2022 | 201 |
Additions | 146,330 |
Impairments | ( |
) | (24,299 | ) |
At 31 December 2022 | 122,232 |
NET BOOK VALUE |
At 31 December 2022 | 122,232 |
At 31 December 2021 | 201 |
Cost or valuation at 31 December 2022 is represented by: |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2022 | 201 | 122,031 | 122,232 |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
16. | FIXED ASSET INVESTMENTS - continued |
The shares held in the subsidiary company, Seating Matters Ltd, which is registered and incorporated in Northern Ireland, represents a 100% holding of the issued share capital. Seating Matters Ltd is involved in the manufacture of clinical, therapeutic seating. The registered address of Seating Matters Ltd is 131 Carnamuff Road, Limavady, BT49 9JG. |
The shares held in the subsidiary company, Paragon Health Limited, which is registered and incorporated in Northern Ireland, represents a 100% holding of the issued share capital. Paragon Health Limited is involved in the manufacture and supply of medical products. The registered address of Paragon Health Limited is 131 Carnamuff Road, Limavady, BT49 9JG. |
The shares held in the subsidiary company, Yenreit Investments Limited, which is registered and incorporated in Northern Ireland, represents a 100% holding of the issued share capital. Yenreit Investments Limited is involved in property investment. The registered address of Yenreit Investments Limited is 131 Carnamuff Road, Limavady, BT49 9JG. |
17. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 January 2022 | 6,719,038 |
Additions | 842,575 |
Disposals | (346,000 | ) |
At 31 December 2022 | 7,215,613 |
NET BOOK VALUE |
At 31 December 2022 | 7,215,613 |
At 31 December 2021 | 6,719,038 |
The directors consider that such valuations are reflective of the open market value of the property at 31 December 2022. |
Company |
Total |
£ |
FAIR VALUE |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
The directors consider that such valuations are reflective of the open market value of the property at 31 December 2021. |
Investment Properties were subject to independent, professional valuations at 31 December 2021 by DMC Properties and Mortgages Ltd. |
The valuations were undertaken in accordance with the Appraisal and Valuation Manual of the Royal Institute of Chartered Surveyors in the United Kingdom. |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
18. | STOCKS |
Group |
2022 | 2021 |
£ | £ |
Finished goods | 605,595 | 297,713 |
The company had no Finished Goods at the 31 December 2022 (2021: £Nil). |
19. | RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Trade receivables | 1,517,870 | 1,524,138 |
Other receivables | 1,339 | - | - | - |
Amounts owed by group undertakings | - | - |
Amounts owed by participating interests | 31,027 | 18,294 | - | - |
Other receivables | 314,839 | 525,639 |
Tax | 139,142 | - |
VAT | 12,771 | - |
Prepayments and accrued income | 757,590 | 243,371 |
2,774,578 | 2,311,442 |
The amounts owed by group undertakings are interest free and repayable on demand. |
20. | PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Trade payables | 712,528 | 883,036 |
Amounts owed to group undertakings | - | - |
Corporation Tax | - | 1,272,456 |
Social security and other taxes | 51,008 | 48,387 |
VAT | - | 129,800 | 9,309 | 8,189 |
Other payables | 16,145 | 19,291 |
Directors' current accounts | 847,080 | 518,703 | 847,080 | 558,421 |
Accruals and deferred income | 277,631 | 327,529 |
1,904,392 | 3,199,202 |
The amounts owed to group undertakings are interest free and payable on demand. |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
21. | FINANCIAL INSTRUMENTS |
2022 | 2021 |
£ | £ |
Financial Assets |
Financial assets that are debt instruments measured at amortised cost |
1,865,075 |
2,066,898 |
Financial liabilities |
Financial liabilities measured at amortised cost |
(1,853,384 |
) |
(1,748,556 |
) |
Financial assets measured at amortised cost comprise of trade debtors, other debtors and amounts owed by related parties. |
Financial liabilities measured at amortised cost comprise of directors' control account, trade creditors, other creditors, HP and accruals. |
22. | PROVISIONS FOR LIABILITIES |
Group |
2022 | 2021 |
£ | £ |
Deferred tax | 259,035 | 243,032 |
Other provisions |
Warranty provision | 374,159 | 148,641 |
Aggregate amounts | 633,194 | 391,673 |
Group |
Deferred | Warranty |
tax | provision |
£ | £ |
Balance at 1 January 2022 | 243,032 | 148,641 |
Provided during year | 16,003 | - |
Balance at 31 December 2022 | 259,035 | 148,641 |
Deferred tax is in respect of accelerated capital allowances. |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary Share | 1 | 3 | 3 |
24. | PENSION COMMITMENTS |
The group operates a defined contribution scheme for certain employees. The assets of the scheme are held separately from those of the group and company in an independently administered fund. |
PHOENIX JAMES LIMITED (REGISTERED NUMBER: NI657214) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
25. | ULTIMATE CONTROLLING COMPANY |
As none of the shareholders hold a majority shareholding there is deemed to be no ultimate controlling party. |
26. | RELATED PARTY DISCLOSURES |
The directors have identified the following transactions, which fall to be disclosed under the terms of paragraph 33, 1A from the provisions of FRS102 "Related Party Disclosures". |
Dividends of £2,585,856 (2021: £5,567,500) were paid to the directors by virtue of their shareholding in the group. |
Included within creditors due within one year is a balance of £847,080 (2021: £518,703) owed by the group to the directors. Amounts owed to the directors are interest free and payable on demand. |
Included within Other Receivables is a balance of £252,048 (2021: £266,813) in respect of money due to the group from 'close family members'. |