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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: James Ryan Tierney
Jonathan Tierney
Martin Tierney



REGISTERED OFFICE: 131 Carnamuff Road, Ballykelly,
Limavady,
BT49 9JG



REGISTERED NUMBER: NI657214 (Northern Ireland)



INDEPENDENT AUDITORS: CavanaghKelly
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: Caldwell & Robinson 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:





Martin Tierney - Director


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.

James Ryan Tierney
Jonathan Tierney
Martin Tierney

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:





Martin Tierney - Director


29 September 2023

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.




Mr Ryan Falls (F.C.A) (Senior Statutory Auditor)
for and on behalf of CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

29 September 2023

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 1,860,651 11,457,296

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 99,437 797,056
Investments 16 122,232 201
Investment property 17 787,699 787,699
1,009,368 1,584,956

CURRENT ASSETS
Receivables: amounts falling due within
one year

19

4,496,892

3,216,136
Cash at bank 1,367,674 3,888,400
5,864,566 7,104,536
PAYABLES
Amounts falling due within one year 20 (868,039 ) (608,310 )
NET CURRENT ASSETS 4,996,527 6,496,226
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,005,895

8,081,182

CAPITAL AND RESERVES
Called up share capital 23 3 3
Retained earnings 6,005,892 8,081,179
SHAREHOLDERS' FUNDS 6,005,895 8,081,182

Company's profit for the financial year 510,569 10,001,568

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 3 3,647,111 3,647,114

Changes in equity
Dividends - (5,567,500 ) (5,567,500 )
Total comprehensive income - 10,001,568 10,001,568
Balance at 31 December 2021 3 8,081,179 8,081,182

Changes in equity
Dividends - (2,585,856 ) (2,585,856 )
Total comprehensive income - 510,569 510,569
Balance at 31 December 2022 3 6,005,892 6,005,895

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 private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General Information page.

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 557,544 560,297 1,117,841
Disposals (557,544 ) - (557,544 )
At 31 December 2022 - 560,297 560,297
DEPRECIATION
At 1 January 2022 - 320,785 320,785
Charge for year - 140,075 140,075
At 31 December 2022 - 460,860 460,860
NET BOOK VALUE
At 31 December 2022 - 99,437 99,437
At 31 December 2021 557,544 239,512 797,056

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 - 201
Additions - 146,330 146,330
Impairments - (24,299 ) (24,299 )
At 31 December 2022 201 122,031 122,232
NET BOOK VALUE
At 31 December 2022 201 122,031 122,232
At 31 December 2021 201 - 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 787,699
NET BOOK VALUE
At 31 December 2022 787,699
At 31 December 2021 787,699

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 - - 4,495,377 3,214,526
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 1,515 1,610
2,774,578 2,311,442 4,496,892 3,216,136

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 1,749 1,668
Amounts owed to group undertakings - - - 100
Corporation Tax - 1,272,456 - 30,531
Social security and other taxes 51,008 48,387 - -
VAT - 129,800 9,309 8,189
Other payables 16,145 19,291 1 1
Directors' current accounts 847,080 518,703 847,080 558,421
Accruals and deferred income 277,631 327,529 9,900 9,400
1,904,392 3,199,202 868,039 608,310

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: £    £   
3 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'.