Company Registration No. 11998394 (England and Wales)
Fhenix Ltd
Unaudited accounts
for the year ended 31 December 2022
Fhenix Ltd
Unaudited accounts
Contents
Fhenix Ltd
Company Information
for the year ended 31 December 2022
Directors
Rory Keaveny
Joseph Keaveny
Company Number
11998394 (England and Wales)
Registered Office
124 City Road
London
EC1V 2NX
Accountants
Cloudkeepers London Ltd
124 City Road
London
EC1V 2NX
Fhenix Ltd
Statement of financial position
as at 31 December 2022
Tangible assets
1,612,423
996,273
Cash at bank and in hand
175,534
243,309
Creditors: amounts falling due within one year
(1,334,466)
(859,493)
Net current liabilities
(798,744)
(485,392)
Total assets less current liabilities
813,679
510,881
Creditors: amounts falling due after more than one year
(1,073,588)
(875,403)
Net liabilities
(259,909)
(364,522)
Called up share capital
100
100
Profit and loss account
(260,009)
(364,622)
Shareholders' funds
(259,909)
(364,522)
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 February 2024 and were signed on its behalf by
Rory Keaveny
Director
Company Registration No. 11998394
Fhenix Ltd
Notes to the Accounts
for the year ended 31 December 2022
Fhenix Ltd is a private company, limited by shares, registered in England and Wales, registration number 11998394. The registered office is 124 City Road, London, EC1V 2NX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 December 2022 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2021.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The financial statements have been prepared on a going concern basis, notwithstanding the net asset deficiency, on the basis that the company will be supported financially by the shareholder to enable the company to meet its financial liabilities as they fall due.
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Plant & machinery
10% straight line
Fixtures & fittings
10% straight line
Computer equipment
33% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
The accounts are presented in £ sterling.
Fhenix Ltd
Notes to the Accounts
for the year ended 31 December 2022
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2022
411,713
679,154
1,413
1,092,280
Additions
395,336
360,063
11,508
766,907
At 31 December 2022
807,049
1,039,217
12,921
1,859,187
At 1 January 2022
22,484
72,764
759
96,007
Charge for the year
54,771
93,642
2,344
150,757
At 31 December 2022
77,255
166,406
3,103
246,764
At 31 December 2022
729,794
872,811
9,818
1,612,423
At 31 December 2021
389,229
606,390
654
996,273
Amounts falling due within one year
Accrued income and prepayments
72,807
17,733
Other debtors
282,374
112,950
6
Creditors: amounts falling due within one year
2022
2021
Trade creditors
382,796
185,996
Taxes and social security
56,865
59,653
Other creditors
6,999
9,606
Deferred income
689,054
559,076
Fhenix Ltd
Notes to the Accounts
for the year ended 31 December 2022
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
400,967
188,560
Loans from directors
450,090
425,829
8
Transactions with related parties
Summary of transactions with other related parties
At the year end, the balance due to the shareholder was £449,989.64. The loan was interest free.
9
Average number of employees
During the year the average number of employees was 38 (2021: 25).