Silverfin false false 31/07/2023 01/08/2022 31/07/2023 Graham John Davidson 02/08/2021 Henry John Lints 19/07/2021 Walter Clark Robertson 17/09/2021 Craig Ronald Smith 19/07/2021 19 April 2024 The company provides both onshore and offshore decommissioning support services to the oil and gas industry, utilising its licensed quayside facilities throughout the North East of Scotland and Shetland.

Although specialising in the project management, decontamination, and disposal of NORM (Naturally Occurring Radioactive Material) attaching to oilfield equipment, the company also provides DGSA services, Radiological Protection Supervision (RPS) services, hazardous and non-hazardous waste management services.
SC704425 2023-07-31 SC704425 bus:Director1 2023-07-31 SC704425 bus:Director2 2023-07-31 SC704425 bus:Director3 2023-07-31 SC704425 bus:Director4 2023-07-31 SC704425 2022-07-31 SC704425 core:CurrentFinancialInstruments 2023-07-31 SC704425 core:CurrentFinancialInstruments 2022-07-31 SC704425 core:Non-currentFinancialInstruments 2023-07-31 SC704425 core:Non-currentFinancialInstruments 2022-07-31 SC704425 core:ShareCapital 2023-07-31 SC704425 core:ShareCapital 2022-07-31 SC704425 core:SharePremium 2023-07-31 SC704425 core:SharePremium 2022-07-31 SC704425 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC704425 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC704425 core:LandBuildings 2022-07-31 SC704425 core:OtherPropertyPlantEquipment 2022-07-31 SC704425 core:LandBuildings 2023-07-31 SC704425 core:OtherPropertyPlantEquipment 2023-07-31 SC704425 2021-07-18 SC704425 bus:OrdinaryShareClass1 2023-07-31 SC704425 2022-08-01 2023-07-31 SC704425 bus:FilletedAccounts 2022-08-01 2023-07-31 SC704425 bus:SmallEntities 2022-08-01 2023-07-31 SC704425 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SC704425 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 SC704425 bus:Director1 2022-08-01 2023-07-31 SC704425 bus:Director2 2022-08-01 2023-07-31 SC704425 bus:Director3 2022-08-01 2023-07-31 SC704425 bus:Director4 2022-08-01 2023-07-31 SC704425 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-08-01 2023-07-31 SC704425 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-08-01 2023-07-31 SC704425 2021-07-19 2022-07-31 SC704425 core:LandBuildings 2022-08-01 2023-07-31 SC704425 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 SC704425 core:CurrentFinancialInstruments 2022-08-01 2023-07-31 SC704425 core:Non-currentFinancialInstruments 2022-08-01 2023-07-31 SC704425 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 SC704425 bus:OrdinaryShareClass1 2021-07-19 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC704425 (Scotland)

PHOENIX DECOM LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH THE REGISTRAR

PHOENIX DECOM LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

Contents

PHOENIX DECOM LTD

BALANCE SHEET

AS AT 31 JULY 2023
PHOENIX DECOM LTD

BALANCE SHEET (continued)

AS AT 31 JULY 2023
Note 31.07.2023 31.07.2022
£ £
Fixed assets
Tangible assets 3 651,140 130,167
651,140 130,167
Current assets
Debtors 4 877,860 1,258,276
Cash at bank and in hand 1,886,123 982,452
2,763,983 2,240,728
Creditors: amounts falling due within one year 5 ( 870,053) ( 830,675)
Net current assets 1,893,930 1,410,053
Total assets less current liabilities 2,545,070 1,540,220
Creditors: amounts falling due after more than one year 6 ( 230,871) ( 38,745)
Provision for liabilities 7 ( 154,426) ( 32,099)
Net assets 2,159,773 1,469,376
Capital and reserves
Called-up share capital 8 1,000 1,000
Share premium account 159,050 159,050
Profit and loss account 1,999,723 1,309,326
Total shareholders' funds 2,159,773 1,469,376

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Phoenix Decom Ltd (registered number: SC704425) were approved and authorised for issue by the Board of Directors on 19 April 2024. They were signed on its behalf by:

Henry John Lints
Director
PHOENIX DECOM LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
PHOENIX DECOM LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Phoenix Decom Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Unit G5 Enterprise Centre, Aberdeen Energy Park, Exploration Drive, Bridge Of Don, Aberdeen, AB23 8GX, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 6 - 12 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, with original maturities of three months or less.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Year ended
31.07.2023
Period from
19.07.2021 to
31.07.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 10

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 August 2022 0 141,178 141,178
Additions 10,051 628,572 638,623
Disposals 0 ( 65,688) ( 65,688)
At 31 July 2023 10,051 704,062 714,113
Accumulated depreciation
At 01 August 2022 0 11,011 11,011
Charge for the financial year 0 57,826 57,826
Disposals 0 ( 5,864) ( 5,864)
At 31 July 2023 0 62,973 62,973
Net book value
At 31 July 2023 10,051 641,089 651,140
At 31 July 2022 0 130,167 130,167

4. Debtors

31.07.2023 31.07.2022
£ £
Trade debtors 866,165 470,435
Other debtors 11,695 787,841
877,860 1,258,276

5. Creditors: amounts falling due within one year

31.07.2023 31.07.2022
£ £
Bank loans 24,030 22,337
Trade creditors 193,929 221,933
Taxation and social security 367,487 491,870
Obligations under finance leases and hire purchase contracts 53,279 0
Other creditors 231,328 94,535
870,053 830,675

The bank loan is secured by a floating charge over all the assets of the company.
Obligations under hire purchase leases are secured over the assets to which they relate.

6. Creditors: amounts falling due after more than one year

31.07.2023 31.07.2022
£ £
Bank loans 13,791 38,745
Obligations under finance leases and hire purchase contracts 217,080 0
230,871 38,745

The bank loan is secured by a floating charge over all the assets of the company.
Obligations under hire purchase leases are secured over the assets to which they relate.

7. Deferred tax

31.07.2023 31.07.2022
£ £
At the beginning of financial year/period ( 32,099) 0
Charged to the Statement of Income and Retained Earnings ( 122,327) ( 32,099)
At the end of financial year/period ( 154,426) ( 32,099)

8. Called-up share capital

31.07.2023 31.07.2022
£ £
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 0.01 each 1,000 1,000

9. Financial commitments

Commitments

31.07.2023 31.07.2022
£ £
Total future minimum lease payments under non-cancellable operating lease 1,000,837 34,542

10. Events after the Balance Sheet date

Post year end the company declared and paid a final dividend of £200,000 to the shareholders.