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REGISTERED NUMBER: 02105440













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PHOENIX SCIENTIFIC INDUSTRIES LIMITED

PHOENIX SCIENTIFIC INDUSTRIES LIMITED (REGISTERED NUMBER: 02105440)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PHOENIX SCIENTIFIC INDUSTRIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs J Hopkins
J L A Cary
W G Hopkins





SECRETARY: Mrs J Hopkins





REGISTERED OFFICE: Unit 15 Apex Business Park
Hailsham
East Sussex
BN27 3JG





REGISTERED NUMBER: 02105440





ACCOUNTANTS: Watson Associates (Professional Services) Limited
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

PHOENIX SCIENTIFIC INDUSTRIES LIMITED (REGISTERED NUMBER: 02105440)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 25,335
Tangible assets 5 507,119 126,984
507,119 152,319

CURRENT ASSETS
Stocks 55,533 42,630
Debtors 6 1,220,343 1,103,018
Cash at bank and in hand 809,728 13,485
2,085,604 1,159,133
CREDITORS
Amounts falling due within one year 7 (1,905,210 ) (743,808 )
NET CURRENT ASSETS 180,394 415,325
TOTAL ASSETS LESS CURRENT
LIABILITIES

687,513

567,644

CREDITORS
Amounts falling due after more than one
year

8

(259,168

)

(399,167

)

PROVISIONS FOR LIABILITIES (122,482 ) (27,174 )
NET ASSETS 305,863 141,303

CAPITAL AND RESERVES
Called up share capital 9 100 100
Share premium 19,987 19,987
Retained earnings 285,776 121,216
SHAREHOLDERS' FUNDS 305,863 141,303

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PHOENIX SCIENTIFIC INDUSTRIES LIMITED (REGISTERED NUMBER: 02105440)

BALANCE SHEET - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





W G Hopkins - Director


PHOENIX SCIENTIFIC INDUSTRIES LIMITED (REGISTERED NUMBER: 02105440)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Phoenix Scientific Industries Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.

PHOENIX SCIENTIFIC INDUSTRIES LIMITED (REGISTERED NUMBER: 02105440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 126,667
AMORTISATION
At 1 January 2023 101,332
Charge for year 25,335
At 31 December 2023 126,667
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 25,335

PHOENIX SCIENTIFIC INDUSTRIES LIMITED (REGISTERED NUMBER: 02105440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 267,066 69,699 162,493 35,867 535,125
Additions - 465,777 - - 465,777
At 31 December 2023 267,066 535,476 162,493 35,867 1,000,902
DEPRECIATION
At 1 January 2023 195,543 58,662 118,491 35,445 408,141
Charge for year 7,468 71,522 6,546 106 85,642
At 31 December 2023 203,011 130,184 125,037 35,551 493,783
NET BOOK VALUE
At 31 December 2023 64,055 405,292 37,456 316 507,119
At 31 December 2022 71,523 11,037 44,002 422 126,984

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 125,345 216,123
Other debtors 1,094,998 886,895
1,220,343 1,103,018

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 140,000 168,124
Trade creditors 354,331 195,552
Amounts owed to group undertakings 114,319 232,053
Taxation and social security 30,127 33,430
Other creditors 1,266,433 114,649
1,905,210 743,808

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 259,168 399,167

PHOENIX SCIENTIFIC INDUSTRIES LIMITED (REGISTERED NUMBER: 02105440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £0.10 100 100

10. RELATED PARTY DISCLOSURES

During the year the company made purchases of £213,000 (2022: £NIL) to PSI (UK) Ltd, a company controlled by Mr and Mrs W G Hopkins, for their services. At the year end the company owed £nil (2022 - £117,734) to PSI (UK) Ltd.

During the year the company was charged £42,875 (2022: - £68,600) by Mr and Mrs Hopkins for the rent of business premises.

During the year the company made sales of £805,204 (2022: £467,800) to Metal Powder and Process Limited, a company controlled by Mr and Mrs W G Hopkins.

During the year the company made intercompany transfers of £116,043 (2022: £79,377) to Metal Powder and Process Limited, a company controlled by Mr and Mrs W G Hopkins.

During the year the company also made purchases totalling £nil (2022: £nil) from Metal Powder and Process Limited.

At the year end the company was owed £947,144 (2022: £831,101) by Metal Powder and Process Limited.

11. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Variton Limited, a company registered in England and Wales.