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REGISTERED NUMBER: 06491878 (England and Wales)















PHOENIX HIRE & SALES LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024






PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 17


PHOENIX HIRE & SALES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: G Derraven
J Derraven
N M Lewis
P T Lewis
J L Derraven





SECRETARY: G Derraven





REGISTERED OFFICE: Phoenix House
2 Ty Coch Park
Ty Coch Way
Cwmbran
Torfaen
NP44 7HB





REGISTERED NUMBER: 06491878 (England and Wales)





AUDITORS: Green & Co
Chartered Certified Accountants
and Registered Auditors (Statutory Auditor)
Pembroke House
Llantarnam Park Way
Cwmbran
Torfaen
NP44 3AU

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024

The directors present their strategic report for the year ended 31st March 2024.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and written in the context of the risks and uncertainties we face.

Turnover for the year decreased by 0.91% from £15,426,304 in 2023 to £15,285,693 in 2024.

Cost of sales also decreased from £9,398,270 in 2023 to £7,772,268 in 2024 resulting in a gross profit for the year of £7,513,425. The gross profit represents 49.15% of turnover, an increase from 39.08% in the previous year.

Considering other income, expenditure and finance costs, the company made a net profit for the year before taxation of £821,778 compared with a net profit of £335,135 in the previous year.

Whilst there is a net current liability of £1,315,039 for the year, a decrease from a net current liability of £1,341,362 in the previous year, the balance sheet remains strong, owing largely to the value of the tangible fixed assets. The cash balance has decreased from negative £705,949 in 2023 to a negative £1,172,354 at the end of 2024.

Our performance in 2024 was encouraging, reflecting a continuing increase in activity in the hire and sale of plant in the South Wales area.

PRINCIPAL RISKS AND UNCERTAINTIES
The business environment in which we operate continues to be challenging. The risks and challenges we are likely to face include:

-Managing the burden of increasing fuel and energy costs.

- Finding and retaining excellent staff.

- Continuing to secure substantial hire and sale contracts in a highly competitive industry.

- Serious accident to staff or the public. The company has placed various safety measures and procedures in place which are audited by external bodies.

- Loss of income due to bad debts. The company insures against bad debt and also has significant provisions on its balance sheet.

- Loss of computer data. Back ups are regularly taken and stored off site to prevent a catastrophic loss.

- Theft or loss of physical assets. The company maintains an appropriate level of insurance to cover this.


PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024

FUTURE EXPECTATIONS
We are aware that the war in Ukraine and the rise in energy and fuel prices will have some effect, but the business is in a strong position to shoulder additional costs and supply issues that may arise.


We recognise that the environment we work in is highly competitive and that there will be significant pressure from clients to reduce costs for the services we provide. However, we consider that we are in a strong competitive position in terms of reputation and location to meet the current market, and we will continue to focus on strengthening our technical and management capability at our various sites.

FINANCIAL KEY PERFORMANCE INDICATORS
The directors review and monitor all aspects of the business but consider that turnover, gross profit and gross profit percentage are key performance indicators for the business.

KPI 2024 2023

Turnover £15,285,693 £15,426,304
Gross Profit £7,513,425 £6,028,034
Gross Profit % 49.15% 39.08%


ON BEHALF OF THE BOARD:





G Derraven - Secretary


21st August 2024

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31st March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale and rehire of small plant.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
Ordinary £1 - £2.7072
Ordinary B £1 - £7.0800

The total distribution of dividends for the year ended 31st March 2024 will be £153,028.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report.

G Derraven
J Derraven
N M Lewis
P T Lewis
J L Derraven

FINANCIAL INSTRUMENTS
The company's financial instruments comprise of bank balances, trade debtors, trade creditors, hire purchase, intercompany loans within the group and to related companies under the control of the director and bank loans.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial statements concerned is shown below:

In respect of bank balances, liquidity is managed by maintaining sufficient cash balances.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.


PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2024

POLITICAL DONATIONS AND EXPENDITURE
During the year the company paid £3,641 in charitable donations made up of the following:

£   
Big Give 7
Bridgend Ravens 1,695
Crawshays RFC 20
Euro Logos 100
Go Fund Me 1,057
Movember Foundation 52
Plan International 300
MSS 20
St Tyfodwg Church 250
Walters Raffle 40
RNLI Raft 100
3,641

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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). 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2024


AUDITORS
The auditors, Green & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



G Derraven - Secretary


21st August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHOENIX HIRE & SALES LIMITED

Opinion
We have audited the financial statements of Phoenix Hire & Sales Limited (the 'company') for the year ended 31st March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the 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 company's affairs as at 31st March 2024 and of its 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 company 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 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.

Emphasis of matter
The previously financial statements have been restated for the correction of a material misstatement in the respective period as detailed in note 9 of these financial statements

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHOENIX HIRE & SALES LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Statement of Directors' Responsibilities set out on page five, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHOENIX HIRE & SALES 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk or irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

* Enquiry of management and those charged with governance around actual and potential litigation and claims as actual , suspected and alleged fraud;
* Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
* Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
* Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates or indicators of potential bias.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHOENIX HIRE & SALES 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 a Report of the Auditors 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.




Edwin Gooderham (Senior Statutory Auditor)
for and on behalf of Green & Co
Chartered Certified Accountants
and Registered Auditors (Statutory Auditor)
Pembroke House
Llantarnam Park Way
Cwmbran
Torfaen
NP44 3AU

21st August 2024

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
as restated
Notes £    £   

TURNOVER 15,285,693 15,426,304

Cost of sales 7,772,268 9,398,270
GROSS PROFIT 7,513,425 6,028,034

Administrative expenses 6,372,550 5,573,478
1,140,875 454,556

Other operating income 52,213 36,583
OPERATING PROFIT 4 1,193,088 491,139

Amounts written off investments 5 (645 ) (1,074 )
1,193,733 492,213

Interest payable and similar expenses 6 371,955 157,078
PROFIT BEFORE TAXATION 821,778 335,135

Tax on profit 7 151,570 165,846
PROFIT FOR THE FINANCIAL YEAR 670,208 169,289

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

670,208

169,289
Prior year adjustment 9 (278,709 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

391,499

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

STATEMENT OF FINANCIAL POSITION
31ST MARCH 2024

2024 2023 2022
as restated
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 8,516,842 6,843,319 5,897,037

CURRENT ASSETS
Stocks 11 3,376,519 3,619,553 1,731,274
Debtors 12 2,567,122 3,151,272 2,304,624
Cash at bank and in hand 220 259,315 93,757
5,943,861 7,030,140 4,129,655
CREDITORS
Amounts falling due within one year 13 (7,258,900 ) (8,371,502 ) (4,717,283 )
NET CURRENT LIABILITIES (1,315,039 ) (1,341,362 ) (587,628 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,201,803

5,501,957

5,309,409

CREDITORS
Amounts falling due after more than one
year

14

(2,616,628

)

(1,501,212

)

(1,406,554

)

PROVISIONS FOR LIABILITIES 18 (1,073,596 ) (1,006,346 ) (874,377 )
NET ASSETS 3,511,579 2,994,399 3,028,478

CAPITAL AND RESERVES
Called up share capital 19 50,700 50,700 50,700
Retained earnings 20 3,460,879 2,943,699 2,977,778
SHAREHOLDERS' FUNDS 3,511,579 2,994,399 3,028,478

The financial statements were approved by the Board of Directors and authorised for issue on 21st August 2024 and were signed on its behalf by:




G Derraven - Director


PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st April 2022 50,700 2,977,778 3,028,478

Changes in equity
Profit for the year - 447,998 447,998
Total comprehensive income - 447,998 447,998
Dividends - (203,368 ) (203,368 )
Balance at 31st March 2023 50,700 3,222,408 3,273,108
Prior year adjustment - (278,709 ) (278,709 )
As restated 50,700 2,943,699 2,994,399

Changes in equity
Profit for the year - 670,208 670,208
Total comprehensive income - 670,208 670,208
Dividends - (153,028 ) (153,028 )
Balance at 31st March 2024 50,700 3,460,879 3,511,579

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,241,592 1,846,751
Interest paid (12,381 ) (14,400 )
Interest element of hire purchase
payments paid

(339,251

)

(140,671

)
Finance costs paid (20,323 ) (2,007 )
Tax paid (41,199 ) (8,155 )
Net cash from operating activities 828,438 1,681,518

Cash flows from investing activities
Purchase of tangible fixed assets (4,235,374 ) (2,783,854 )
Sale of tangible fixed assets 959,690 536,734
Net cash from investing activities (3,275,684 ) (2,247,120 )

Cash flows from financing activities
Loan repayments in year (79,917 ) (72,525 )
New HP loans in year 4,009,733 1,562,752
Capital repayments in year (1,724,096 ) (1,311,445 )
Amount introduced by directors 65,084 259,248
Amount withdrawn by directors (136,935 ) (86,024 )
Equity dividends paid (153,028 ) (203,368 )
Net cash from financing activities 1,980,841 148,638

Decrease in cash and cash equivalents (466,405 ) (416,964 )
Cash and cash equivalents at beginning
of year

2

(705,949

)

(288,985

)

Cash and cash equivalents at end of
year

2

(1,172,354

)

(705,949

)

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
as restated
£    £   
Profit before taxation 821,778 335,135
Depreciation charges 1,868,926 1,441,474
Profit on disposal of fixed assets (266,766 ) (140,635 )
Finance costs 371,955 157,078
2,795,893 1,793,052
Decrease/(increase) in stocks 243,034 (1,888,279 )
Decrease/(increase) in trade and other debtors 584,150 (846,648 )
(Decrease)/increase in trade and other creditors (2,381,485 ) 2,788,626
Cash generated from operations 1,241,592 1,846,751

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 31st March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 220 259,315
Bank overdrafts (1,172,574 ) (965,264 )
(1,172,354 ) (705,949 )
Year ended 31st March 2023
31.3.23 1.4.22
as restated
£    £   
Cash and cash equivalents 259,315 93,757
Bank overdrafts (965,264 ) (382,742 )
(705,949 ) (288,985 )


PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST MARCH 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 259,315 (259,095 ) 220
Bank overdrafts (965,264 ) (207,310 ) (1,172,574 )
(705,949 ) (466,405 ) (1,172,354 )
Debt
Finance leases (2,444,537 ) (2,273,669 ) (4,718,206 )
Debts falling due within 1 year (70,153 ) (259 ) (70,412 )
Debts falling due after 1 year (211,296 ) 68,209 (143,087 )
(2,725,986 ) (2,205,719 ) (4,931,705 )
Total (3,431,935 ) (2,672,124 ) (6,104,059 )

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Phoenix Hire & Sales Limited is a private company, limited by shares , registered in England and Wales. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The application of the company's accounting policies, the management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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

Sale of new and second hand plant
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer.

Hire of plant and equipment
Turnover is recognised from plant hire sales on the basis of the dates they were provided during the financial year and hence the amounts to which the company is entitled.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Not provided
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Fixed assets are recorded at cost less accumulated depreciation.

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks 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 their stock to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the profit and loss over the relevant period. The capital element of the future payments is treated as a liability.

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

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Non-derivative financial instruments comprise trade and other debtors, cash and cash equivalents, trade and other creditors and interest free loans.

Debtors and creditors with no stated interest rate are receivable or payable within one year and are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash and cash equivalents comprise of cash at bank and in hand.

Loans and borrowings and concessionary loans are initially recorded at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method less impairment. If an arrangement constitutes a finance transaction it is measured at present value. Loans and borrowings receivable within one year are not discounted.

Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 2,507,848 2,249,691
Social security costs 241,167 222,197
Other pension costs 52,850 47,938
2,801,865 2,519,826

The average number of employees during the year was as follows:
2024 2023
as restated

Directors 5 5
Staff 82 79
87 84

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

3. EMPLOYEES AND DIRECTORS - continued

In addition to total salaries of £144,193 and total pension contributions of £2,817 the directors received benefits from the company during the year as follows:

G Derraven - £7,616
J Derraven - £18,968
N M Lewis - £6,963
P T Lewis - £7,488
J L Derraven - £1,346

2024 2023
as restated
£    £   
Directors' remuneration 144,193 119,038
Directors' pension contributions to money purchase schemes 2,817 2,143

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
as restated
£    £   
Other operating leases 116,394 84,537
Depreciation - owned assets 1,868,927 1,441,473
Profit on disposal of fixed assets (266,766 ) (140,635 )
Auditors' remuneration 17,000 17,000

5. AMOUNTS WRITTEN OFF INVESTMENTS
2024 2023
as restated
£    £   
Exceptional items (645 ) (1,074 )

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
Bank loan interest 6,837 4,550
Mortgage 5,130 5,556
Corporation tax interest 414 4,294
Hire purchase 253,164 140,671
Stocking charge 86,087 -
PAYE interest - 2,007
VAT surcharge 20,323 -
371,955 157,078

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax 84,320 -
Overprovision of tax - 33,877
Total current tax 84,320 33,877

Deferred tax 67,250 131,969
Tax on profit 151,570 165,846

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

7. TAXATION - continued

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:

2024 2023
as restated
£    £   
Profit before tax 821,778 335,135
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

205,445

63,676

Effects of:
Expenses not deductible for tax purposes 8,563 5,786
Capital allowances in excess of depreciation (67,250 ) (116,098 )
Utilisation of tax losses (62,438 ) -
Deferred tax - accelerated capital allowances 67,250 131,968
Prior year adjustment - 33,877
Losses carried forward - 46,637
Total tax charge 151,570 165,846

8. DIVIDENDS
2024 2023
as restated
£    £   
Ordinary shares of £1 each
Interim 81,216 124,113
Ordinary B shares of £1 each
Interim 71,812 79,255
153,028 203,368

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

9. PRIOR YEAR ADJUSTMENT

The accounts have been restated to decrease the aged debtors by £205,099. This has resulted in a decrease in corporation tax due of £3,757 and a decrease in distributable reserves of £201,342.

Summary of prior year accounting impact£   

Decrease in aged debtors 205,099
Decrease in distributable reserves201,342
Decrease in corporation tax due3,757


The accounts have also been restated to dispose of plant and machinery in 2023 rather than 2024. This has resulted in a decrease in profit on disposal and a decrease in deferred tax in 2023.

Summary of prior year accounting impact£   

Decrease in plant and machinery cost carried forward397,263
Decrease in plant and machinery accumulated depreciation316,738
Decrease in deferred tax20,131
Decrease in distributable reserves60,393

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1st April 2023 192,224 9,335,686 208,408
Additions - 3,795,208 27,159
Disposals - (1,805,703 ) -
At 31st March 2024 192,224 11,325,191 235,567
DEPRECIATION
At 1st April 2023 - 3,457,294 134,581
Charge for year - 1,570,933 35,025
Eliminated on disposal - (1,140,654 ) -
At 31st March 2024 - 3,887,573 169,606
NET BOOK VALUE
At 31st March 2024 192,224 7,437,618 65,961
At 31st March 2023 192,224 5,878,392 73,827

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

10. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st April 2023 1,413,363 82,507 11,232,188
Additions 404,673 8,334 4,235,374
Disposals (196,316 ) - (2,002,019 )
At 31st March 2024 1,621,720 90,841 13,465,543
DEPRECIATION
At 1st April 2023 737,576 59,418 4,388,869
Charge for year 250,999 11,970 1,868,927
Eliminated on disposal (168,441 ) - (1,309,095 )
At 31st March 2024 820,134 71,388 4,948,701
NET BOOK VALUE
At 31st March 2024 801,586 19,453 8,516,842
At 31st March 2023 675,787 23,089 6,843,319

At the year end the company held fixed assets with a net book value of £4,337,096 (2023: £2,192,899) under hire purchase contracts.

11. STOCKS
2024 2023
as restated
£    £   
Stocks 3,376,519 3,619,553

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 2,532,841 3,087,276
Prepayments 34,281 63,996
2,567,122 3,151,272

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts (see note 15) 1,242,986 1,035,417
Hire purchase contracts (see note 16) 2,244,665 1,154,621
Trade creditors 2,375,333 4,739,794
Corporation Tax 91,729 48,608
Social security and other taxes 9,231 84,580
VAT 332,025 539,934
Other creditors 25,465 11,383
Amounts owed to associates 543,201 293,121
Directors' current accounts 314,294 386,145
Accruals and deferred income 79,971 77,899
7,258,900 8,371,502

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
as restated
£    £   
Bank loans (see note 15) 143,087 211,296
Hire purchase contracts (see note 16) 2,473,541 1,289,916
2,616,628 1,501,212

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
as restated
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,172,574 965,264
Bank loans 70,412 70,153
1,242,986 1,035,417

Amounts falling due between two and five years:
Bank loans - 1-5 years 106,646 165,610

Amounts falling due in more than five years:

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

15. LOANS - continued
2024 2023
as restated
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 36,441 45,686

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
as restated
£    £   
Net obligations repayable:
Within one year 2,244,665 1,154,621
Between one and five years 2,473,541 1,289,916
4,718,206 2,444,537

Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year - 6,563

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Bank loans 213,499 281,449
Hire purchase contracts 4,718,206 2,444,537
Stocking plan 716,731 -
5,648,436 2,725,986

The hire purchase liabilities are secured against the assets to which they relate. The hire purchase liability includes £695,500 of stocking plan items.

The mortgage is secured against the freehold property held in the company.

The CBILS loan is secured by government guarantee.

The stocking plan liabilities are secured against the stock items to which they relate.

18. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax 1,073,596 1,006,346

Deferred
tax
£   
Balance at 1st April 2023 1,006,346
Provided during year 67,250
Balance at 31st March 2024 1,073,596

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
30,000 Ordinary £1 30,000 30,000
10,557 Ordinary A £1 10,557 10,557
10,143 Ordinary B £1 10,143 10,143
50,700 50,700

20. RESERVES
Retained
earnings
£   

At 1st April 2023 3,222,408
Prior year adjustment (278,709 )
2,943,699
Profit for the year 670,208
Dividends (153,028 )
At 31st March 2024 3,460,879

21. RELATED PARTY DISCLOSURES

As at the 31st March 2024 the company owed £543,201 (2023 - £293,121) to Survey Safety & Training Ltd, a company in which G Derraven and P T Lewis are directors and shareholders.

As at 31st March 2024 the combined balance of the directors' loan account was £314,294 (2023:
£386,145).

Personal guarantee's were issued by the director's against a mortgage taken out by the company as follows:

Directors Guarantee amount
Mr G Derraven & Mrs J Derraven £25,000
Mr P T Lewis & Mrs N M Lewis £5,000

Entities with control, joint control or significant influence over the entity
2024 2023
as restated
£    £   
Sales 79,736 365,741
Purchases 846,010 1,031,566

PHOENIX HIRE & SALES LIMITED (REGISTERED NUMBER: 06491878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024
Amount due to related party 543,201 293,121

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G Derraven.