IRIS Accounts Production v24.2.0.383 04334419 director 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh043344192022-12-31043344192023-12-31043344192023-01-012023-12-31043344192021-12-31043344192022-01-012022-12-31043344192022-12-3104334419ns15:EnglandWales2023-01-012023-12-3104334419ns14:PoundSterling2023-01-012023-12-3104334419ns10:Director12023-01-012023-12-3104334419ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104334419ns10:SmallEntities2023-01-012023-12-3104334419ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3104334419ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3104334419ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104334419ns10:FullAccounts2023-01-012023-12-310433441912023-01-012023-12-3104334419ns10:RegisteredOffice2023-01-012023-12-3104334419ns5:CurrentFinancialInstruments2023-12-3104334419ns5:CurrentFinancialInstruments2022-12-3104334419ns5:Non-currentFinancialInstruments2023-12-3104334419ns5:Non-currentFinancialInstruments2022-12-3104334419ns5:ShareCapital2023-12-3104334419ns5:ShareCapital2022-12-3104334419ns5:RetainedEarningsAccumulatedLosses2023-12-3104334419ns5:RetainedEarningsAccumulatedLosses2022-12-3104334419ns5:PlantMachinery2022-12-3104334419ns5:PlantMachinery2023-01-012023-12-3104334419ns5:PlantMachinery2023-12-3104334419ns5:PlantMachinery2022-12-3104334419ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3104334419ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3104334419ns5:WithinOneYear2023-12-3104334419ns5:WithinOneYear2022-12-3104334419ns5:BetweenOneFiveYears2023-12-3104334419ns5:BetweenOneFiveYears2022-12-3104334419ns5:AllPeriods2023-12-3104334419ns5:AllPeriods2022-12-3104334419ns5:Secured2023-12-3104334419ns5:Secured2022-12-31043344191ns10:Director12022-12-31043344191ns10:Director12021-12-31043344191ns10:Director12023-01-012023-12-31043344191ns10:Director12022-01-012022-12-31043344191ns10:Director12023-12-31043344191ns10:Director12022-12-31
REGISTERED NUMBER: 04334419 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FENIKS RESOURCE SERVICES LIMITED

PREVIOUSLY KNOWN AS
LYSIS FINANCIAL LTD

FENIKS RESOURCE SERVICES LIMITED (REGISTERED NUMBER: 04334419)
PREVIOUSLY KNOWN AS LYSIS FINANCIAL LTD






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FENIKS RESOURCE SERVICES LIMITED
PREVIOUSLY KNOWN AS LYSIS FINANCIAL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mr J W Sweet



REGISTERED OFFICE: 62 The Street
Ashtead
Surrey
KT21 1AT



REGISTERED NUMBER: 04334419 (England and Wales)



ACCOUNTANTS: David Beckman & Co Ltd
62 The Street
Ashtead
Surrey
KT21 1AT



BANKERS: HSBC
186 Baker Street
London
NW1 5RW

FENIKS RESOURCE SERVICES LIMITED (REGISTERED NUMBER: 04334419)
PREVIOUSLY KNOWN AS LYSIS FINANCIAL LTD

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 16,101 37,692

CURRENT ASSETS
Debtors 6 2,825,461 3,261,912

CREDITORS
Amounts falling due within one year 7 (4,885,082 ) (4,510,664 )
NET CURRENT LIABILITIES (2,059,621 ) (1,248,752 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,043,520

)

(1,211,060

)

CREDITORS
Amounts falling due after more than one
year

8

(213,565

)

(71,298

)
NET LIABILITIES (2,257,085 ) (1,282,358 )

CAPITAL AND RESERVES
Called up share capital 207 207
Retained earnings (2,257,292 ) (1,282,565 )
SHAREHOLDERS' FUNDS (2,257,085 ) (1,282,358 )

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 director acknowledges his 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.

FENIKS RESOURCE SERVICES LIMITED (REGISTERED NUMBER: 04334419)
PREVIOUSLY KNOWN AS LYSIS FINANCIAL LTD

STATEMENT OF FINANCIAL POSITION - 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 February 2024 and were signed by:





Mr J W Sweet - Director


FENIKS RESOURCE SERVICES LIMITED (REGISTERED NUMBER: 04334419)
PREVIOUSLY KNOWN AS LYSIS FINANCIAL LTD

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

1. STATUTORY INFORMATION

Feniks Resource Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, except for the modification to a fair value basis if required.

Due to the continued substantial losses of the business and the deficit on the Balance Sheet, there is significant doubt about using the going concern basis for the preparation of these accounts.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates if necessary. It also requires management to exercise judgement in applying the Company accounting policies.

The items in the financial statements where these judgement and estimates have been made include:

Estimates

- The useful life of fixed assets.
- Asset residual values.

Changes in accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts.

Turnover
Turnover represents the net invoiced sales of services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration based on the extent to which work has been performed.

FENIKS RESOURCE SERVICES LIMITED (REGISTERED NUMBER: 04334419)
PREVIOUSLY KNOWN AS LYSIS FINANCIAL LTD

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

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives as follows:.

- Plant and machinery - 20% on cost
- Fixtures and fittings - 20% on cost
- Computer equipment - 33% on cost

Impairment of Assets
At each reporting date, fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment been recognised for the asset in prior years.

All impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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 debtors and creditors, and loans with related parties and other third parties.

Financial Assets
Basic financial assets, including trade and other receivables, and cash and bank balances are recognised at transaction price, less any impairment.

Financial Liabilities
Basic financial liabilities, including trade and other payables, are recognised at transaction price, less any impairment., unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


FENIKS RESOURCE SERVICES LIMITED (REGISTERED NUMBER: 04334419)
PREVIOUSLY KNOWN AS LYSIS FINANCIAL LTD

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

3. 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.

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.

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.

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 60 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 125,353
DEPRECIATION
At 1 January 2023 87,661
Charge for year 21,591
At 31 December 2023 109,252
NET BOOK VALUE
At 31 December 2023 16,101
At 31 December 2022 37,692

FENIKS RESOURCE SERVICES LIMITED (REGISTERED NUMBER: 04334419)
PREVIOUSLY KNOWN AS LYSIS FINANCIAL LTD

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 127,830 396,562
Bad debt provision (121,439 ) -
Amounts owed by group undertakings - 304,719
Amounts recoverable on contracts - 1,002
Other debtors 76,562 100,562
Directors' current accounts 1,556,541 1,524,845
Tax 475,994 465,296
Deferred tax asset 709,973 399,111
Prepayments and accrued income - 69,815
2,825,461 3,261,912

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 123,707 50,567
Trade creditors 394,042 478,811
Amounts owed to group undertakings 54,996 189,576
Taxation and social security 4,298,337 3,443,589
Other creditors 14,000 348,121
4,885,082 4,510,664

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 213,565 71,298

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year - 323,556
Between one and five years - 344,889
- 668,445

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 123,707 -

HSBC UK Bank PLC and MarketInvoice each have a fixed and floating charge over all of the assets.

FENIKS RESOURCE SERVICES LIMITED (REGISTERED NUMBER: 04334419)
PREVIOUSLY KNOWN AS LYSIS FINANCIAL LTD

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

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr J W Sweet
Balance outstanding at start of year 1,524,845 1,135,117
Amounts advanced 31,696 389,728
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,556,541 1,524,845

12. ULTIMATE CONTROLLING PARTY

The Company is a subsidiary of Lysis Group Ltd. The registered office of Lysis Group Limited is 39 Fitzwilliam Place, Dublin, D02 ND61.