REGISTERED NUMBER: |
Financial Statements |
for the Period |
26 February 2023 to 2 March 2024 |
for |
Phoenix Speciality Oils Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Period |
26 February 2023 to 2 March 2024 |
for |
Phoenix Speciality Oils Limited |
Phoenix Speciality Oils Limited (Registered number: 05426479) |
Contents of the Financial Statements |
for the Period 26 February 2023 to 2 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Phoenix Speciality Oils Limited |
Company Information |
for the Period 26 February 2023 to 2 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants & Business Advisers |
15 Newland |
Lincoln |
Lincolnshire |
LN1 1XG |
Phoenix Speciality Oils Limited (Registered number: 05426479) |
Balance Sheet |
2 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Phoenix Speciality Oils Limited (Registered number: 05426479) |
Notes to the Financial Statements |
for the Period 26 February 2023 to 2 March 2024 |
1. | STATUTORY INFORMATION |
Phoenix Speciality Oils Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Phoenix Speciality Oils Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Grovetree Limited, New Farm, Redhill, Nottingham, Nottinghamshire, NG5 8PB. |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
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. |
Tangible fixed assets |
Leasehold improvements | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Finished goods are valued at the cost of raw materials, labour and other overheads required to produce the finished product. |
Phoenix Speciality Oils Limited (Registered number: 05426479) |
Notes to the Financial Statements - continued |
for the Period 26 February 2023 to 2 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
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 the Statement of Comprehensive Income. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. |
Taxation |
Taxation for the period 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 period 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 |
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 the shorter. |
The interest element of these obligations is charged to profit or 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 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 period was |
Phoenix Speciality Oils Limited (Registered number: 05426479) |
Notes to the Financial Statements - continued |
for the Period 26 February 2023 to 2 March 2024 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
Additions |
Transfers from group |
At 2 March 2024 |
AMORTISATION |
Charge for period |
Transfers from group |
At 2 March 2024 |
NET BOOK VALUE |
At 2 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Leasehold | Plant and | Motor | Computer |
improvements | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 26 February 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Transfers from group |
At 2 March 2024 |
DEPRECIATION |
At 26 February 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
Transfers from group |
At 2 March 2024 |
NET BOOK VALUE |
At 2 March 2024 |
At 25 February 2023 |
Included within the net book value of fixed assets is £27,022 (2023: £30,625) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the period in respect of such assets amounted to £3,603 (2023: £3,603). |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 2 March 2024 |
NET BOOK VALUE |
At 2 March 2024 |
Phoenix Speciality Oils Limited (Registered number: 05426479) |
Notes to the Financial Statements - continued |
for the Period 26 February 2023 to 2 March 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans - 2-5 years | 258,960 | 324,480 |
Other loans due > 5 years | - | 17,160 |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans due > 5 years | - | 17,160 |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Phoenix Speciality Oils Limited (Registered number: 05426479) |
Notes to the Financial Statements - continued |
for the Period 26 February 2023 to 2 March 2024 |
10. | LEASING AGREEMENTS - continued |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
Hire purchase contracts are secured over the related assets. |
11. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 81,326 | 60,107 |
Deferred |
tax |
£ |
Balance at 26 February 2023 |
Provided during period |
Balance at 2 March 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
Preference | £1 | 400,000 | 400,000 |
401,000 | 401,000 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | ULTIMATE CONTROLLING PARTY |
Grovetree Limited is the ultimate controlling party as Phoenix Farm Group Limited has a controlling interest in Phoenix Speciality Oils Limited and Grovetree Limited has a controlling interest in Phoenix Farm Group Limited. |
Grovetree Limited's registered office is New Farm, Redhill, Nottingham, Nottinghamshire, NG5 8PB. |