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REGISTERED NUMBER: 05426479 (England and Wales)






















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: J W Hammond
T C Bradshaw
A E Hammond





SECRETARY: P A Thompson





REGISTERED OFFICE: New Farm
Mansfield Road
Redhill
Nottinghamshire
NG5 8PB





REGISTERED NUMBER: 05426479 (England and Wales)





AUDITORS: Wright Vigar Limited
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 23,362 -
Tangible assets 5 403,326 394,487
Investments 6 460,151 -
886,839 394,487

CURRENT ASSETS
Stocks 746,322 35,891
Debtors 7 432,790 774,053
Cash at bank and in hand 96,970 73,528
1,276,082 883,472
CREDITORS
Amounts falling due within one year 8 601,987 286,077
NET CURRENT ASSETS 674,095 597,395
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,560,934

991,882

CREDITORS
Amounts falling due after more than one
year

9

(828,635

)

(440,034

)

PROVISIONS FOR LIABILITIES 11 (81,326 ) (60,107 )
NET ASSETS 650,973 491,741

CAPITAL AND RESERVES
Called up share capital 12 401,000 401,000
Retained earnings 249,973 90,741
SHAREHOLDERS' FUNDS 650,973 491,741

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





A E Hammond - Director


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

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold improvements - 10% on cost
Plant and machinery - 10% on cost and 4% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

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 20 (2023 - 18 ) .

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 9,378 15,000 24,378
Transfers from group - 40,000 40,000
At 2 March 2024 9,378 55,000 64,378
AMORTISATION
Charge for period 391 625 1,016
Transfers from group - 40,000 40,000
At 2 March 2024 391 40,625 41,016
NET BOOK VALUE
At 2 March 2024 8,987 14,375 23,362

5. TANGIBLE FIXED ASSETS
Leasehold Plant and Motor Computer
improvements machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 26 February 2023 36,161 1,274,632 30,400 16,340 1,357,533
Additions - 103,191 - 7,661 110,852
Disposals - (2,755 ) - - (2,755 )
Transfers from group - 10,990 - 8,606 19,596
At 2 March 2024 36,161 1,386,058 30,400 32,607 1,485,226
DEPRECIATION
At 26 February 2023 14,656 921,497 16,720 10,173 963,046
Charge for period 3,616 87,503 6,080 3,295 100,494
Eliminated on disposal - (935 ) - - (935 )
Transfers from group - 10,990 - 8,305 19,295
At 2 March 2024 18,272 1,019,055 22,800 21,773 1,081,900
NET BOOK VALUE
At 2 March 2024 17,889 367,003 7,600 10,834 403,326
At 25 February 2023 21,505 353,135 13,680 6,167 394,487

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 460,151
At 2 March 2024 460,151
NET BOOK VALUE
At 2 March 2024 460,151

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 148,335 168,597
Amounts owed by group undertakings 211,995 589,228
Other debtors 2,653 50
VAT 25,651 -
Prepayments and accrued income 44,156 16,178
432,790 774,053

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 81,120 81,120
Hire purchase contracts (see note 10) 8,464 8,060
Trade creditors 92,930 68,042
Amounts owed to group undertakings 330,520 19,151
Tax - 2,062
Social security and other taxes 20,283 36,198
Other creditors 3,192 986
Accruals and deferred income 65,478 70,458
601,987 286,077

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) 5,131 13,594
Trade creditors 44,096 84,800
Amounts owed to group undertakings 520,448 -
828,635 440,034

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 8,464 8,060
Between one and five years 5,131 13,594
13,595 21,654

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 13,896 14,803
Between one and five years 9,941 23,680
23,837 38,483

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 60,107
Provided during period 21,219
Balance at 2 March 2024 81,326

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000
400,000 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.

Matthew Chadwick BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited

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.