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Registration number: 03568202

Phoenix Property Development Co. Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Phoenix Property Development Co. Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Phoenix Property Development Co. Ltd.

Company Information

Directors

Benedict Lister

Fabio Stampanoni

Helen Roue

Registered office

6 East Point
High Street
Seal
Sevenoaks
Kent
TN15 0EG

 

Phoenix Property Development Co. Ltd.

(Registration number: 03568202)
Balance Sheet as at 31 December 2023

Note

2023

2022

Fixed assets

 

Tangible assets

4

72,259

96,346

Investment property

5

1,369,572

1,369,572

Investments

6

30,390,024

30,390,024

 

31,831,855

31,855,942

Current assets

 

Debtors

7

4,457

940,698

Cash at bank and in hand

 

202,577

135,086

 

207,034

1,075,784

Creditors: Amounts falling due within one year

8

(15,386,767)

(15,368,595)

Net current liabilities

 

(15,179,733)

(14,292,811)

Net assets

 

16,652,122

17,563,131

Capital and reserves

 

Called up share capital

9

2,739,470

2,739,470

Revaluation reserve

14,624,033

14,624,033

Retained earnings

(711,381)

199,628

Shareholders' funds

 

16,652,122

17,563,131

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
Benedict Lister
Director

 

Phoenix Property Development Co. Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
6 East Point
High Street
Seal
Sevenoaks
Kent
TN15 0EG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are prepared in Euros which is the functional and presentational currency of the company.

Group accounts not prepared

No consolidated accounts have been prepared by the company's sole direct subsidiary Eufente SpA in reliance on paragraph 9(a) of Directive 2013/34/EU and so, in the extremely rare but ongoing circumstances of the absence of the required figures that cannot be obtained without disproportionate expense plus undue delay, pursuant to the corresponding provision in Section 405(3)(b) of Companies Act 2006, the company, in preparing these financial statements and for applying Sections 386(6)(a) & 404(1) and 479(5)(a) has not regarded its own results as falling to be aggregated with any that may be excluded from being taken account of Section 405.

Going concern

The financial statements have been prepared on a going concern basis.

 

Phoenix Property Development Co. Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Rental income is apportioned to the profit & loss on a straight line basis over the life of the lease.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance

Fixtures & fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Phoenix Property Development Co. Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Phoenix Property Development Co. Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Phoenix Property Development Co. Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings

Plant and machinery

Total

Cost or valuation

At 1 January 2023

14,040

82,306

96,346

At 31 December 2023

14,040

82,306

96,346

Depreciation

Charge for the year

3,510

20,577

24,087

At 31 December 2023

3,510

20,577

24,087

Carrying amount

At 31 December 2023

10,530

61,729

72,259

At 31 December 2022

14,040

82,306

96,346

5

Investment properties

2023

At 1 January

1,369,572

At 31 December

1,369,572

In the opinion of the directors, the fair value of the investment property is not materially different to its purchase price.

There has been no valuation of investment property by an independent valuer.

6

Investments

2023

2022

Investments in subsidiaries

17,421,692

17,421,692

Fixed asset group loan

12,968,332

12,968,332

30,390,024

30,390,024

 

Phoenix Property Development Co. Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Subsidiaries

Cost or valuation

At 1 January 2023

17,421,692

Provision

Carrying amount

At 31 December 2023

17,421,692

At 31 December 2022

17,421,692

Fixed asset group loan

Cost or valuation

At 1 January 2023

12,968,332

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Eufente SpA

Viale Giappone, 42, 00060 Le Rughe RM, Italy

Italy

Ordinary shares

80%

80%

Subsidiary undertakings

Eufente SpA

The principal activity of Eufente SpA is property based trading and investment activities. Its financial period end is 31 December.

7

Debtors

Current

2023

2022

Trade debtors

-

15,000

Prepayments

2,500

-

Other debtors

1,957

925,698

 

4,457

940,698

 

Phoenix Property Development Co. Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023

2022

Due within one year

 

Loans and borrowings

10

15,209,313

15,211,054

Trade creditors

 

2,483

-

Accruals and deferred income

 

174,971

157,541

 

15,386,767

15,368,595

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

No.

Ordinary A shares of €40 each

2

80

2

80

Ordinary B shares of €40 each

63,533

2,541,320

63,533

2,541,320

63,535

2,541,400

63,535

2,541,400

Allotted, called up and fully paid shares

2023

2022

No.

No.

Ordinary C shares of £10 each

13,400

198,070

13,400

198,070

       

10

Loans and borrowings

Current loans and borrowings

2023

2022

Other borrowings

15,209,313

15,211,054

Other borrowings

Loan from parent entity is denominated in Euros with a nominal interest rate of 0.23% on the first €5m of loan principal. The carrying amount at year end is €15,209,313 (2022 - €15,211,053).

The loan is unsecured and repayable on demand.

11

Related party transactions

 

Phoenix Property Development Co. Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023

2022

Remuneration

55,000

23,333

Summary of transactions with subsidiaries

Eufente SpA
 

Loans to related parties

2023

Subsidiary

Total

At start of period

12,968,332

12,968,332

At end of period

12,968,332

12,968,332

2022

Subsidiary

Total

At start of period

12,968,332

12,968,332

At end of period

12,968,332

12,968,332

Terms of loans to related parties

The amounts owed by the subsidiary are unsecured, interest free and repayable in more than one year.