REGISTERED NUMBER: 06600437 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
PHOENIX GAS HOLDINGS LIMITED |
REGISTERED NUMBER: 06600437 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
PHOENIX GAS HOLDINGS LIMITED |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 3 |
Report of the Directors | 4 | to | 5 |
Report of the Independent Auditors | 6 | to | 9 |
Consolidated Statement of Comprehensive Income | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows | 16 | to | 17 |
Notes to the Consolidated Financial Statements | 18 | to | 35 |
PHOENIX GAS HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Stone House |
Stone Road Business Park |
Stoke-on-Trent |
ST4 6SR |
BANKERS: | Natwest Bank PLC |
Regent Road |
Hanley |
Stoke-on-Trent |
ST1 3JJ |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 30 November 2023. |
Phoenix Gas Holdings Limited is the ultimate parent holding company for the Phoenix Group, encompassing 2 trading subsidiaries. Phoenix Gas Services Limited and Phoenix Renewable Technologies Limited. Phoenix Gas Services Limited is one of the Midlands key plumbing and heating supply companies, in the construction and building industry and is supported by its sister company Phoenix Renewable Technologies Limited. |
There have not been any significant changes to the companies or the rest of the groups principal activities during the year under review. The Directors are not aware, at the date of this report, of any likely changes to the principal activities in the next year. |
REVIEW OF BUSINESS |
The group continued to invest in its people and infrastructure as we began to move into the next phase of our business plan. We actively pushed for sustainable growth during this period and expanded our coverage into the North East, East Midlands and the South. The group has continued to invest in its infrastructure and people to ensure we have a clear platform for growth and has 4 key divisions to expand in. The group invested in new IT partners Plentific and we are working together to help to build a unique proposition for the market to be able to position the group as a market leader in delivery for the sector. |
Our stability this year helped to maintain our group turnover to £14.7m (£14.6m 2022) and we were able to increase GP% for the group to 31% (26% 2022). We have secured long term contracts with existing and new clients which ensures we have a healthy order book for all of our divisions. Profit before tax for the year for the group was maintained to £0.6m (£0.6m 2022) and the stability reflects our continuing investment in our people and the team to help to drive our business growth over the coming years. |
Our market is currently experiencing extreme pressures from price increases in materials and labour following the months of high inflation levels. This has also coincided with an increase in minimum wage which has put pressures on our margins and staff retention. We are managing this as a business by investing in stock to ensure we are procuring at the best price and heavily investing in our internal operating systems to improve efficiencies and allow for us to scale up the business. Alongside this we are increasing our focus on our staff and our engagement levels to improve our staff retention levels and to give us a clear platform for growth. These price increases have had to be passed on to our clients during the 2024 financial year and the business is benefiting from its expertise in multiple areas within the renewables sector both domestic and commercially. |
The Group continues to have a strong balance sheet as a result of many preceding successful years, with net assets of £2.6m (2022: £2.5m). The directors are satisfied that this places the group in a positive position for future growth and development. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Liquidity Risk |
The group seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by the use of a cash reserve maintained and managed monthly. |
Credit Risk |
The principal credit risk arises from the group's trade debtors. |
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provisions are made for doubtful debts where necessary. |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FUTURE DEVELOPMENTS |
The group will continue to provide plumbing and heating services to the construction industry and continue with its progress to gain more profitable long term contracts, to maintain tighter controls over cost management and recoverability of debt, in order to maintain and improve profitability. |
We will preserve and develop our relationships with incumbent clients, reach out for new clients and strive to improve market share that will provide new sources of contribution. |
We will be focusing on fostering our partnership with our IT partners Plentific and building a market leading software solution that can be a clear platform for stable and sustainable growth for the business in all sectors. With this platform in place the group will be looking to utilize this position and look for possible acquisitions to join the group and increase our coverage in our current locations and potentially extend our delivery nationally. |
We have obtained all necessary accreditation and supply chain partners to take advantage of numerous Government led renewable incentives and expect turnover in this market to substantially increase. This has already yielded significant amounts of secured work with many further opportunities currently being tendered. |
POST BALANCE SHEET EVENTS |
During June 2024, the company entered into an agreement to purchase the "D" shares of Steve Parker in two tranches. 75% of the "D" shares were purchased for a total consideration of £225,000. |
There were no other material events up to the date of approval of the financial statements by the board. |
ON BEHALF OF THE BOARD: |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 November 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 November 2023 will be £305,214. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
The group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 and future developments and financial risk management. |
The strategic report can be found on page 2 of these financial statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
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 group'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 group's auditors are aware of that information. |
AUDITORS |
The auditors is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PHOENIX GAS HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Phoenix Gas Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 November 2023 and of the group's 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 group 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 group's and the parent 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PHOENIX GAS HOLDINGS LIMITED |
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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PHOENIX GAS HOLDINGS 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit |
evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and |
non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of the group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; |
- results of our enquiries of management about their own identification and assessment of the risks of |
irregularities; |
- any matters we identified having obtained and reviewed the group's documentation of their policies and procedures relating to; |
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any |
instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
Based on this approach, we were able to assess the group risks and ensure the risks were considered throughout all areas of audit testing across all group companies. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information. |
Audit response to risks identified |
As a result of performing the above, we did not identify any key audit matters related to the potential risk of |
fraud or irregularities. Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- obtaining an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of |
journal entries and other adjustments; assessing whether the judgements made in making accounting |
estimates are indicative of a potential bias; and evaluating the business rationale of any significant |
transactions that are unusual or outside the normal course of business. |
Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PHOENIX GAS HOLDINGS LIMITED |
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
- | 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. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. |
- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. |
- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
- | Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
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. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Stone House |
Stone Road Business Park |
Stoke-on-Trent |
ST4 6SR |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
30.11.23 | 30.11.22 |
as | restated |
Notes | £ | £ |
TURNOVER | 14,715,082 | 14,589,391 |
Cost of sales | (10,167,760 | ) | (10,692,760 | ) |
GROSS PROFIT | 4,547,322 | 3,896,631 |
Administrative expenses | (3,850,272 | ) | (3,254,046 | ) |
697,050 | 642,585 |
Other operating income | - | 17,290 |
OPERATING PROFIT | 4 | 697,050 | 659,875 |
Interest receivable and similar income | 6,157 | 741 |
703,207 | 660,616 |
Interest payable and similar expenses | 5 | (91,536 | ) | (52,240 | ) |
PROFIT BEFORE TAXATION | 611,671 | 608,376 |
Tax on profit | 6 | (178,088 | ) | (193,123 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Revaluation of freehold property | (16,848 | ) | 87,631 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(16,848 |
) |
87,631 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
416,735 |
502,884 |
Prior year adjustment | 9 | 68,631 | 95,432 |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
485,366 |
598,316 |
Profit attributable to: |
Owners of the parent | 433,583 | 415,253 |
Total comprehensive income attributable to: |
Owners of the parent | 485,366 | 598,316 |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2023 |
30.11.23 | 30.11.22 | 1.12.21 |
as | restated |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 202,580 | 152,313 | 152,245 |
Tangible assets | 11 | 2,394,821 | 2,391,673 | 2,006,378 |
Investments | 12 | - | - | - |
Investment property | 13 | - | - | - |
2,597,401 | 2,543,986 | 2,158,623 |
CURRENT ASSETS |
Stocks | 14 | 494,013 | 591,968 | 275,001 |
Debtors | 15 | 2,983,848 | 3,206,517 | 3,488,897 |
Cash at bank and in hand | 1,587,827 | 1,070,174 | 1,091,517 |
5,065,688 | 4,868,659 | 4,855,415 |
CREDITORS |
Amounts falling due within one year | 16 | (3,331,283 | ) | (3,671,015 | ) | (3,404,889 | ) |
NET CURRENT ASSETS | 1,734,405 | 1,197,644 | 1,450,526 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,331,806 |
3,741,630 |
3,609,149 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(1,456,906 |
) |
(986,558 |
) |
(1,153,511 |
) |
PROVISIONS FOR LIABILITIES | 21 | (260,952 | ) | (252,645 | ) | (138,476 | ) |
NET ASSETS | 2,613,948 | 2,502,427 | 2,317,162 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 131 | 131 | 131 |
Undistributable reserve | 23 | 106,582 | 160,076 | 72,445 |
Retained earnings | 23 | 2,507,235 | 2,342,220 | 2,244,586 |
SHAREHOLDERS' FUNDS | 2,613,948 | 2,502,427 | 2,317,162 |
The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by: |
Mr K B Grocott - Director |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
COMPANY STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2023 |
30.11.23 | 30.11.22 |
as | restated |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Undistributable reserve | 23 |
Retained earnings | 23 | 1,096,310 | 888,551 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 499,495 | 691,856 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Called up |
share | Retained | Undistributable | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 December 2021 | 131 | 2,149,152 | 72,445 | 2,221,728 |
Prior year adjustment | - | 95,432 | - | 95,432 |
As restated | 131 | 2,244,584 | 72,445 | 2,317,160 |
Changes in equity |
Dividends | - | (317,617 | ) | - | (317,617 | ) |
Total comprehensive income | - | 346,622 | 87,631 | 434,253 |
Balance at 30 November 2022 | 131 | 2,273,589 | 160,076 | 2,433,796 |
Prior year adjustment | - | 68,631 | - | 68,631 |
As restated | 131 | 2,342,220 | 160,076 | 2,502,427 |
Changes in equity |
Dividends | - | (305,214 | ) | - | (305,214 | ) |
Total comprehensive income | - | 470,229 | (53,494 | ) | 416,735 |
Balance at 30 November 2023 | 131 | 2,507,235 | 106,582 | 2,613,948 |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Called up |
share | Retained | Undistributable | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 December 2021 |
Prior year adjustment | - | - |
As restated |
Changes in equity |
Transfer between revaluation reserve and profit and loss reserve |
- |
(47,615 |
) |
47,615 |
- |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 30 November 2023 |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
30.11.23 | 30.11.22 |
as | restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 854,007 | 947,016 |
Interest paid | (77,788 | ) | (35,305 | ) |
Interest element of hire purchase payments paid |
(13,748 |
) |
(16,935 |
) |
Tax paid | (139,109 | ) | - |
Net cash from operating activities | 623,362 | 894,776 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (85,000 | ) | (34,800 | ) |
Purchase of tangible fixed assets | (256,468 | ) | (372,696 | ) |
Sale of tangible fixed assets | 6,834 | 3,106 |
Interest received | 6,157 | 741 |
Net cash from investing activities | (328,477 | ) | (403,649 | ) |
Cash flows from financing activities |
New loans in year | 542,263 | - |
Loan repayments in year | - | (70,001 | ) |
Capital repayments in year | - | (58,439 | ) |
Amount introduced by directors | 260,393 | 18,929 |
Amount withdrawn by directors | (274,674 | ) | (85,342 | ) |
Equity dividends paid | (305,214 | ) | (317,617 | ) |
Net cash from financing activities | 222,768 | (512,470 | ) |
Increase/(decrease) in cash and cash equivalents | 517,653 | (21,343 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,070,174 |
1,091,517 |
Cash and cash equivalents at end of year |
2 |
1,587,827 |
1,070,174 |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.11.23 | 30.11.22 |
as | restated |
£ | £ |
Profit before taxation | 611,671 | 608,376 |
Depreciation charges | 246,422 | 105,914 |
Loss on disposal of fixed assets | 17,948 | 742 |
Finance costs | 91,536 | 52,240 |
Finance income | (6,157 | ) | (741 | ) |
961,420 | 766,531 |
Decrease/(increase) in stocks | 97,955 | (316,967 | ) |
Decrease in trade and other debtors | 222,669 | 282,380 |
(Decrease)/increase in trade and other creditors | (428,037 | ) | 215,072 |
Cash generated from operations | 854,007 | 947,016 |
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 30 November 2023 |
30.11.23 | 1.12.22 |
£ | £ |
Cash and cash equivalents | 1,587,827 | 1,070,174 |
Year ended 30 November 2022 |
30.11.22 | 1.12.21 |
as restated |
£ | £ |
Cash and cash equivalents | 1,070,174 | 1,091,517 |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.12.22 | Cash flow | At 30.11.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,070,174 | 517,653 | 1,587,827 |
1,070,174 | 517,653 | 1,587,827 |
Debt |
Finance leases | (287,576 | ) | (47,797 | ) | (335,373 | ) |
Debts falling due within 1 year | (69,850 | ) | 53,099 | (16,751 | ) |
Debts falling due after 1 year | (169,316 | ) | (547,564 | ) | (716,880 | ) |
(526,742 | ) | (542,262 | ) | (1,069,004 | ) |
Total | 543,432 | (24,609 | ) | 518,823 |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Phoenix Gas Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the company is that of a holding company. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
Going concern |
The accounts have been prepared on the going concern basis. The directors believe this to be appropriate as they have expressed their willingness to support the business for the foreseeable future. |
BASIS OF CONSOLIDATION |
The consolidated financial statements incorporate those of Phoenix Gas Holdings Limited and its subsidiary undertakings for the year. Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. The difference between the cost of acquisition of shares in subsidiaries and the fair value of the identifiable net assets acquired is capitalised as purchased goodwill and amortised through the profit and loss account over its estimated economic life. Provision is made for any impairment. The financial statements are made up to 30 November 2023. |
All companies have co-terminus year ends. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. |
As permitted by Section 408 of the Companies Act 2006, the company has not presented its own profit and loss account. The company's profit and total comprehensive income are presented in the company Statement of Financial Position. |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Judgements |
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are set out in the policies below. |
There are no such judgements. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: |
Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods. |
As described in the notes to the financial statements, investment property is stated in the balance sheet at fair value, based on the valuation performed by independent valuers. |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
REVENUE RECOGNITION |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Servicing |
Turnover is recognised when the outcome of a job or contract can be estimated reliably. The outcome of the transaction is deemed to be able to be estimated reliably when all of the following conditions are satisfied; 1) The amount of turnover can be measured reliably. 2) It is probable that the economic benefits associated with the transaction will flow to the company: and 3) The costs incurred for the transaction and the costs to complete the transaction can be measured. |
Contract Installations |
Turnover is recognised when the installation has been completed. The outcome of the transaction is deemed to be able to be estimated as completed when all of the following conditions are satisfied; 1) The amount of turnover can be measured reliably 2) It is probable that the economic benefits associated with the transaction will flow to the company: and 3) The costs incurred for the transaction and the costs to complete the transaction can be measured. |
(i) Schedule of rates ("SOR") contracts |
SOR contracts are set based on predetermined rates for a list of services and duties required by the customer. The billing arrangements can range from an all-encompassing price for each direct works, including an element of local site overhead, central overhead and associated profit; to the price of the direct works alone, with (where relevant) a separately agreed annual fee for local site and central overheads. The quantum of work performed in each period is captured and valued either against the agreed contract terms or with reference to costs incurred to date as a percentage of total expected costs, and the resulting turnover is recognised. |
(ii) Fixed price (or lump sum) service contracts |
Certain contracts, in particular for gas servicing and maintenance, are procured on a fixed price basis. Turnover for maintenance/ reactive activities is recognised on straight line basis over the life of the contract. Turnover for servicing activities is recognised when the service is performed; however when it is impractical for the customer and householder to sign off every job sheet, turnover is recognised on a straight line basis. Where the contract contains servicing and maintenance/ reactive elements and the turnover cannot be split reliably between each element of the contract, it is recognised on a basis that most closely reflects the phasing of the servicing provision. Costs are recognised as incurred. |
GOODWILL |
Goodwill, being the amount paid in connection with acquisition of a previously acquired business, is being amortised evenly over its estimated useful life of five years. |
INTANGIBLE ASSETS |
Expenditure on research and development is capitalised and will be amortised over a period of 5 years commencing in the year of commercial production or application of the product, service, process or system. |
MOBILISATION COSTS |
Mobilisation costs consist of the payroll costs associated with the staff undertaking specific work on the mobilisation of new contracts once they are won. It is the set up and successful delivery of multi-year long term contracts, which bring in sales and profit into the Phoenix Group over the life of the contracts. The costs are spread over the life of the contract and matched against the sales and profit of those multi-year contracts. Phoenix takes the costs over the term of the contract secured, with a typical length of term of 3 years. |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
Plant and machinery | - |
Motor vehicles | - |
Tangible assets are initially recorded at costs, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value as the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
Freehold property has been recognised at fair value, the directors are of the opinion that there has been no material change since 30 November 2023. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
RESEARCH AND DEVELOPMENT |
Expenditure on research and development is written off in the year of expenditure through the profit and loss account in those circumstances where the outcome of those projects are assessed as not being reasonably certain as regards viability and technical feasibility. |
Development expenditure is written off in the year of expenditure in accordance with FRS 102 section 18, where the company can demonstrate all of the following then the costs can be deferred to future periods: |
(a) The technical feasibility of completing the intangible asset so that it will be available for use or sale. |
(b) Its intention to complete the intangible asset and use or sell it. |
(c) Its ability to use or sell the intangible asset. |
(d) How the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset. |
(e) The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset. |
(f) Its ability to measure reliably the expenditure attributable to the intangible asset during its development. |
Development costs that are deferred to future periods are amortised straight line over five years, the period of sale for which these units are expected to be sold. The amortisation commences with the commercial production or application of the product, service, process or system. |
Deferred development expenditure for each project is reviewed at the end of each accounting period and where the circumstances which have justified the deferral of the expenditure no longer apply, or are considered doubtful, the expenditure, to the extent to which it is considered to be irrecoverable, is written off immediately project by project. |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
HIRE PURCHASE AND LEASING COMMITMENTS |
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
3. | EMPLOYEES AND DIRECTORS |
30.11.23 | 30.11.22 |
as | restated |
£ | £ |
Wages and salaries | 4,518,081 | 4,300,360 |
Social security costs | 297,098 | 2,222 |
Other pension costs | 115,563 | 143,664 |
4,930,742 | 4,446,246 |
The average number of employees during the year was as follows: |
30.11.23 | 30.11.22 |
as | restated |
Direct and administrative |
30.11.23 | 30.11.22 |
as | restated |
£ | £ |
Directors' remuneration | 29,954 | 34,909 |
In the year the directors had received additional benefits of £38,328 (2022: £63,281). |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.11.23 | 30.11.22 |
as | restated |
£ | £ |
Hire of plant and machinery | 18,993 | 15,769 |
Depreciation - owned assets | 211,690 | 71,184 |
Loss on disposal of fixed assets | 17,948 | 742 |
Development costs amortisation | 34,733 | 34,732 |
Auditors' remuneration | 19,671 | 16,517 |
Other non- audit services | 8,759 | 6,054 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.11.23 | 30.11.22 |
as | restated |
£ | £ |
Bank loan interest | 55,442 | 10,629 |
Other interest payable | 22,346 | 24,676 |
Hire purchase interest | 13,748 | 16,935 |
91,536 | 52,240 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.11.23 | 30.11.22 |
as | restated |
£ | £ |
Current tax: |
UK corporation tax | 169,781 | 78,954 |
Deferred tax | 8,307 | 114,169 |
Tax on profit | 178,088 | 193,123 |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
6. | TAXATION - continued |
RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.11.23 | 30.11.22 |
as | restated |
£ | £ |
Profit before tax | 611,671 | 608,376 |
Profit multiplied by the standard rate of corporation tax in the UK of 23 % (2022 - 19 %) |
140,684 |
115,591 |
Effects of: |
Expenses not deductible for tax purposes | 11,366 | 7,635 |
Capital allowances in excess of depreciation | (431 | ) | - |
Depreciation in excess of capital allowances | - | 1,988 |
Research and development enhanced deduction | - | (9,885 | ) |
Adjustments in respect of future changes in tax rates | 10,684 | 51,031 |
Deferred tax on revaluation of properties | - | 39,803 |
Prior year adjustment | 15,785 | (13,040 | ) |
Total tax charge | 178,088 | 193,123 |
Tax effects relating to effects of other comprehensive income |
30.11.23 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of freehold property | (16,848 | ) | - | (16,848 | ) |
30.11.22 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of freehold property | 87,631 | - | 87,631 |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
8. | DIVIDENDS |
30.11.23 | 30.11.22 |
as | restated |
£ | £ |
Ordinary B shares of 1p each |
Interim | - | 32,817 |
Ordinary C shares of 1p each |
Interim | 87,614 | 90,400 |
Ordinary D shares of 1p each |
Interim | 67,200 | 94,200 |
Ordinary E shares of 1p each |
Interim | 74,400 | 53,400 |
Ordinary F shares of 1p each |
Interim | 64,000 | 46,800 |
Ordinary G shares of 1p each |
Interim | 12,000 | - |
305,214 | 317,617 |
9. | PRIOR YEAR ADJUSTMENT |
The accounts have been restated to reclassify project work in progress costs that were previously included in cost of sales that should have been classified as stock and work in progress. |
Summary of prior year accounting impact |
£ |
Increase in stock and work in progress | 68,631 |
Decrease in cost of sales | 68,631 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Development | Mobilisation |
Goodwill | costs | costs | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2022 | 8,523 | 243,264 | - | 251,787 |
Additions | - | 34,800 | 50,200 | 85,000 |
At 30 November 2023 | 8,523 | 278,064 | 50,200 | 336,787 |
AMORTISATION |
At 1 December 2022 | 8,523 | 90,951 | - | 99,474 |
Amortisation for year | - | 34,733 | - | 34,733 |
At 30 November 2023 | 8,523 | 125,684 | - | 134,207 |
NET BOOK VALUE |
At 30 November 2023 | - | 152,380 | 50,200 | 202,580 |
At 30 November 2022 | - | 152,313 | - | 152,313 |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
10. | INTANGIBLE FIXED ASSETS - continued |
Company |
Developme |
costs |
£ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
AMORTISATION |
At 1 December 2022 |
Amortisation for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 December 2022 | 1,445,726 | 17,254 | 351,393 | 947,367 | 2,761,740 |
Additions | 11,121 | - | 34,859 | 210,488 | 256,468 |
Disposals | - | (17,254 | ) | (64,905 | ) | (45,198 | ) | (127,357 | ) |
Revaluations | (16,848 | ) | - | - | - | (16,848 | ) |
At 30 November 2023 | 1,439,999 | - | 321,347 | 1,112,657 | 2,874,003 |
DEPRECIATION |
At 1 December 2022 | - | 17,254 | 173,020 | 179,793 | 370,067 |
Charge for year | - | - | 62,721 | 148,969 | 211,690 |
Eliminated on disposal | - | (17,254 | ) | (61,299 | ) | (24,022 | ) | (102,575 | ) |
At 30 November 2023 | - | - | 174,442 | 304,740 | 479,182 |
NET BOOK VALUE |
At 30 November 2023 | 1,439,999 | - | 146,905 | 807,917 | 2,394,821 |
At 30 November 2022 | 1,445,726 | - | 178,373 | 767,574 | 2,391,673 |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 30 November 2023 is represented by: |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2019 | 2,078 | - | - | 2,078 |
Valuation in 2020 | 16,609 | - | - | 16,609 |
Valuation in 2021 | 53,758 | - | - | 53,758 |
Valuation in 2022 | 87,630 | - | - | 87,630 |
Valuation in 2023 | (16,848 | ) | - | - | (16,848 | ) |
Cost | 1,296,772 | 321,347 | 1,112,657 | 2,730,776 |
1,439,999 | 321,347 | 1,112,657 | 2,874,003 |
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements. |
Group and Company | Motor vehicles | Total |
At 30 November 2023 | 705,084 | 705,084 |
At 30 November 2022 | 638,548 | 638,548 |
Company |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements: |
30.11.23 | 30.11.22 |
£ | £ |
Motor vehicles | 705,084 | 638,548 |
705,084 | 638,548 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
SUBSIDIARIES |
Registered office: Phoenix Gas Services Limited Furlong Road, Tunstall, Stoke-On-Trent, Staffordshire, England, ST6 5UD |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Phoenix Gas Services Limited Furlong Road, Tunstall, Stoke-On-Trent, Staffordshire, England, ST6 5UD |
Nature of business: |
% |
Class of shares: | holding |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
13. | INVESTMENT PROPERTY - continued |
13. | INVESTMENT PROPERTY |
Company |
Total |
£ |
FAIR VALUE |
At 1 December 2022 |
Additions |
Revaluations | (16,848 | ) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
In June 2024, the investment properties were valued by Lamberth Smith Hampton. The directors believe these values to be the fair value as at 30 November 2023. |
14. | STOCKS |
Group |
30.11.23 | 30.11.22 |
as | restated |
£ | £ |
Finished goods | 494,013 | 591,968 |
15. | DEBTORS |
Group | Company |
30.11.23 | 30.11.22 | 30.11.23 | 30.11.22 |
as restated |
as restated |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 2,066,606 | 2,783,392 |
Amounts owed by group undertakings | - | - |
Other debtors | 407,851 | 304,749 |
VAT | - | - |
Prepayments and accrued income | 506,649 | 90,447 |
2,981,106 | 3,178,588 |
Amounts falling due after more than one | year: |
Other debtors | 2,742 | 27,929 |
Aggregate amounts | 2,983,848 | 3,206,517 |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
15. | DEBTORS - continued |
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.11.23 | 30.11.22 | 30.11.23 | 30.11.22 |
as restated |
as restated |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 16,751 | 69,850 |
Hire purchase contracts (see note 19) | 132,878 | 91,309 |
Trade creditors | 1,221,969 | 1,634,951 |
Amounts owed to group undertakings | - | - |
Tax | 248,735 | 218,063 |
Social security and other taxes | 141,118 | 245,866 |
VAT | 539,344 | 319,183 | - | 8,130 |
Other creditors | 453,669 | 396,465 |
Directors' current accounts | 169,326 | 183,607 | 169,326 | 183,607 |
Accruals and deferred income | 407,493 | 511,721 |
3,331,283 | 3,671,015 |
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30.11.23 | 30.11.22 | 30.11.23 | 30.11.22 |
as restated |
as restated |
£ | £ | £ | £ |
Bank loans (see note 18) | 716,880 | 169,316 |
Hire purchase contracts (see note 19) | 202,495 | 196,267 |
Other creditors | 537,531 | 620,975 |
1,456,906 | 986,558 |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
30.11.23 | 30.11.22 | 30.11.23 | 30.11.22 |
as restated |
as restated |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 16,751 | 69,850 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 18,149 | 69,899 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 64,050 | 99,417 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans payable more than |
5 years by instalments | 634,681 | - | 634,681 | - |
634,681 | - | 634,681 | - |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
30.11.23 | 30.11.22 |
as | restated |
£ | £ |
Net obligations repayable: |
Within one year | 132,878 | 91,309 |
Between one and five years | 202,495 | 196,267 |
335,373 | 287,576 |
Company |
Hire purchase contracts |
30.11.23 | 30.11.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
30.11.23 | 30.11.22 | 30.11.23 | 30.11.22 |
as restated |
as restated |
£ | £ | £ | £ |
Bank loans | 733,631 | 239,166 |
Hire purchase contracts | 335,373 | 287,576 | 335,373 | 287,576 |
1,069,004 | 526,742 |
The hire purchase contracts are secured against the assets of which they relate. |
A Fixed charge exists dated 20 January 2023 over the property known as 34, Borough Road,Darlington, DL1 1SW. |
A Fixed charge exists dated 20 January 2023 over the property known as land on the north-west side of Furlong Road, Tunstall, ST6 5UD. |
Fixed and floating charges exist dated 20 January 2023 over all the property or undertaking of the company. |
The bank loans and overdrafts are secured by a debenture on the bank standard form dated 29th April 2009. |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
30.11.23 | 30.11.22 | 30.11.23 | 30.11.22 |
as restated |
as restated |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 224,303 | 212,629 |
Other timing differences | 36,649 | 40,016 | 36,649 | 40,016 |
260,952 | 252,645 | 260,952 | 252,645 |
Group |
Deferred |
tax |
£ |
Balance at 1 December 2022 | 252,645 |
Provided during year | 8,307 |
Balance at 30 November 2023 | 260,952 |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
21. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Provided during year |
Balance at 30 November 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.23 | 30.11.22 |
value: | as restated |
£ | £ |
Ordinary A | £1 | 81 | 81 |
Ordinary B | 1p | 10 | 10 |
Ordinary C | 1p | 18 | 18 |
Ordinary D | 1p | 13 | 13 |
Ordinary E | 1p | 3 | 3 |
260 | Ordinary F | 1p | 3 | 3 |
260 | Ordinary G | 1p | 3 | 3 |
131 | 131 |
23. | RESERVES |
Profit and loss account - This reserve records retained earnings and accumulated losses. |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022: |
30.11.23 | 30.11.22 |
as | restated |
£ | £ |
N J Jackson |
Balance outstanding at start of year | (24,857 | ) | (23,400 | ) |
Amounts advanced | 94,659 | 98,495 |
Amounts repaid | (97,026 | ) | (99,952 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (27,224 | ) | (24,857 | ) |
PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
S Parker |
Balance outstanding at start of year | (23,802 | ) | (6,330 | ) |
Amounts advanced | 74,320 | 86,649 |
Amounts repaid | (76,612 | ) | (104,121 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (26,094 | ) | (23,802 | ) |
K B Grocott |
Balance outstanding at start of year | (10,766 | ) | (34,976 | ) |
Amounts advanced | 71,755 | 86,937 |
Amounts repaid | (83,812 | ) | (62,727 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (22,823 | ) | (10,766 | ) |
C D Grocott |
Balance outstanding at start of year | (124,183 | ) | (185,314 | ) |
Amounts advanced | 33,940 | 102,120 |
Amounts repaid | (2,944 | ) | (40,989 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (93,187 | ) | (124,183 | ) |
The advance is unsecured, interest-free and repayable on demand. |
25. | RELATED PARTY DISCLOSURES |
The key personnel of the Company are the directors. Directors' remuneration is disclosed in note 4 of the financial statements. |
26. | POST BALANCE SHEET EVENTS |
During June 2024, the company entered into an agreement to purchase the "D" shares of Steve Parker in two tranches. 75% of the "D" shares were purchased for a total consideration of £225,000. |
There were no other material events up to the date of approval of the financial statements by the board. |
27. | ULTIMATE CONTROLLING PARTY |
There is no one controlling party. |
28. | GOING CONCERN |
The accounts have been prepared on the going concern basis. The directors believe this to be appropriate as they have expressed their willingness to support the business for the foreseeable future. |