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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: Mrs C D Grocott
Mr K B Grocott
Mr N J Jackson
Mr C Grocott



REGISTERED OFFICE: C/O Phoenix Gas Services Limited
Furlong Road
Tunstall
Stoke on Trent
Staffordshire
ST6 5UD



REGISTERED NUMBER: 06600437 (England and Wales)



AUDITORS: Sumer Auditco Limited
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:





Mr K B Grocott - Director


23 September 2024

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.

Mrs C D Grocott
Mr K B Grocott
Mr N J Jackson

Other changes in directors holding office are as follows:

Mr C Grocott was appointed as a director after 30 November 2023 but prior to the date of this report.

Mr S Parker ceased to be a director after 30 November 2023 but prior to the date of this report.

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:





Mr K B Grocott - Director


23 September 2024

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.




Helen Tidyman (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR

23 September 2024

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 433,583 415,253

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 10 152,380 152,313
Tangible assets 11 954,822 945,947
Investments 12 10,145 10,145
Investment property 13 1,439,999 1,445,726
2,557,346 2,554,131

CURRENT ASSETS
Debtors 15 70,303 1,491
Cash at bank 132,925 57,713
203,228 59,204
CREDITORS
Amounts falling due within one year 16 (377,224 ) (1,155,681 )
NET CURRENT LIABILITIES (173,996 ) (1,096,477 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,383,350

1,457,654

CREDITORS
Amounts falling due after more than one
year

17

(919,375

)

(196,267

)

PROVISIONS FOR LIABILITIES 21 (260,952 ) (252,645 )
NET ASSETS 1,203,023 1,008,742

CAPITAL AND RESERVES
Called up share capital 22 131 131
Undistributable reserve 23 106,582 120,060
Retained earnings 23 1,096,310 888,551
SHAREHOLDERS' FUNDS 1,203,023 1,008,742

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 23 September 2024 and were signed on its behalf by:





Mr K B Grocott - Director


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 131 466,495 72,445 539,071
Prior year adjustment - 95,432 - 95,432
As restated 131 561,927 72,445 634,503

Changes in equity
Transfer between revaluation
reserve and profit and loss
reserve


-


(47,615


)


47,615


-
Dividends - (317,617 ) - (317,617 )
Total comprehensive income - 691,856 - 691,856
Balance at 30 November 2022 131 888,551 120,060 1,008,742

Changes in equity
Dividends - (305,214 ) - (305,214 )
Total comprehensive income - 512,973 (13,478 ) 499,495
Balance at 30 November 2023 131 1,096,310 106,582 1,203,023

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on cost and 25% reducing balance
Motor vehicles - 33% on cost and 25% reducing balance

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 161 150

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 243,264
Additions 34,800
At 30 November 2023 278,064
AMORTISATION
At 1 December 2022 90,951
Amortisation for year 34,733
At 30 November 2023 125,684
NET BOOK VALUE
At 30 November 2023 152,380
At 30 November 2022 152,313

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 351,393 947,367 1,298,760
Additions 34,859 210,488 245,347
Disposals (64,905 ) (45,198 ) (110,103 )
At 30 November 2023 321,347 1,112,657 1,434,004
DEPRECIATION
At 1 December 2022 173,020 179,793 352,813
Charge for year 62,721 148,969 211,690
Eliminated on disposal (61,299 ) (24,022 ) (85,321 )
At 30 November 2023 174,442 304,740 479,182
NET BOOK VALUE
At 30 November 2023 146,905 807,917 954,822
At 30 November 2022 178,373 767,574 945,947

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:

30.11.2330.11.22
££
Motor vehicles705,084638,548
705,084638,548

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 December 2022
and 30 November 2023 10,145
NET BOOK VALUE
At 30 November 2023 10,145
At 30 November 2022 10,145

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

SUBSIDIARIES

Phoenix Gas Services Limited
Registered office: Phoenix Gas Services Limited Furlong Road, Tunstall, Stoke-On-Trent, Staffordshire, England, ST6 5UD
Nature of business: Gas services
%
Class of shares: holding
Ordinary 100.00

Phoenix Renewable Technologies Limited
Registered office: Phoenix Gas Services Limited Furlong Road, Tunstall, Stoke-On-Trent, Staffordshire, England, ST6 5UD
Nature of business: Plumbing,heat and air-conditioning
%
Class of shares: holding
Ordinary 100.00


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 1,445,726
Additions 11,121
Revaluations (16,848 )
At 30 November 2023 1,439,999
NET BOOK VALUE
At 30 November 2023 1,439,999
At 30 November 2022 1,445,726

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 - - 58,039 -
Other debtors 407,851 304,749 - -
VAT - - 10,286 -
Prepayments and accrued income 506,649 90,447 1,978 1,491
2,981,106 3,178,588 70,303 1,491

Amounts falling due after more than one year:
Other debtors 2,742 27,929 - -

Aggregate amounts 2,983,848 3,206,517 70,303 1,491

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 16,751 -
Hire purchase contracts (see note 19) 132,878 91,309 132,878 91,309
Trade creditors 1,221,969 1,634,951 6,898 8,229
Amounts owed to group undertakings - - 4,026 823,568
Tax 248,735 218,063 22,300 22,300
Social security and other taxes 141,118 245,866 - -
VAT 539,344 319,183 - 8,130
Other creditors 453,669 396,465 16,522 14,187
Directors' current accounts 169,326 183,607 169,326 183,607
Accruals and deferred income 407,493 511,721 8,523 4,351
3,331,283 3,671,015 377,224 1,155,681

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) 716,880 169,316 716,880 -
Hire purchase contracts (see note 19) 202,495 196,267 202,495 196,267
Other creditors 537,531 620,975 - -
1,456,906 986,558 919,375 196,267

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 16,751 -
Amounts falling due between one and two years:
Bank loans - 1-2 years 18,149 69,899 18,149 -
Amounts falling due between two and five years:
Bank loans - 2-5 years 64,050 99,417 64,050 -
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 132,878 91,309
Between one and five years 202,495 196,267
335,373 287,576

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 733,631 239,166 733,631 -
Hire purchase contracts 335,373 287,576 335,373 287,576
1,069,004 526,742 1,069,004 287,576

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 224,303 212,629 224,303 212,629
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 252,645
Provided during year 8,307
Balance at 30 November 2023 260,952

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: as
restated
£    £   
8,100 Ordinary A £1 81 81
1,020 Ordinary B 1p 10 10
1,800 Ordinary C 1p 18 18
1,300 Ordinary D 1p 13 13
260 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.