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REGISTERED NUMBER: 03448997 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 APRIL 2024

FOR

PHOENIX PAINTBALL LIMITED

PHOENIX PAINTBALL LIMITED (REGISTERED NUMBER: 03448997)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 9


PHOENIX PAINTBALL LIMITED (REGISTERED NUMBER: 03448997)

STATEMENT OF FINANCIAL POSITION
29 APRIL 2024

29.4.24 29.4.23
Notes £    £   
FIXED ASSETS
Intangible assets 5 2,861 5,722
Property, plant and equipment 6 597,321 584,915
600,182 590,637

CURRENT ASSETS
Inventories 7,934 9,951
Debtors 7 17,821 26,329
Cash at bank and in hand 38,683 114,205
64,438 150,485
CREDITORS
Amounts falling due within one year 8 (104,778 ) (178,762 )
NET CURRENT LIABILITIES (40,340 ) (28,277 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

559,842

562,360

CREDITORS
Amounts falling due after more than one
year

9

(266,360

)

(261,457

)

PROVISIONS FOR LIABILITIES (58,382 ) (54,443 )
NET ASSETS 235,100 246,460

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 195,740 195,740
Retained earnings 39,260 50,620
235,100 246,460

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PHOENIX PAINTBALL LIMITED (REGISTERED NUMBER: 03448997)

STATEMENT OF FINANCIAL POSITION - continued
29 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





B A Fuggle - Director


PHOENIX PAINTBALL LIMITED (REGISTERED NUMBER: 03448997)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024


1. STATUTORY INFORMATION

Phoenix Paintball Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03448997

Registered office: Unit 3 Ash Park
Hyssop Close
Hawks Green
Cannock
Staffordshire
WS11 7XA

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and freehold property measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty
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.

(i) Estimated useful lives and residual values of fixed assets

Depreciation of tangible 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.

(ii) Valuation of freehold property
The freehold property is stated in the balance sheet at fair value, based on the valuation performed by the directors. The directors are of the opinion that the year-end valuation is not materially different to the current market price observed.

PHOENIX PAINTBALL LIMITED (REGISTERED NUMBER: 03448997)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 APRIL 2024


3. ACCOUNTING POLICIES - continued

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue from the rendering of services is recognised by reference to the stage of completion at the balance sheet date; the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - straight line over the life of the lease
Plant and machinery - 15% reducing balance
Fixtures and fittings - 10% reducing balance and 5% straight line
Motor vehicles - 15% red. balance with 20% residual value

The directors have reviewed their depreciation policy on freehold property and as a result, no depreciation has been charged for the year. The directors are of the opinion that the residual value of the land and buildings is not materially different to the fair value.

Tangible assets are initially recorded at cost, 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 at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.


PHOENIX PAINTBALL LIMITED (REGISTERED NUMBER: 03448997)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 APRIL 2024


3. ACCOUNTING POLICIES - continued
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Defined contribution plans
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.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

PHOENIX PAINTBALL LIMITED (REGISTERED NUMBER: 03448997)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 APRIL 2024


3. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

5. INTANGIBLE FIXED ASSETS
Website
Goodwill costs Totals
£    £    £   
COST
At 30 April 2023
and 29 April 2024 10,500 8,583 19,083
AMORTISATION
At 30 April 2023 10,500 2,861 13,361
Amortisation for year - 2,861 2,861
At 29 April 2024 10,500 5,722 16,222
NET BOOK VALUE
At 29 April 2024 - 2,861 2,861
At 29 April 2023 - 5,722 5,722

PHOENIX PAINTBALL LIMITED (REGISTERED NUMBER: 03448997)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 APRIL 2024


6. PROPERTY, PLANT AND EQUIPMENT
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 30 April 2023 550,000 58,141 23,922
Additions - - 15,437
At 29 April 2024 550,000 58,141 39,359
DEPRECIATION
At 30 April 2023 - 57,663 7,631
Charge for year - 84 4,006
At 29 April 2024 - 57,747 11,637
NET BOOK VALUE
At 29 April 2024 550,000 394 27,722
At 29 April 2023 550,000 478 16,291

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 30 April 2023 113,253 21,600 766,916
Additions 3,689 - 19,126
At 29 April 2024 116,942 21,600 786,042
DEPRECIATION
At 30 April 2023 106,057 10,650 182,001
Charge for year 988 1,642 6,720
At 29 April 2024 107,045 12,292 188,721
NET BOOK VALUE
At 29 April 2024 9,897 9,308 597,321
At 29 April 2023 7,196 10,950 584,915

The property has been revalued during the year by the directors at £550,000. The directors consider this the fair value of the property at 30 April 2024.



7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.4.24 29.4.23
£    £   
Trade debtors 1,119 8,523
Other debtors 16,702 17,806
17,821 26,329

PHOENIX PAINTBALL LIMITED (REGISTERED NUMBER: 03448997)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 APRIL 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.4.24 29.4.23
£    £   
Bank loans and overdrafts 16,827 18,557
Trade creditors 20,993 24,828
Taxation and social security 26,619 39,898
Other creditors 40,339 95,479
104,778 178,762

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.4.24 29.4.23
£    £   
Bank loans 246,360 261,457
Other creditors 20,000 -
266,360 261,457

Amounts falling due in more than five years:

Repayable by instalments
Bank loans payable more than
5 years by instalments 246,360 261,457
246,360 261,457

10. SECURED DEBTS

The bank loans and overdrafts are secured by a fixed and floating charge over the company's freehold property and all the assets or undertaking of the company.

11. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £20,988 (2023- £6,835).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 29 April 2024 and the period ended 29 April 2023:

29.4.24 29.4.23
£    £   
B A Fuggle and S Fuggle
Balance outstanding at start of year (15,761 ) 1,721
Amounts advanced 6,468 4,552
Amounts repaid (11,312 ) (22,034 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (20,605 ) (15,761 )

PHOENIX PAINTBALL LIMITED (REGISTERED NUMBER: 03448997)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 APRIL 2024


13. RELATED PARTY TRANSACTIONS

All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material.