GK Phoenix Limited |
Registered number: |
12475480 |
Balance Sheet |
as at 29 February 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
408,010 |
|
|
375,786 |
|
Current assets |
Debtors |
4 |
|
166,298 |
|
|
- |
Cash at bank and in hand |
|
|
186,042 |
|
|
100 |
|
|
|
352,340 |
|
|
100 |
|
Creditors: amounts falling due within one year |
5 |
|
(342,060) |
|
|
- |
|
Net current assets |
|
|
|
10,280 |
|
|
100 |
|
Total assets less current liabilities |
|
|
|
418,290 |
|
|
375,886 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(450,000) |
|
|
(375,786) |
|
|
|
Net (liabilities)/assets |
|
|
|
(31,710) |
|
|
100 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(31,810) |
|
|
- |
|
Shareholders' funds |
|
|
|
(31,710) |
|
|
100 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
A Alexandrou |
Director |
Approved by the board on 26 November 2024 |
|
GK Phoenix Limited |
Notes to the Accounts |
for the year ended 29 February 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Investment freehold buildings |
nil |
|
|
Investment properties are measured at fair market value. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
£ |
|
Cost/fair market value |
|
At 1 March 2023 |
375,786 |
|
Additions |
32,224 |
|
At 29 February 2024 |
408,010 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 29 February 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value/fair value |
|
At 29 February 2024 |
408,010 |
|
At 28 February 2023 |
375,786 |
|
The directors consider the cost value to be in line with fair market value and on that basis no revaluation has taken place. |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Amounts owed by associated companies |
|
159,120 |
|
- |
|
Other debtors |
7,178 |
|
- |
|
|
|
|
|
|
166,298 |
|
- |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Trade creditors |
840 |
|
- |
|
Amounts owed to associated companies |
|
340,500 |
|
- |
|
Taxation and social security costs |
720 |
|
- |
|
|
|
|
|
|
342,060 |
|
- |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
450,000 |
|
- |
|
Other loans |
- |
|
375,786 |
|
|
|
|
|
|
450,000 |
|
375,786 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans |
2024 |
|
2023 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
450,000 |
|
- |
|
|
|
|
|
|
|
|
|
|
Bank loans totalling £450,000 are secured by way of fixed legal charge over the company's property and by way of fixed and floating charge over all the companies assets. There are personal guarantees of £450,000 by the directors, A Alexandrou and G Leonidas. |
|
|
8 |
Related party transactions |
|
|
As at 29 February 2024 the company had loaned the following companies: Atlantic Lodge (Housing) Ltd - £16,120 Marlyn Properties Ltd - £82,000 Southern Territory Ltd - £30,000 Friday Hill House Ltd - £31,000 As at 29 February 2024 the company was loaned by the following companies: Atlantic Hertford Ltd - £500 Southern Territory (UK) Ltd - £340,000 These loans are all made on an interest free basis with no set repayment date. These are companies in which either or both the directors A Alexandrou and G Leonidas have an interest. |
|
|
9 |
Controlling party |
|
|
There is no ultimate controlling party. Each director holds 50% each of the issued Ordinary A, Ordinary B and Ordinary C shares of the company. |
|
|
10 |
Other information |
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|
GK Phoenix Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Atlantic Business Centre |
|
1 The Green |
|
London |
|
E4 7ES |