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REGISTERED NUMBER: 03127100 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

PHOENIX PROPERTY INVESTMENT COMPANY
LIMITED

PHOENIX PROPERTY INVESTMENT COMPANY
LIMITED (REGISTERED NUMBER: 03127100)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PHOENIX PROPERTY INVESTMENT COMPANY
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Sunil Patel
Shamir Patel



SECRETARY: Sunil Patel



REGISTERED OFFICE: 2nd Floor
29 Dingwall Road
Croydon
CR0 2NB



REGISTERED NUMBER: 03127100 (England and Wales)



AUDITORS: Xeinadin Auditing
Beckett House
36 Old Jewry
LONDON
EC2R 8DD



BANKERS: Metro Bank Plc
1 Southampton Row
London
WC1B 5HA

PHOENIX PROPERTY INVESTMENT COMPANY
LIMITED (REGISTERED NUMBER: 03127100)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,888 6,517
Investment property 5 7,767,500 7,767,500
7,772,388 7,774,017

CURRENT ASSETS
Debtors 6 1,299,325 1,275,553
Cash at bank 77,184 96,111
1,376,509 1,371,664
CREDITORS
Amounts falling due within one year 7 (590,222 ) (103,587 )
NET CURRENT ASSETS 786,287 1,268,077
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,558,675

9,042,094

CREDITORS
Amounts falling due after more than one year 8 (3,500,000 ) (4,044,250 )

PROVISIONS FOR LIABILITIES 10 (947,448 ) (947,448 )
NET ASSETS 4,111,227 4,050,396

CAPITAL AND RESERVES
Called up share capital 11 100 100
Fair value reserve 12 4,126,748 4,126,748
Retained earnings 12 (15,621 ) (76,452 )
SHAREHOLDERS' FUNDS 4,111,227 4,050,396

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th September 2024 and were signed on its behalf by:



Shamir Patel - Director


PHOENIX PROPERTY INVESTMENT COMPANY
LIMITED (REGISTERED NUMBER: 03127100)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Phoenix Property Investment Company 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes, under rental and contractual obligations which are performed gradually over time.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture, Fixtures & fittings - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


PHOENIX PROPERTY INVESTMENT COMPANY
LIMITED (REGISTERED NUMBER: 03127100)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Going concern
The company is reliant on the continued support of its shareholders and directors to continue trading. On this basis the financial statements have been prepared on a going concern basis.The financial statements do not include any adjustments that may be required from a withdrawal of such financial support.

Significant accounting estimates
The preparation of the financial statements in accordance with UK GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Significant estimates and assumptions are made in particular with regard to determining the valuation of the company's hotel included in Tangible Fixed Assets. In line with many other company's in the industry, the hotel value is derived from assumed future trading results which are discounted using interest rates provided by commercial property experts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

PHOENIX PROPERTY INVESTMENT COMPANY
LIMITED (REGISTERED NUMBER: 03127100)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Furniture,
Fixtures
& fittings
£   
COST
At 1st January 2023
and 31st December 2023 76,549
DEPRECIATION
At 1st January 2023 70,032
Charge for year 1,629
At 31st December 2023 71,661
NET BOOK VALUE
At 31st December 2023 4,888
At 31st December 2022 6,517

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2023
and 31st December 2023 7,767,500
NET BOOK VALUE
At 31st December 2023 7,767,500
At 31st December 2022 7,767,500

Fair value at 31st December 2023 is represented by:
£   
Valuation in 2023 5,074,196
Cost 2,693,304
7,767,500

If Investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,693,304 2,693,304

Investment properties were valued on an open market basis on 31st December 2023 by Sunil Patel director.

PHOENIX PROPERTY INVESTMENT COMPANY
LIMITED (REGISTERED NUMBER: 03127100)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,330 3,965
Amounts owed by group undertakings 300 -
Other debtors and prepayments - 8,862
VAT - 4,975
2,630 17,802

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,296,695 1,257,751

Aggregate amounts 1,299,325 1,275,553

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 611 23,459
Amounts owed to group undertakings - 4,339
Tax 19,209 -
Other creditors and accruals 25,063 73,245
Directors' current accounts 545,339 2,544
590,222 103,587

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 3,500,000 3,500,000
Directors' loan accounts - 544,250
3,500,000 4,044,250

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,500,000 3,500,000

Metro Bank Plc holds a first legal charge and first debenture from the company secured over the company's freehold property investments and a deed of subordination in respect of directors' loans.

PHOENIX PROPERTY INVESTMENT COMPANY
LIMITED (REGISTERED NUMBER: 03127100)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 947,448 947,448

Deferred
tax
£   
Balance at 1st January 2023 947,448
Balance at 31st December 2023 947,448

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

12. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1st January 2023 (76,452 ) 4,126,748 4,050,296
Profit for the year 60,831 60,831
At 31st December 2023 (15,621 ) 4,126,748 4,111,127

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Davies FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Auditing

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The directors' current account balances of £545,339 (2022 £546,685) are owed in equal shares to Sunil Patel and Shamir Patel.