IRIS Accounts Production v24.3.0.553 13614891 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh136148912023-01-31136148912024-01-31136148912023-02-012024-01-31136148912021-09-09136148912021-09-102023-01-31136148912023-01-3113614891ns15:EnglandWales2023-02-012024-01-3113614891ns14:PoundSterling2023-02-012024-01-3113614891ns10:Director12023-02-012024-01-3113614891ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3113614891ns10:SmallEntities2023-02-012024-01-3113614891ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3113614891ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3113614891ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3113614891ns10:FullAccounts2023-02-012024-01-3113614891ns10:Director22023-02-012024-01-3113614891ns10:RegisteredOffice2023-02-012024-01-3113614891ns5:CurrentFinancialInstruments2024-01-3113614891ns5:CurrentFinancialInstruments2023-01-3113614891ns5:Non-currentFinancialInstruments2024-01-3113614891ns5:Non-currentFinancialInstruments2023-01-3113614891ns5:ShareCapital2024-01-3113614891ns5:ShareCapital2023-01-3113614891ns5:SharePremium2024-01-3113614891ns5:SharePremium2023-01-3113614891ns5:FurtherSpecificReserve3ComponentTotalEquity2024-01-3113614891ns5:FurtherSpecificReserve3ComponentTotalEquity2023-01-3113614891ns5:RetainedEarningsAccumulatedLosses2024-01-3113614891ns5:RetainedEarningsAccumulatedLosses2023-01-3113614891ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3113614891ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3113614891ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-01-3113614891ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-01-3113614891ns10:Director222023-01-3113614891ns10:Director222021-09-0913614891ns10:Director222023-02-012024-01-3113614891ns10:Director222021-09-102023-01-3113614891ns10:Director222024-01-3113614891ns10:Director222023-01-31
REGISTERED NUMBER: 13614891 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

PHOENIX PROPCO LTD

PHOENIX PROPCO LTD (REGISTERED NUMBER: 13614891)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PHOENIX PROPCO LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mrs C Solanki
S Fani





REGISTERED OFFICE: Craigower
St. Andrew's Close
London
N12 8BA





REGISTERED NUMBER: 13614891 (England and Wales)





ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA

PHOENIX PROPCO LTD (REGISTERED NUMBER: 13614891)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 4,220,000 4,120,000

CURRENT ASSETS
Debtors 5 114,835 34,735
Cash at bank 55,327 8,997
170,162 43,732
CREDITORS
Amounts falling due within one year 6 113,378 41,311
NET CURRENT ASSETS 56,784 2,421
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,276,784

4,122,421

CREDITORS
Amounts falling due after more than one
year

7

(2,398,592

)

(2,447,979

)

PROVISIONS FOR LIABILITIES (25,000 ) -
NET ASSETS 1,853,192 1,674,442

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 1,648,479 1,648,479
Fair value reserve 8 75,000 -
Retained earnings 129,613 25,863
1,853,192 1,674,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 PROPCO LTD (REGISTERED NUMBER: 13614891)

BALANCE SHEET - continued
31 JANUARY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2024 and were signed on its behalf by:





S Fani - Director


PHOENIX PROPCO LTD (REGISTERED NUMBER: 13614891)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Phoenix Propco Ltd 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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. 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 where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant judgements or estimates involved in the preparation of the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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
Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 PROPCO LTD (REGISTERED NUMBER: 13614891)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 4,120,000
Revaluations 100,000
At 31 January 2024 4,220,000
NET BOOK VALUE
At 31 January 2024 4,220,000
At 31 January 2023 4,120,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2024 100,000
Cost 4,120,000
4,220,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 4,120,000 4,120,000

Investment property was valued on an open market basis on 31 January 2024 by the directors. .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by connected company 52,410 -
Other debtors 62,425 34,735
114,835 34,735

PHOENIX PROPCO LTD (REGISTERED NUMBER: 13614891)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 6,023 5,897
Amounts owed to connected company 28,929 6,999
Taxation and social security 39,240 6,067
Other creditors 39,186 22,348
113,378 41,311

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 31,217 37,240
Other creditors 2,367,375 2,410,739
2,398,592 2,447,979

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 2,367,375 2,410,739

Repayable by instalments
Bank loans more 5 yr by instal 5,559 12,215

8. RESERVES
Fair
value
reserve
£   
Revaluation of Inv Property 75,000

At 31 January 2024 75,000

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 January 2024 and the period ended 31 January 2023:

2024 2023
£    £   
Mrs C Solanki
Balance outstanding at start of year (3,330 ) -
Amounts advanced 87,897 13,909
Amounts repaid (41,016 ) (17,239 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 43,551 (3,330 )

PHOENIX PROPCO LTD (REGISTERED NUMBER: 13614891)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

During the year interest of £671.86( 2023: Nil) was charged at the official interest rate on the overdrawn amounts.

10. RELATED PARTY DISCLOSURES

Included in debtors, amounts falling due within one year is an amount of £52,410( 2023: Nil) owed by the connected company.

Included in creditors, amounts falling due within one year is an amount of £28,929( 2023: 6,999) owed to the connected company.