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REGISTERED NUMBER: 02540388 (England and Wales)















Financial Statements for the Year Ended 31 May 2024

for

Phoenix Brands Limited

Phoenix Brands Limited (Registered number: 02540388)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Phoenix Brands Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: Mr A P Richards





REGISTERED OFFICE: C/o Haines Watts
Keepers Lane
The Wergs, Wolverhampton
West Midlands
WV6 8UA





REGISTERED NUMBER: 02540388 (England and Wales)





ACCOUNTANTS: Haines Watts Wolverhampton Limited
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

Phoenix Brands Limited (Registered number: 02540388)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 540,043 819,354

CURRENT ASSETS
Stocks 477,041 454,072
Debtors 5 4,173,192 3,263,005
Cash at bank 8,700,191 7,663,748
13,350,424 11,380,825
CREDITORS
Amounts falling due within one year 6 1,674,483 875,972
NET CURRENT ASSETS 11,675,941 10,504,853
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,215,984

11,324,207

PROVISIONS FOR LIABILITIES 61,307 108,973
NET ASSETS 12,154,677 11,215,234

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 12,154,577 11,215,134
SHAREHOLDERS' FUNDS 12,154,677 11,215,234

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Brands Limited (Registered number: 02540388)

Balance Sheet - continued
31 May 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 December 2024 and were signed by:





Mr A P Richards - Director


Phoenix Brands Limited (Registered number: 02540388)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Phoenix Brands 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.

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.

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.

Turnover
The turnover shown in the profit and loss account is the amount receivable for the provision of goods and services falling within the Company's activities, net of Value Added Tax, rebates and trade discounts.

Turnover from the provision of goods and services is recognised in the accounting period in which the Company obtains the right to consideration in exchange for its performance and when the amounts to be recognised are fixed or determinable and collectability is reasonably assured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance
Equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 Brands Limited (Registered number: 02540388)

Notes to the Financial Statements - continued
for the Year Ended 31 May 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 27 ) .

Phoenix Brands Limited (Registered number: 02540388)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 333,064 2,409,348 20,583 72,176 2,835,171
Additions - 25,657 - - 25,657
Disposals - (876,679 ) - (61,869 ) (938,548 )
At 31 May 2024 333,064 1,558,326 20,583 10,307 1,922,280
DEPRECIATION
At 1 June 2023 196,547 1,746,210 7,176 65,884 2,015,817
Charge for year 33,306 141,841 3,352 535 179,034
Eliminated on disposal - (754,893 ) - (57,721 ) (812,614 )
At 31 May 2024 229,853 1,133,158 10,528 8,698 1,382,237
NET BOOK VALUE
At 31 May 2024 103,211 425,168 10,055 1,609 540,043
At 31 May 2023 136,517 663,138 13,407 6,292 819,354

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 846,358 1,022,287
Amounts owed by associates 1,210,050 -
Other debtors 2,116,784 2,240,718
4,173,192 3,263,005

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 387,683 400,393
Taxation and social security 356,497 321,063
Other creditors 930,303 154,516
1,674,483 875,972

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

8. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £288,000 (2023 - £385,570).