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Registration number: 04975182

Phoenix Cellar Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Phoenix Cellar Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Phoenix Cellar Services Limited

(Registration number: 04975182)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

39,106

63,799

Current assets

 

Debtors

6

108,325

96,138

Cash at bank and in hand

 

132,713

146,124

 

241,038

242,262

Creditors: Amounts falling due within one year

7

(121,457)

(101,359)

Net current assets

 

119,581

140,903

Total assets less current liabilities

 

158,687

204,702

Creditors: Amounts falling due after more than one year

7

(27,797)

(44,227)

Provisions for liabilities

(9,684)

(15,849)

Net assets

 

121,206

144,626

Capital and reserves

 

Called up share capital

100

100

Retained earnings

121,106

144,526

Shareholders' funds

 

121,206

144,626

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Phoenix Cellar Services Limited

(Registration number: 04975182)
Balance Sheet as at 30 November 2024

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 

Mr M Scott
Director

Mr J G Cunningham
Director

 
     
 

Phoenix Cellar Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3A Dulford Business Park
Broad Road Dulford
Cullompton
Devon
EX15 2DY

These financial statements were authorised for issue by the Board on 21 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

These accounts have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised using the accrual model. Where the costs have already been incurred then the grant is credited to the profit and loss account.

 

Phoenix Cellar Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Phoenix Cellar Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Phoenix Cellar Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 12 (2023 - 12).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

64,000

64,000

At 30 November 2024

64,000

64,000

Amortisation

At 1 December 2023

64,000

64,000

At 30 November 2024

64,000

64,000

Carrying amount

At 30 November 2024

-

-

 

Phoenix Cellar Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

33,319

242,453

275,772

Additions

187

-

187

Disposals

-

(130,806)

(130,806)

At 30 November 2024

33,506

111,647

145,153

Depreciation

At 1 December 2023

24,666

187,307

211,973

Charge for the year

2,171

11,987

14,158

Eliminated on disposal

-

(120,084)

(120,084)

At 30 November 2024

26,837

79,210

106,047

Carrying amount

At 30 November 2024

6,669

32,437

39,106

At 30 November 2023

8,653

55,146

63,799

6

Debtors

2024
£

2023
£

Trade debtors

73,578

71,935

Prepayments

1,358

1,358

Accrued income

33,389

22,845

108,325

96,138

 

Phoenix Cellar Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

8

16,430

15,894

Amounts due to related parties

22,409

5,401

Social security and other taxes

 

39,689

41,622

Other creditors

 

1,758

2,354

Accruals

 

6,770

6,188

Corporation tax liability

34,401

29,900

 

121,457

101,359

Due after one year

 

Loans and borrowings

8

27,797

44,227

Hire purchase liabilities are secured over the assets to which they relate.

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,327

23,327

Hire purchase liabilities

14,470

20,900

27,797

44,227

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase liabilities

6,430

5,894

16,430

15,894