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REGISTERED NUMBER: 02992507 (England and Wales)







FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2024

FOR

PHOENIX LEISURE MANAGEMENT LIMITED

PHOENIX LEISURE MANAGEMENT LIMITED (REGISTERED NUMBER: 02992507)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PHOENIX LEISURE MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2024







DIRECTORS: Stuart Robinson
David Pears
Mark Pears
Emma Robinson



SECRETARY: William Bennett



REGISTERED OFFICE: 12th Floor Aldgate Tower
2 Leman Street
London
E1W 9US



BUSINESS ADDRESS: Kettering Leisure Village
Thurston Drive
Kettering
Northamptonshire
NN15 6PB



REGISTERED NUMBER: 02992507 (England and Wales)



AUDITORS: Gravita II LLP
Chartered Accountants and Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA



ACCOUNTANTS: Bewers Turner & Co LLP
Chartered Accountants & Statutory
Auditor
11-13 Station Road
Kettering
Northants
NN15 7HH

PHOENIX LEISURE MANAGEMENT LIMITED (REGISTERED NUMBER: 02992507)

STATEMENT OF FINANCIAL POSITION
30TH APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,829,548 -
Leasehold investment property 5 - 8,890,000
1,829,548 8,890,000

CURRENT ASSETS
Stocks 14,419 -
Debtors 6 171,703 2,342,141
Cash at bank 672,191 129,241
858,313 2,471,382
CREDITORS
Amounts falling due within one year 7 1,957,943 614,344
NET CURRENT (LIABILITIES)/ASSETS (1,099,630 ) 1,857,038
TOTAL ASSETS LESS CURRENT
LIABILITIES

729,918

10,747,038

CREDITORS
Amounts falling due after more than one
year

8

-

(5,275,862

)

PROVISIONS FOR LIABILITIES 10 (186,763 ) (632,321 )
NET ASSETS 543,155 4,838,855

CAPITAL AND RESERVES
Called up share capital 79,000 79,000
Investment property
revaluation reserve - 3,633,506
Retained earnings 464,155 1,126,349
543,155 4,838,855

PHOENIX LEISURE MANAGEMENT LIMITED (REGISTERED NUMBER: 02992507)

STATEMENT OF FINANCIAL POSITION - continued
30TH APRIL 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th January 2025 and were signed on its behalf by:




Stuart Robinson - Director



Mark Pears - Director


PHOENIX LEISURE MANAGEMENT LIMITED (REGISTERED NUMBER: 02992507)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024


1. STATUTORY INFORMATION

Phoenix Leisure Management 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.

Going concern
At the time if approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing these 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.

Turnover is measured as the fair value of the rents receivable.

Turnover from the rendering of services is recognised when the company has performed its obligations.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 1% straight line
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost

The leasehold property has been reclassified from investment property using its deemed cost as determined by the directors. The carrying value of the leasehold property is reviewed periodically to ensure it is not materially different to fair value.

Investment property
Investment property has been reclassified during the year as long leasehold and recognised at deemed cost and depreciated over the term of the lease.

Investment property was historically carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation was provided. Changes in fair value are recognised in profit or loss.

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

PHOENIX LEISURE MANAGEMENT LIMITED (REGISTERED NUMBER: 02992507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, te financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.


PHOENIX LEISURE MANAGEMENT LIMITED (REGISTERED NUMBER: 02992507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 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 statement of financial position 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.

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.

Debtors
Short-term debtors are measured at transaction price, less any impairment. loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 4 ) .

PHOENIX LEISURE MANAGEMENT LIMITED (REGISTERED NUMBER: 02992507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
Additions - 94,114 5,132 99,246
Reclassification/transfer 1,750,000 - - 1,750,000
At 30th April 2024 1,750,000 94,114 5,132 1,849,246
DEPRECIATION
Charge for year 11,667 7,603 428 19,698
At 30th April 2024 11,667 7,603 428 19,698
NET BOOK VALUE
At 30th April 2024 1,738,333 86,511 4,704 1,829,548

5. LEASEHOLD INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st May 2023 8,890,000
Disposals (7,140,000 )
Reclassification (1,750,000 )
At 30th April 2024 -
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 8,890,000

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 66,423 -
Amounts owed by group undertakings - 2,127,692
Other debtors - 71,020
Prepayments and accrued income 105,280 -
171,703 2,198,712

Amounts falling due after more than one year:
Deferred tax asset - 143,429

Aggregate amounts 171,703 2,342,141

PHOENIX LEISURE MANAGEMENT LIMITED (REGISTERED NUMBER: 02992507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


6. DEBTORS - continued

Deferred tax asset on lease premium has been released during the year.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) - 161,317
Trade creditors 183,853 59,185
Amounts owed to group undertakings 352,308 -
Corporation tax 931,560 96,288
PAYE and NIC 17,833 -
VAT 98,424 52,528
Other creditors 6,504 4,643
Pension creditor 2,817 -
Accruals and deferred income 364,644 240,383
1,957,943 614,344

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 9) - 4,484,112
Accruals and deferred income - 791,750
- 5,275,862

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 161,317

Amounts falling due between one and two years:
Bank loans - 1-2 years - 161,362

Amounts falling due between two and five years:
Bank loans - 2-5 years - 4,322,750

The bank had a charge over the assets of the company which has been satisfied upon repayment of the loan.

PHOENIX LEISURE MANAGEMENT LIMITED (REGISTERED NUMBER: 02992507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 186,763 632,321

Deferred
tax
£   
Balance at 1st May 2023 632,321
Revalued investment property (632,321 )
Long leasehold property 167,154
Capital allowances timing 19,609
Balance at 30th April 2024 186,763

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

The Report of the Auditors was unqualified.

Ian Hughes ACA (Senior Statutory Auditor)
for and on behalf of Gravita II LLP

12. RELATED PARTY DISCLOSURES

During the year accountancy fees of £nil (2023: £15,000) were paid to The William Pears Group of Companies Limited, a company in which the directors Sir Trevor Pears CMG, Mark Pears and David Pears have an interest.

13. ULTIMATE PARENT

The company's ultimate parent is Rockport Estates Limited, a company incorporated in England. The registered office is 12th Floor Aldgate Tower, 2 Leman Street, London, United Kingdom, E1W 9US.