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REGISTERED NUMBER: NI002928 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 1 MAY 2024

FOR

PHOENIX WINE & SPIRIT STORES LIMITED

PHOENIX WINE & SPIRIT STORES LIMITED (REGISTERED NUMBER: NI002928)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 MAY 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


PHOENIX WINE & SPIRIT STORES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 1 MAY 2024







DIRECTORS: Mr G Smyth
Mr C P Smyth
Mr F G Smyth
Miss M M Smyth
Mrs S M Wort





SECRETARY: Mr C P Smyth





REGISTERED OFFICE: 192a Church Road
Holywood
BT18 9RN





REGISTERED NUMBER: NI002928 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
Chartered Certified Accountants
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

PHOENIX WINE & SPIRIT STORES LIMITED (REGISTERED NUMBER: NI002928)

BALANCE SHEET
1 MAY 2024

1.5.24 1.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 69,490 72,514
Investment property 5 975,000 975,000
1,044,490 1,047,514

CURRENT ASSETS
Stocks 15,500 20,000
Debtors 6 310,189 123,815
Cash at bank and in hand 91,842 192,657
417,531 336,472
CREDITORS
Amounts falling due within one year 7 1,432,112 1,396,449
NET CURRENT LIABILITIES (1,014,581 ) (1,059,977 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,909

(12,463

)

PROVISIONS FOR LIABILITIES 32,595 33,351
NET LIABILITIES (2,686 ) (45,814 )

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Retained earnings (22,686 ) (65,814 )
(2,686 ) (45,814 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 1 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 1 May 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 WINE & SPIRIT STORES LIMITED (REGISTERED NUMBER: NI002928)

BALANCE SHEET - continued
1 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





Mr C P Smyth - Director


PHOENIX WINE & SPIRIT STORES LIMITED (REGISTERED NUMBER: NI002928)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 MAY 2024


1. STATUTORY INFORMATION

Phoenix Wine & Spirit Stores Limited is a private company, limited by shares , registered in Northern Ireland. 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 (£).


The company's place of business is 11A & 19 Fountain Street Belfast, BT1 5EA and 179-181 Antrim Road Belfast BT15 2GW.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and companies act 2006. The financial statements have been prepared under the historical cost convention as modified for the revaluation of certain assets.


Going concern
At the year end the company had net liabilities of £2,686 (2023: net liabilities of £45,814).

The company is reliant on the support of its directors and related party, John Smyth Estates Limited, a company incorporated in Northern Ireland to ensure it can meet its liabilities as they fall due.

The directors have confirmed they will continue to provide support to the company and have a reasonable expectation that the support of the related party will be available for at least one year from the date of signing these financial statements. Consequently, the financial statements have been prepared on a going concern basis and do not include any adjustments which would result if the support was withdrawn.

Significant judgements and estimates
Establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Consider the recoverability of trade debtors and the need for impairment provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

The directors also consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

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

PHOENIX WINE & SPIRIT STORES LIMITED (REGISTERED NUMBER: NI002928)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 1 MAY 2024


2. ACCOUNTING POLICIES - continued

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 - 20% on cost
Plant and machinery - 20% on reducing balance
Fixtures, fittings & equipment - 10% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Investment property
Investment property is included at fair value, no depreciation is provided. Changes in the fair value are recognised in the profit and loss.

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

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

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 WINE & SPIRIT STORES LIMITED (REGISTERED NUMBER: NI002928)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 1 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 24 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures,
to Plant and fittings
property machinery & equipmen
£    £    £   
COST
At 2 May 2023 109,959 1,794 138,116
Additions - - 20,148
At 1 May 2024 109,959 1,794 158,264
DEPRECIATION
At 2 May 2023 95,013 825 90,446
Charge for year 10,654 193 10,539
At 1 May 2024 105,667 1,018 100,985
NET BOOK VALUE
At 1 May 2024 4,292 776 57,279
At 1 May 2023 14,946 969 47,670

PHOENIX WINE & SPIRIT STORES LIMITED (REGISTERED NUMBER: NI002928)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 1 MAY 2024


4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 2 May 2023 4,400 12,270 266,539
Additions - - 20,148
At 1 May 2024 4,400 12,270 286,687
DEPRECIATION
At 2 May 2023 3,477 4,264 194,025
Charge for year 185 1,601 23,172
At 1 May 2024 3,662 5,865 217,197
NET BOOK VALUE
At 1 May 2024 738 6,405 69,490
At 1 May 2023 923 8,006 72,514

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 2 May 2023
and 1 May 2024 975,000
NET BOOK VALUE
At 1 May 2024 975,000
At 1 May 2023 975,000

Fair value at 1 May 2024 is represented by:
£   
Valuation in 2008 747,394
Valuation in 2015 (219,730 )
Valuation in 2018 (225,000 )
Valuation in 2022 50,000
Cost 622,336
975,000

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

1.5.24 1.5.23
£    £   
Cost 622,336 622,336

PHOENIX WINE & SPIRIT STORES LIMITED (REGISTERED NUMBER: NI002928)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 1 MAY 2024


5. INVESTMENT PROPERTY - continued

The investment properties where revalued on 7th September 2022 by McConnell chartered surveyor's. The directors have considered the valuation and are satisfied that the value is reflective of the value at 1 May 2024.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
1.5.24 1.5.23
£    £   
Trade debtors 213,906 49,099
Other debtors 96,283 74,716
310,189 123,815

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
1.5.24 1.5.23
£    £   
Bank loans and overdrafts - 650
Trade creditors 123,480 115,821
Taxation and social security 55,706 51,061
Other creditors 1,252,926 1,228,917
1,432,112 1,396,449

Included in other creditors is £25,275 (2023:£14,442) owed to one of the directors. This loan is unsecured, interest free and repayable on demand.

8. RELATED PARTY DISCLOSURES

During the year the company received £13,278 (2023: £15,677) from a related party and paid expenses of £17,120 (2023: £16,120) on behalf of the related party. The amount due to the related party at the year end was £1,148,061 (2023: £1,151,904) and is included in other creditors. This loan is unsecured, interest free and repayable on demand.