Company registration number 06421452 (England and Wales)
PHOENIX BUSINESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PHOENIX BUSINESS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
PHOENIX BUSINESS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PHOENIX BUSINESS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Phoenix Business Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Phoenix Business Limited, as a body, in accordance with the terms of our engagement letter dated 23 July 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Phoenix Business Limited and state those matters that we have agreed to state to the board of directors of Phoenix Business Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Phoenix Business Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Phoenix Business Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Phoenix Business Limited. You consider that Phoenix Business Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Phoenix Business Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
11 March 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
PHOENIX BUSINESS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,764
27,734
Current assets
Stocks
135,000
135,000
Debtors
4
488,984
476,864
Cash at bank and in hand
27,156
323,961
651,140
935,825
Creditors: amounts falling due within one year
5
(681,464)
(849,474)
Net current (liabilities)/assets
(30,324)
86,351
Total assets less current liabilities
(5,560)
114,085
Creditors: amounts falling due after more than one year
6
-
0
(54,206)
Provisions for liabilities
(2,400)
(2,500)
Net (liabilities)/assets
(7,960)
57,379
Capital and reserves
Called up share capital
7
1,096
1,096
Profit and loss reserves
(9,056)
56,283
Total equity
(7,960)
57,379

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

PHOENIX BUSINESS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
Mr M J Murphy
Mr S P Beal
Director
Director
Company registration number 06421452 (England and Wales)
PHOENIX BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Phoenix Business Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of 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. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. true

At the balance sheet date the company is in a net liabilities position. The company is reliant on the ongoing support of its directors, lenders and its associated companies and is meeting its liabilities as they fall due. The financial statements do not include any adjustments that would result in the withdrawal of their support.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% p.a. on diminishing balance basis
Plant & machinery
25% p.a. on diminishing balance basis
Fixtures, fittings & equipment
20% p.a. on diminishing balance basis
IT equipment
33.33% p.a on straight line basis
Motor vehicles
25% p.a. on diminishing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PHOENIX BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PHOENIX BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 11 (2022 - 10).

3
Tangible fixed assets
Leasehold improvements
Plant & machinery
Fixtures, fittings & equipment
IT equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
57,893
2,764
18,227
26,086
23,026
127,996
Additions
-
0
-
0
1,950
2,221
-
0
4,171
At 31 December 2023
57,893
2,764
20,177
28,307
23,026
132,167
Depreciation and impairment
At 1 January 2023
44,947
2,417
14,962
21,253
16,683
100,262
Depreciation charged in the year
2,589
87
770
2,109
1,586
7,141
At 31 December 2023
47,536
2,504
15,732
23,362
18,269
107,403
Carrying amount
At 31 December 2023
10,357
260
4,445
4,945
4,757
24,764
At 31 December 2022
12,946
347
3,265
4,833
6,343
27,734
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
39,938
14,779
Other debtors
449,046
462,085
488,984
476,864
PHOENIX BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
59,906
88,244
Trade creditors
191,358
348,091
Taxation and social security
369,272
363,970
Other creditors
60,928
49,169
681,464
849,474

Included within bank loans and overdrafts is a bank loan that is secured on the assets of the company.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
54,206

Included within bank loans and overdrafts is a bank loan that is secured on the assets of the company.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
100,200
100,200
1,002
1,002
Ordinary B shares of 1p each
2,245
2,245
22
22
Ordinary C Share of 1p each
2,505
2,505
25
25
Ordinary D Share of 1p each
2,505
2,505
25
25
Ordinary E Share of 1p each
2,193
2,193
22
22
109,648
109,648
1,096
1,096
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
176,820
158,744
PHOENIX BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director loan
-
178,104
166,704
(168,312)
176,496
Director loan
-
145,128
166,704
(154,084)
157,748
323,232
333,408
(322,396)
334,244
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