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Registration number: 06962670

Phoenix Spencer (Dora) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Phoenix Spencer (Dora) Limited

Company Information

Directors

T C P Eyre

Z E P Macleod

S D Whitworth

C N Phoenix

Registered office

24 Fitzroy Square
London
W1T 6EP

Accountants

Tax Innovations Limited
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

 

Phoenix Spencer (Dora) Limited

(Registration number: 06962670)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,430,000

1,430,000

Current assets

 

Debtors

5

1,581

11,485

Cash at bank and in hand

 

3,616

12,411

 

5,197

23,896

Creditors: Amounts falling due within one year

6

(82,621)

(56,268)

Net current liabilities

 

(77,424)

(32,372)

Total assets less current liabilities

 

1,352,576

1,397,628

Creditors: Amounts falling due after more than one year

6

(1,050,000)

(1,050,000)

Net assets

 

302,576

347,628

Capital and reserves

 

Called up share capital

10

75

75

Capital redemption reserve

25

25

Other reserves

526,400

526,400

Retained earnings

(223,924)

(178,872)

Shareholders' funds

 

302,576

347,628

 

Phoenix Spencer (Dora) Limited

(Registration number: 06962670)
Balance Sheet as at 30 June 2024

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

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 19 March 2025 and signed on its behalf by:
 

.........................................
C N Phoenix
Director

 

Phoenix Spencer (Dora) Limited

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

1

General information

The address of its registered office is:
24 Fitzroy Square
London
W1T 6EP
United Kingdom

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

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements 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 sales/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.

Depreciation

Asset class

Depreciation method and rate

Investment property

Not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Phoenix Spencer (Dora) Limited

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

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.

Trade 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Phoenix Spencer (Dora) Limited

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

4

Investment properties

2024
£

At 1 July

1,430,000

At 30 June

1,430,000

The fair value of investment property included in the financial statements is based on the Lamber Smith Hampton's valuation report dated 14th September 2022. The valuation date was 21st July 2022.

No significant change in value since then.

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

(2,475)

(2,457)

Amounts owed by related parties

8

-

5,961

Other debtors

 

4,056

7,981

   

1,581

11,485

 

Phoenix Spencer (Dora) Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

35,000

35,000

Trade creditors

 

108

(756)

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

37,616

12,000

Accruals and deferred income

 

5,398

5,524

Other creditors

 

4,499

4,500

 

82,621

56,268

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

1,050,000

1,050,000

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,050,000

1,050,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

35,000

35,000

Bank borrowings

The company's bank borrowings are secured by fixed and floating charges over the company's property, income arising from the company's property and other assets.

 

Phoenix Spencer (Dora) Limited

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

8

Related party transactions

Summary of transactions with parent

Provision of working capital funding by or to parent company with no interest or fixed date of repayment.
 

Loans to related parties

2024

Parent
£

Other related parties
£

Total
£

At start of period

5,961

(12,000)

(6,039)

Repaid

(31,576)

-

(31,576)

At end of period

(25,615)

(12,000)

(37,615)

2023

Parent
£

Other related parties
£

Total
£

At start of period

(249,626)

(12,000)

(261,626)

Advanced

255,587

-

255,587

At end of period

5,961

(12,000)

(6,039)

Terms of loans to related parties

£25,615 is owed to Phoenix Spencer (Longstanton) Limited by Phoenix Spencer (Dora) Limited; on an non-fixed repayment period and at 0% interest.

 £12,000 is owed by Phoenix Spencer (Dora) Limited to CPP (Stortford) Limited; on an non-fixed repayment period and at 0% interest.

9

Parent and ultimate parent undertaking

The company's immediate parent is Phoenix Spencer (Longstanton) Limited, incorporated in England and Wales.

 

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

75

75

75

75