Company Registration No. 11998394 (England and Wales)
Fhenix Ltd
Unaudited accounts
for the year ended 31 December 2023
Fhenix Ltd
Unaudited accounts
Contents
Fhenix Ltd
Company Information
for the year ended 31 December 2023
Directors
Rory Keaveny
Joseph Keaveny
Company Number
11998394 (England and Wales)
Registered Office
124 City Road
London
EC1V 2NX
Accountants
Cloudkeepers London Ltd
124 City Road
London
EC1V 2NX
Fhenix Ltd
Statement of financial position
as at 31 December 2023
Tangible assets
2,070,438
1,612,423
Cash at bank and in hand
147,760
175,534
Creditors: amounts falling due within one year
(1,695,733)
(1,334,466)
Net current liabilities
(1,362,411)
(798,744)
Total assets less current liabilities
708,027
813,679
Creditors: amounts falling due after more than one year
(1,244,419)
(1,073,588)
Net liabilities
(536,392)
(259,909)
Called up share capital
100
100
Profit and loss account
(536,492)
(260,009)
Shareholders' funds
(536,392)
(259,909)
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by
Rory Keaveny
Director
Company Registration No. 11998394
Fhenix Ltd
Notes to the Accounts
for the year ended 31 December 2023
Fhenix Ltd is a private company, limited by shares, registered in England and Wales, registration number 11998394. The registered office is 124 City Road, London, EC1V 2NX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The financial statements have been prepared on a going concern basis, notwithstanding the net asset deficiency of £458,938 as at 31 December 2023. The directors have reviewed the company’s financial position, including projected cash flows, ongoing business operations, and financial commitments.
The company has obtained confirmation from its directors and shareholders that they will continue to provide the necessary financial support to enable the company to meet its obligations as they fall due for the foreseeable future, beyond 12 months from the date of approval of these financial statements.
Based on these considerations, the directors believe that the going concern basis of preparation remains appropriate.
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Plant & machinery
10% straight line
Fixtures & fittings
10% straight line
Computer equipment
33% straight line
The accounts are presented in £ sterling.
Fhenix Ltd
Notes to the Accounts
for the year ended 31 December 2023
Rentals applicable to operating leases, where substantially all benefits and risks of ownership remain with the lessor, are charged to profit or loss on a straight-line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised as fixed assets and depreciated over their useful lives in accordance with the company’s depreciation policy. The corresponding lease or hire purchase obligation is recognised as a liability in the balance sheet.
The interest element of finance lease and hire purchase payments is charged to profit or loss over the lease term, based on a constant periodic rate of interest on the remaining balance of the liability.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
807,049
-
1,039,217
12,921
1,859,187
Additions
523,789
1,831
129,664
9,362
664,646
At 31 December 2023
1,330,838
1,831
1,168,881
22,283
2,523,833
At 1 January 2023
77,255
-
166,406
3,103
246,764
Charge for the year
93,676
550
109,491
2,914
206,631
At 31 December 2023
170,931
550
275,897
6,017
453,395
At 31 December 2023
1,159,907
1,281
892,984
16,266
2,070,438
At 31 December 2022
729,794
-
872,811
9,818
1,612,423
Amounts falling due within one year
Accrued income and prepayments
48,612
72,807
Other debtors
136,950
282,374
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
630,859
382,796
Taxes and social security
28,320
56,865
Other creditors
116,722
6,999
Deferred income
849,267
689,054
Fhenix Ltd
Notes to the Accounts
for the year ended 31 December 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
477,938
400,967
Loans from directors
560,246
450,090
8
Transactions with related parties
Summary of transactions with other related parties
At the year end, the balance due to the shareholder was £560,246. The loan was interest free.
9
Average number of employees
During the year the average number of employees was 48 (2022: 38).