Company registration number 05124817 (England and Wales)
PHOENIX 1872 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PHOENIX 1872 LIMITED
COMPANY INFORMATION
Directors
Mr D N Cooke
Mr P E Cooke
Mr T J Cooke
Secretary
Mr D N Cooke
Company number
05124817
Registered office
Northgate
Aldridge
Walsall
WS9 8TL
Auditor
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
PHOENIX 1872 LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 34
PHOENIX 1872 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
The principal activity of the company is that of a holding company for its subsidiary companies. The group's principal activities are the manufacture and sale of hinges, pressings, presswork tooling, plan filing systems and property investment.
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
The group had an overall satisfactory year. Assets are held within the holding company of Phoenix 1872 and are then utilised to support the long term development of the trading subsidiaries. All group companies retained their ISO 9001 and Investors in People accreditation status, confirming the group's commitment to quality and service. Social responsibility extends beyond compliances to the support and involvement of all stakeholders.
Cooke Brothers continued as the main subsidiary, trading as a key supplier to the construction industry. Large architectural ironmongery contracts continue to be key to the company's success, although it is recognised that these will fluctuate in size from year to year. Products were again utilised in prestigious worldwide projects.
Phoenix Tooling & Development, autonomously managed by Martin Mulvey, continued the development of a strong tooling niche in specialised areas of multislide, high speed, progression and turnkey package tooling services. Both turnover and profitability are heavily dependent upon the number of major tooling contracts won during the year.
Principal risks and uncertainties
As for many businesses of our size, the business environment in which we operate continues to be challenging. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. To counteract these uncertainties the group maintains a strong financial reserves policy.
Key performance indicators
The Group uses operating profit or loss as a key performance indicator. Trading was satisfactory and resulted in an operating profit of £248,050 compared to £149,781 in 2023. This is a reflection of the Group's performance in the year.
After accounting for actuarial losses on the defined benefit pension scheme of £165,000 (2023: £301,110 gains) and fair value gains on investment properties of £485,000 (2023: £Nil) closing shareholder funds have increased to £7,376,202 (2023: £6,980,017).
The profit for the year, after taxation but before actuarial losses/gains, amounted to £595,348 (2023: £230,388).
Mr P E Cooke
Director
27 March 2025
PHOENIX 1872 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company and group continued to be that of a holding company for its subsidiary companies. The Group's principal activities are the manufacture and sale of hinges, pressings, plan filing systems and property investment.
Results and dividends
The profit for the year, after taxation and minority interests, amounted to £545,383 (2023: £222,062).
There were dividends of £34,163 (2023: £Nil) in the year attributable to equity owners of the Company.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D N Cooke
Mr P E Cooke
Mr T J Cooke
Financial instruments
The group finances its operations day-to-day through the use of operational bank accounts. The group makes use of financial instruments principally through its operational bank accounts. The directors' objectives are to retain sufficient liquid funds to enable the group to meet its day to day requirements as they fall due and to maximise returns on surplus funds where possible. The group has limited exposure to foreign exchange risk at present with minor utilisation of foreign currency bank accounts. The group's funds are held primarily in short term deposit accounts. The directors believe that this gives the flexibility to release cash resources at short notice and allows the group to take advantage of changing economic conditions as they arise.
Research and development
The group continues to commit significant resource and time to the development of new and existing technologies and enhancements that reinforce the competitive edge of the company's range of products. In addition, the group holds certain patents over its products to protect its future business worldwide.
Future developments
The Group is looking to continue to grow its product portfolio and build on the knowledge gained in recent years.
Auditor
In accordance with the company's articles, a resolution proposing that Edwards be reappointed as auditor of the group will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized group exemption
This report has been prepared in accordance with the provisions applicable to group entitled to the medium sized group exemption.
PHOENIX 1872 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
On behalf of the board
Mr P E Cooke
Director
27 March 2025
PHOENIX 1872 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PHOENIX 1872 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PHOENIX 1872 LIMITED
- 5 -
Opinion
We have audited the financial statements of Phoenix 1872 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PHOENIX 1872 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PHOENIX 1872 LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We obtained an understanding of the legal and regulatory frameworks within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation and health & safety regulations compliance.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: recognition of income, the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty specifically relating to the valuation of the defined benefit pension scheme, investment property and stocks and work in progress. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
PHOENIX 1872 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PHOENIX 1872 LIMITED
- 7 -
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Robert Kempson ACA (Senior Statutory Auditor)
For and on behalf of Edwards, Statutory Auditor
Chartered Accountants
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
27 March 2025
PHOENIX 1872 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
7,281,329
6,719,579
Cost of sales
(4,219,790)
(4,193,010)
Gross profit
3,061,539
2,526,569
Administrative expenses
(2,763,350)
(2,336,887)
Exceptional items
4
(50,139)
(39,901)
Operating profit
5
248,050
149,781
Interest receivable and similar income
9
4,498
387
Interest payable and similar expenses
10
(53)
Other finance income
11
70,000
42,000
Fair value gain on investment properties
14
485,000
Profit before taxation
807,548
192,115
Tax on profit
12
(212,200)
38,273
Profit for the financial year
595,348
230,388
Other comprehensive income
Actuarial (loss)/gain on defined benefit pension schemes
21
(165,000)
301,110
Total comprehensive income for the year
430,348
531,498
Profit for the financial year is attributable to:
- Owners of the parent company
545,383
222,062
- Non-controlling interests
49,965
8,326
595,348
230,388
Total comprehensive income for the year is attributable to:
- Owners of the parent company
380,383
523,172
- Non-controlling interests
49,965
8,326
430,348
531,498
PHOENIX 1872 LIMITED
GROUP BALANCE SHEET
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
3,495,048
3,166,197
Investment property
14
875,000
390,000
4,370,048
3,556,197
Current assets
Stocks
17
517,502
543,158
Debtors
18
1,692,138
1,416,335
Cash at bank and in hand
1,396,015
1,634,245
3,605,655
3,593,738
Creditors: amounts falling due within one year
19
(1,197,001)
(1,192,618)
Net current assets
2,408,654
2,401,120
Total assets less current liabilities
6,778,702
5,957,317
Provisions for liabilities
Deferred tax liability
20
358,500
146,300
(358,500)
(146,300)
Net assets excluding pension surplus
6,420,202
5,811,017
Defined benefit pension surplus
21
956,000
1,169,000
Net assets
7,376,202
6,980,017
Capital and reserves
Called up share capital
22
100,000
100,000
Revaluation reserve
880,840
880,840
Other reserves
(134,705)
(134,705)
Profit and loss reserves
6,401,667
6,119,470
Equity attributable to owners of the parent company
7,247,802
6,965,605
Non-controlling interests
128,400
14,412
Total equity
7,376,202
6,980,017
PHOENIX 1872 LIMITED
GROUP BALANCE SHEET (CONTINUED)
- 10 -
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
Mr P E Cooke
Director
Company registration number 05124817 (England and Wales)
PHOENIX 1872 LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
3,346,774
3,011,757
Investment property
14
875,000
390,000
Investments
15
109,100
109,100
4,330,874
3,510,857
Current assets
Debtors
18
71,000
94,449
Cash at bank and in hand
1,159,214
1,414,582
1,230,214
1,509,031
Creditors: amounts falling due within one year
19
(1,582,220)
(1,573,813)
Net current liabilities
(352,006)
(64,782)
Total assets less current liabilities
3,978,868
3,446,075
Provisions for liabilities
Deferred tax liability
20
345,000
134,700
(345,000)
(134,700)
Net assets excluding pension surplus
3,633,868
3,311,375
Defined benefit pension surplus
21
956,000
1,169,000
Net assets
4,589,868
4,480,375
Capital and reserves
Called up share capital
22
100,000
100,000
Revaluation reserve
880,840
880,840
Other reserves
(134,705)
(134,705)
Profit and loss reserves
3,743,733
3,634,240
Total equity
4,589,868
4,480,375
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £274,493 (2023 - £115,710 loss).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
PHOENIX 1872 LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
Mr P E Cooke
Director
Company registration number 05124817 (England and Wales)
PHOENIX 1872 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 July 2022
100,000
880,840
(102,376)
5,563,969
6,442,433
6,086
6,448,519
Year ended 30 June 2023:
Profit for the year
-
-
-
222,062
222,062
8,326
230,388
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
301,110
301,110
-
301,110
Total comprehensive income
-
-
-
523,172
523,172
8,326
531,498
Transfer deferred tax charge on gains
-
-
(32,329)
32,329
-
-
-
Balance at 30 June 2023
100,000
880,840
(134,705)
6,119,470
6,965,605
14,412
6,980,017
Year ended 30 June 2024:
Profit for the year
-
-
-
545,383
545,383
49,965
595,348
Other comprehensive income:
Actuarial losses on defined benefit plans
-
-
-
(165,000)
(165,000)
-
(165,000)
Total comprehensive income
-
-
-
380,383
380,383
49,965
430,348
Dividends
-
-
-
-
-
(34,163)
(34,163)
Increase in proportion of non-controlling interests
-
-
-
(98,186)
(98,186)
98,186
-
Balance at 30 June 2024
100,000
880,840
(134,705)
6,401,667
7,247,802
128,400
7,376,202
PHOENIX 1872 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 July 2022
100,000
880,840
(102,376)
3,416,511
4,294,975
Year ended 30 June 2023:
Loss for the year
-
-
-
(115,710)
(115,710)
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
301,110
301,110
Total comprehensive income
-
-
-
185,400
185,400
Transfer deferred tax charge on gains
-
-
(32,329)
32,329
-
Balance at 30 June 2023
100,000
880,840
(134,705)
3,634,240
4,480,375
Year ended 30 June 2024:
Profit for the year
-
-
-
274,493
274,493
Other comprehensive income:
Actuarial losses on defined benefit plans
-
-
-
(165,000)
(165,000)
Total comprehensive income
-
-
-
109,493
109,493
Balance at 30 June 2024
100,000
880,840
(134,705)
3,743,733
4,589,868
PHOENIX 1872 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
414,267
910,741
Interest paid
(53)
Income taxes refunded
21,461
Net cash inflow from operating activities
414,267
932,149
Investing activities
Purchase of tangible fixed assets
(626,832)
(1,358,354)
Proceeds from disposal of tangible fixed assets
4,000
95,609
Interest received
4,498
387
Net cash used in investing activities
(618,334)
(1,262,358)
Financing activities
Dividends paid to non-controlling interests
(34,163)
Net cash used in financing activities
(34,163)
-
Net decrease in cash and cash equivalents
(238,230)
(330,209)
Cash and cash equivalents at beginning of year
1,634,245
1,964,454
Cash and cash equivalents at end of year
1,396,015
1,634,245
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
1
Accounting policies
Company information
Phoenix 1872 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Northgate, Aldridge, Walsall, WS9 8TL.
The group consists of Phoenix 1872 Limited and all of its subsidiaries.
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.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. lntercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2015.
1.3
Going concern
The directors have considered the performance and position of the Group and Company at the year end date, alongside future requirements of the business as well as forecasts, budgets and working capital projections, and have concluded that sufficient resources are available to allow the company and Group to continue as a going concern for the foreseeable future. Thus, the directors continue adopt the going concern basis of accounting in preparing the financial statements
1.4
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rental income is recognised on a receivable basis.
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using straight line and reducing balance methods.
Depreciation is provided on the following basis:
Freehold property
2% on a straight line basis, excluding investment property
Long-term leasehold property
Over the life of the lease
Plant and machinery
Assets acquired prior to 30/06/2015: 25% on a reducing balance basis. Assets aquired after 01/07/2015: 5% to 33% on a straight line basis from month of purchase
Office and computer equipment
25% on a straight line basis
Motor vehicles
25% on a reducing balance basis
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
1.6
Investment property
Investment property is 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 is provided. Changes in fair value are recognised in the Group Statement of Comprehensive Income.
1.7
Fixed asset investments
Investments in subsidiaries are measured at cost less accumulated impairment.
1.8
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average. Work in progress and finished goods include labour and attributable overheads.
At each Balance sheet date, stocks are assessed for impairment. If stock is impaired the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Consolidated statement of comprehensive income.
1.9
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.
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Financial instruments
The group 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.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.
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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.12
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
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 leased asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
1.15
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated statement of comprehensive income when they fall due. Amounts not paid are shown in other taxation and social security as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
Defined benefit pension plan
The Group operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the Balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the Company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
the increase in net pension benefit liability arising from employee service during the period; and
the cost of plan introductions, benefit changes, curtailments and settlements
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in the Statement of comprehensive income within 'other finance costs'.
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the directors believe that the critical accounting policies where judgements or estimations are necessarily applied are summarised below:
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Defined benefit pension
The directors have obtained a report, prepared under FRS 102, from their actuaries which has been used to prepare the defined benefit pension figures in these financial statements. This report highlights various assumptions used relating to discount, salary, inflation and mortality rates which are disclosed in the financial statements.
Valuation of investment property
The valuations of the company's investment properties are made by the directors on an open market existing use basis.
Valuation of stocks and work in progress
The amount of profit attributable to the stage of completion of a contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as they are foreseen.
Contract work in progress is stated at cost incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Property investment
140,000
91,871
Sale of manufactured goods
7,141,329
6,627,708
7,281,329
6,719,579
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
6,522,329
5,155,579
Rest of Europe (rounded to the nearest £000)
368,000
1,196,000
Rest of the world (rounded to the nearest £000)
391,000
368,000
7,281,329
6,719,579
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
2023
£
£
Other revenue
Interest income
74,498
42,387
4
Exceptional item
2024
2023
£
£
Expenditure
Redundancy costs
50,139
39,901
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
1,208
59,076
Depreciation of owned tangible fixed assets
295,247
264,562
Profit on disposal of tangible fixed assets
(1,266)
(19,763)
Directors' pension service costs
118,000
121,000
Operating lease charges
269,893
251,167
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
23,800
18,500
For other services
Taxation compliance services
2,975
1,500
Accountancy services
2,975
4,750
Other services
64,373
35,565
70,323
41,815
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Group
2024
2023
Number
Number
Production
37
43
Administration
13
13
Total
50
56
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries (including employers NIC)
2,303,124
2,080,286
373,364
222,161
Pension costs - defined benefit scheme
160,222
161,222
160,222
161,222
Pension costs - defined contribution scheme
58,191
69,948
-
-
2,521,537
2,311,456
533,586
383,383
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
497,025
249,970
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Directors' remuneration
(Continued)
- 24 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
207,613
141,550
During the year retirement benefits were accruing to no directors (2023 - Nil) in respect of defined contribution pension schemes.
During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined benefit pension schemes.
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
4,498
387
10
Interest payable and similar expenses
2024
2023
£
£
Other interest
-
53
11
Other finance income
2024
2023
£
£
Other finance income:
Interest income on pension scheme assets
291,000
234,000
Interest payable on defined benefit liability
(221,000)
(192,000)
Total finance income
70,000
42,000
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
12
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(57,487)
Deferred tax
Origination and reversal of timing differences
212,200
19,214
Total tax charge/(credit)
212,200
(38,273)
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
807,548
192,115
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
201,887
48,029
Tax effect of expenses that are not deductible in determining taxable profit
16,763
30,234
Tax effect of utilisation of tax losses not previously recognised
(41,671)
Depreciation on assets not qualifying for tax allowances
13,571
12,872
Other permanent differences
(20,021)
Under/(over) provided in prior years
(57,487)
Change in deferred tax rate
35,492
Tax effect of enhanced capital allowances
(65,742)
Taxation charge/(credit)
212,200
(38,273)
Factors that may affect future tax charges
The group has a deferred tax asset of £270,000 (2023 - £390,000) in relation to carried forward tax losses.
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
13
Tangible fixed assets
Group
Freehold property
Long-term leasehold property
Plant and machinery
Office and computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
1,439,738
168,292
5,077,693
31,026
236,785
6,953,534
Additions
457,514
139,318
30,000
626,832
Disposals
(13,500)
(26,090)
(39,590)
At 30 June 2024
1,897,252
168,292
5,203,511
31,026
240,695
7,540,776
Depreciation and impairment
At 1 July 2023
265,036
46,771
3,360,005
15,102
100,423
3,787,337
Depreciation charged in the year
20,625
33,658
193,982
7,756
39,226
295,247
Eliminated in respect of disposals
(13,215)
(23,641)
(36,856)
At 30 June 2024
285,661
80,429
3,540,772
22,858
116,008
4,045,728
Carrying amount
At 30 June 2024
1,611,591
87,863
1,662,739
8,168
124,687
3,495,048
At 30 June 2023
1,174,702
121,521
1,717,688
15,924
136,362
3,166,197
Company
Freehold property
Long-term leasehold property
Plant and machinery
Total
£
£
£
£
Cost
At 1 July 2023
1,439,738
168,292
4,950,576
6,558,606
Additions
457,514
124,710
582,224
Disposals
(13,500)
(13,500)
At 30 June 2024
1,897,252
168,292
5,061,786
7,127,330
Depreciation and impairment
At 1 July 2023
265,036
46,771
3,235,042
3,546,849
Depreciation charged in the year
20,625
33,658
192,639
246,922
Eliminated in respect of disposals
(13,215)
(13,215)
At 30 June 2024
285,661
80,429
3,414,466
3,780,556
Carrying amount
At 30 June 2024
1,611,591
87,863
1,647,320
3,346,774
At 30 June 2023
1,174,702
121,521
1,715,534
3,011,757
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
Tangible fixed assets
(Continued)
- 27 -
Freehold property included above (in both the Group and Company) was valued on an existing use basis at £1,261,000 by Kingston Commercial Property Consultants on 27 May 2004 at the date of its acquisition. This has been used at the date of transition to FRS102 as the deemed cost of the freehold property. Land is not depreciated. Additions since this date of £636,252 have been valued at cost.
Freehold property includes land of £601,000 (2023: £601,000) which is not depreciated.
The historic cost of freehold property is £1,121,263 (2023: £663,749).
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 July 2023
390,000
390,000
Net gains or losses through fair value adjustments
485,000
485,000
At 30 June 2024
875,000
875,000
The property was valued by Burley Brown in February 2025 in connection with its sale. The directors consider the 30 June 2024 value to be in line with this valuation based on an open market value for existing use basis.
The historic cost of the freehold investment property is £285,149 (2023: £285,149).
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
109,100
109,100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
109,100
Carrying amount
At 30 June 2024
109,100
At 30 June 2023
109,100
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
16
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Cooke Brothers Limited
1
Ordinary
100.00
Phoenix Tooling and Development Limited
1
Ordinary
76.00
Registered office addresses (all UK unless otherwise indicated):
1
Northgate, Aldridge, Walsall, United Kingdom, WS9 8TL
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
133,500
138,398
-
-
Work in progress (goods to be sold)
204,746
193,113
-
-
Finished goods and goods for resale
179,256
211,647
517,502
543,158
-
-
An impairment loss of £Nil (2023: £75,013) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,400,016
1,097,836
28,000
Amounts owed to related parties
43,000
42,000
43,000
42,000
Other debtors
1,595
14,404
-
-
Prepayments and accrued income
247,527
262,095
52,449
1,692,138
1,416,335
71,000
94,449
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
441,268
470,358
29,653
9,720
Amounts owed to group undertakings
1,206,982
1,470,542
Other taxation and social security
189,901
336,570
53,242
6,407
Other creditors
122,417
98,403
80,228
73,044
Accruals and deferred income
443,415
287,287
212,115
14,100
1,197,001
1,192,618
1,582,220
1,573,813
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
393,500
404,600
Tax losses
(270,000)
(390,000)
Gain on revaluations
235,000
134,700
Other timing differences
-
(3,000)
358,500
146,300
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
380,000
390,000
Tax losses
(270,000)
(390,000)
Gain on revaluations
235,000
134,700
345,000
134,700
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
146,300
134,700
Charge to profit or loss
212,200
210,300
Liability at 30 June 2024
358,500
345,000
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
58,191
69,948
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Defined benefit scheme - group and company
The company operates a defined benefit scheme for qualifying employees.
A full actuarial valuation was carried out at 30 June 2008 and updated to 30 June 2024, by a qualified actuary, independent of the scheme's sponsoring employer. The major assumptions used by the actuary are shown below.
2024
2023
Key assumptions
%
%
Discount rate
5.0
4.5
Expected rate of increase of pensions in payment
3.2
3.3
Expected rate of salary increases
2.0
3.6
Mortality assumptions
2024
2023
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
21.5
21.5
- Females
23.4
23.4
Retiring in 20 years
- Males
22.8
22.8
- Females
24.9
24.9
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
Group and company
2024
2023
Liabilities/(assets):
£
£
Present value of defined benefit obligations
5,275,000
4,908,000
Fair value of plan assets
(6,231,000)
(6,077,000)
Surplus in scheme
(956,000)
(1,169,000)
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Retirement benefit schemes
(Continued)
- 31 -
Group and company
2024
2023
Amounts recognised in the profit and loss account
£
£
Costs/(income):
Current service cost
118,000
121,000
Net interest on net defined benefit liability/(asset)
(70,000)
(42,000)
Total costs
48,000
79,000
Group and company
2024
2023
Amounts recognised in other comprehensive income
£
£
Costs/(income):
Actual return on scheme assets
(298,000)
(175,000)
Less: calculated interest element
291,000
234,000
Return on scheme assets excluding interest income
(7,000)
59,000
Actuarial changes related to obligations
(10,000)
(668,000)
Experience gains and losses
337,000
221,000
Total costs/(income)
320,000
(388,000)
Deferred tax movement
(70,000)
166,890
Company contributions
(85,000)
(80,000)
165,000
(301,110)
Group and company
2024
Movements in the present value of defined benefit obligations
£
Liabilities at 1 July 2023
4,908,000
Current service cost
76,000
Benefits paid
(257,000)
Actuarial gains and losses
327,000
Interest cost
221,000
At 30 June 2024
5,275,000
Group and company
2024
Movements in the fair value of plan assets
£
Fair value of assets at 1 July 2023
6,077,000
Interest income
291,000
Return on plan assets (excluding amounts included in net interest)
7,000
Benefits paid
(299,000)
Contributions by the employer
85,000
Deferred tax
70,000
At 30 June 2024
6,231,000
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Retirement benefit schemes
(Continued)
- 32 -
The actual return on plan assets was £298,000 (2023: £175,000).
Group and company
2024
2023
Fair value of plan assets
£
£
Equity instruments
2,536,000
2,064,000
Property
3,229,000
3,623,000
Bonds
452,000
345,000
Cash
333,000
227,000
Other
-
207,000
Deferred tax liability
(319,000)
(389,000)
Net pension scheme asset
6,231,000
6,077,000
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
23
Financial commitments, guarantees and contingent liabilities
There is a fixed and floating charge dated 1 July 2004 in favour of the parent company over the undertakings and all assets including all book debts.
24
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
262,275
345,800
-
-
Between two and five years
384,319
828,188
-
-
In over five years
226,667
311,667
-
-
873,261
1,485,655
-
-
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 33 -
25
Related party transactions
At the year end £60,485 (2023: £56,299) was included in the Group and Company other creditors being amounts owed to key management personnel.
Remuneration paid to key management personnel during the year was: Group £736,125 (2023: £418,772), Company, £521,587 (2023: £249,970).
Transactions with entities over which the Group has joint control or significant influence were as follows:
Pension contributions made by the Group and the Company of £42,000 (2023: £40,000).
At the year end, included within debtors, are amount owed by related parties to the Group and the Company of £43,000 (2023: £42,000).
At the year end, included within other creditors, are amounts owed to related parties by the Group and the Company of £9,000 (2023: £9,000).
Transactions with entities controlled by a close family member of key management personnel were as follows;
Rent paid by the Group to related parties: £27,133 (2023: £44,913), by the Company: £Nil (2023: £Nil).
At the year end amounts owed by the related parties to the Group and Company: £Nil (2023: £Nil).
Payment by the Group to related party for lease surrender Units 1-2 Phoenix Drive £443,520 (2023: £Nil).
Outstanding balances with entities are unsecured, interest free and repayable on demand. The Group has not provided or benefited from any guaranties for any related party debtors or creditors. No provisions have been made for doubtful debts relating to amounts owed by related parties.
26
Controlling party
In the opinion of the Directors, there is no single controlling party of the company or group.
PHOENIX 1872 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 34 -
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
595,348
230,388
Adjustments for:
Taxation charged/(credited)
212,200
(38,273)
Interest payable
-
53
Investment income
216,502
(387)
Gain on disposal of tangible fixed assets
(1,266)
(19,763)
Fair value gain on investment properties
(485,000)
Depreciation and impairment of tangible fixed assets
295,247
264,562
Net pension scheme costs
(173,000)
79,000
Decrease in provisions
-
(99,263)
Movements in working capital:
Decrease in stocks
25,656
149,856
(Increase)/decrease in debtors
(275,803)
53,493
Increase in creditors
4,383
291,075
Cash generated from operations
414,267
910,741
28
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
1,634,245
(238,230)
1,396,015
2024-06-302023-07-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr P E CookeMr T J CookeMr T J CookeMr D N Cookefalse05124817bus:Consolidated2023-07-012024-06-30051248172023-07-012024-06-3005124817bus:CompanySecretaryDirector12023-07-012024-06-3005124817bus:Director12023-07-012024-06-3005124817bus:Director22023-07-012024-06-3005124817bus:CompanySecretary12023-07-012024-06-3005124817bus:Director32023-07-012024-06-3005124817bus:RegisteredOffice2023-07-012024-06-30051248172024-06-3005124817bus:Consolidated2024-06-3005124817bus:Consolidated2022-07-012023-06-3005124817core:Exceptionalbus:Consolidated12023-07-012024-06-3005124817core:Exceptionalbus:Consolidated12022-07-012023-06-30051248172022-07-012023-06-3005124817core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3005124817core:RetainedEarningsAccumulatedLosses2023-07-012024-06-3005124817bus:Consolidated2023-06-30051248172023-06-3005124817core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-06-3005124817core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-06-3005124817core:PlantMachinerybus:Consolidated2024-06-3005124817core:ComputerEquipmentbus:Consolidated2024-06-3005124817core:MotorVehiclesbus:Consolidated2024-06-3005124817core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-06-3005124817core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-06-3005124817core:PlantMachinerybus:Consolidated2023-06-3005124817core:ComputerEquipmentbus:Consolidated2023-06-3005124817core:MotorVehiclesbus:Consolidated2023-06-3005124817core:LandBuildingscore:OwnedOrFreeholdAssets2024-06-3005124817core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-06-3005124817core:PlantMachinery2024-06-3005124817core:LandBuildingscore:OwnedOrFreeholdAssets2023-06-3005124817core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-06-3005124817core:PlantMachinery2023-06-3005124817core:ShareCapitalbus:Consolidated2024-06-3005124817core:ShareCapitalbus:Consolidated2023-06-3005124817core:RevaluationReservebus:Consolidated2024-06-3005124817core:RevaluationReservebus:Consolidated2023-06-3005124817core:OtherMiscellaneousReservebus:Consolidated2024-06-3005124817core:OtherMiscellaneousReservebus:Consolidated2023-06-3005124817core:ShareCapital2024-06-3005124817core:ShareCapital2023-06-3005124817core:RevaluationReserve2024-06-3005124817core:RevaluationReserve2023-06-3005124817core:OtherMiscellaneousReserve2024-06-3005124817core:OtherMiscellaneousReserve2023-06-3005124817core:RetainedEarningsAccumulatedLosses2024-06-3005124817core:ShareCapitalbus:Consolidated2022-06-3005124817core:SharePremiumbus:Consolidated2022-06-30051248172022-06-3005124817core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-06-3005124817core:Non-controllingInterestsbus:Consolidated2023-06-3005124817core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-06-3005124817core:Non-controllingInterestsbus:Consolidated2024-06-3005124817core:ShareCapital2022-06-3005124817core:RevaluationReserve2022-06-3005124817core:RetainedEarningsAccumulatedLosses2022-06-3005124817core:RetainedEarningsAccumulatedLosses2023-06-3005124817bus:Consolidated2022-06-3005124817core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-012024-06-3005124817core:LandBuildingscore:LongLeaseholdAssets2023-07-012024-06-3005124817core:PlantMachinery2023-07-012024-06-3005124817core:ComputerEquipment2023-07-012024-06-3005124817core:MotorVehicles2023-07-012024-06-3005124817core:UKTaxbus:Consolidated2023-07-012024-06-3005124817core:UKTaxbus:Consolidated2022-07-012023-06-3005124817bus:Consolidated12023-07-012024-06-3005124817bus:Consolidated12022-07-012023-06-3005124817bus:Consolidated22023-07-012024-06-3005124817bus:Consolidated22022-07-012023-06-3005124817bus:Consolidated32023-07-012024-06-3005124817bus:Consolidated32022-07-012023-06-3005124817bus:Consolidated42023-07-012024-06-3005124817bus:Consolidated42022-07-012023-06-3005124817core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-06-3005124817core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-06-3005124817core:PlantMachinerybus:Consolidated2023-06-3005124817core:ComputerEquipmentbus:Consolidated2023-06-3005124817core:MotorVehiclesbus:Consolidated2023-06-3005124817bus:Consolidated2023-06-3005124817core:LandBuildingscore:OwnedOrFreeholdAssets2023-06-3005124817core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-06-3005124817core:PlantMachinery2023-06-30051248172023-06-3005124817core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-07-012024-06-3005124817core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-07-012024-06-3005124817core:PlantMachinerybus:Consolidated2023-07-012024-06-3005124817core:ComputerEquipmentbus:Consolidated2023-07-012024-06-3005124817core:MotorVehiclesbus:Consolidated2023-07-012024-06-3005124817core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-07-012024-06-3005124817core:CurrentFinancialInstrumentsbus:Consolidated2024-06-3005124817core:CurrentFinancialInstrumentsbus:Consolidated2023-06-3005124817core:CurrentFinancialInstruments2024-06-3005124817core:CurrentFinancialInstruments2023-06-3005124817core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-06-3005124817core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-06-3005124817core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3005124817core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3005124817bus:PrivateLimitedCompanyLtd2023-07-012024-06-3005124817bus:FRS1022023-07-012024-06-3005124817bus:Audited2023-07-012024-06-3005124817bus:ConsolidatedGroupCompanyAccounts2023-07-012024-06-3005124817bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP