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Registration number: 07878949

Phoenix Spencer Sandbanks Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Phoenix Spencer Sandbanks Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Phoenix Spencer Sandbanks Limited

Company Information

Director

S D Whitworth

Registered office

Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

Accountants

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

 

Phoenix Spencer Sandbanks Limited

(Registration number: 07878949)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

3,000,000

3,000,000

Current assets

 

Debtors

5

978,585

1,080,585

Cash at bank and in hand

 

-

5,349

 

978,585

1,085,934

Creditors: Amounts falling due within one year

6

(162,261)

(223,171)

Net current assets

 

816,324

862,763

Total assets less current liabilities

 

3,816,324

3,862,763

Creditors: Amounts falling due after more than one year

6

(1,500,000)

(1,500,000)

Net assets

 

2,316,324

2,362,763

Capital and reserves

 

Called up share capital

7

1,000

1,000

Revaluation reserve

2,357,638

2,357,638

Retained earnings

(42,314)

4,125

Shareholders' funds

 

2,316,324

2,362,763

 

Phoenix Spencer Sandbanks Limited

(Registration number: 07878949)
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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 March 2025
 

.........................................
S D Whitworth
Director

 

Phoenix Spencer Sandbanks Limited

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

1

General information

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

The address of its registered office is:
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR
United Kingdom

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.

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.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Phoenix Spencer Sandbanks Limited

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

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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Phoenix Spencer Sandbanks Limited

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

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 the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 July

3,000,000

At 30 June

3,000,000

The fair value of investment property included in the financial statements as at 30 June 2019 is based on an external valuation by RICS Registered Valuers.There has been no independent valuation of the property by a third party in the current accounting period.

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

9

977,585

1,079,585

Other debtors

 

1,000

1,000

   

978,585

1,080,585

 

Phoenix Spencer Sandbanks Limited

Notes to the 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

8

1,707

-

Trade creditors

 

3,781

9,667

Amounts owed to related parties

9

57,134

43,034

Taxation and social security

 

2,853

3,484

Accruals and deferred income

 

1,500

1,500

Other creditors

 

95,286

165,486

 

162,261

223,171

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,500,000

1,500,000

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,500,000

1,500,000

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

1,707

-

 

Phoenix Spencer Sandbanks Limited

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

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.

9

Related party transactions

Transactions with the director

2024

At 1 July 2023
£

Other payments made to company by director
£

At 30 June 2024
£

S D Whitworth

Director's loan account

43,024

14,100

57,124

2023

At 1 July 2022
£

Other payments made to company by director
£

At 30 June 2023
£

S D Whitworth

Director's loan account

38,124

4,900

43,024

Summary of transactions with parent

Battered Sole Limited
(Parent company)

 The company has provided an interest free loan with no fixed repayment terms.
 

Income and receivables from related parties

2024

Parent
£

Amounts receivable from related party

654,000

2023

Parent
£

Amounts receivable from related party

654,000