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REGISTERED NUMBER: 07380737 (England and Wales)


























STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024

FOR

PHOENIX BRICKWORK (UK) LIMITED

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


PHOENIX BRICKWORK (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2024







DIRECTORS: Mr C P Watson
Mr M Veral
Mr S Linthwaite
Mr I S Artley





SECRETARY: Mrs K A Rousell





REGISTERED OFFICE: Unit 2 Plymouth Avenue
Brookhill Industrial Estate
Pinxton
Derbyshire
NG16 6RA





REGISTERED NUMBER: 07380737 (England and Wales)





AUDITORS: Langdowns DFK Limited
Statutory Auditor
Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

STRATEGIC REPORT
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


The directors present their strategic report for the year ended 30th September 2024.

REVIEW OF BUSINESS
Phoenix Brickwork (UK) Limited is a leading masonry, drywall and steel framing system company based in the centre of the United Kingdom. The company regularly wins work in association with the main construction companies within the United Kingdom with contracts up to £5m in value spanning across multiple years with a diverse portfolio across commercial, refurbishment and residential. Phoenix Brickwork (UK) Limited have undertaken large scale projects for public use such as a prison and hospitals.

During this financial year their strategy has been to secure fewer, but larger projects with main contractors in a favoured geographical area. Many of which Phoenix Brickwork (UK) Limited are on their approved or preferred supply chain. The aim was to maintain the number of live projects which required fewer overhead costs, therefore increasing the overall margin.

This can be seen in the consistent Turnover of £18.1m (2023: £18.4m, 2024: £18.1m) in the business along with an improvement in the profit before tax of the business of £353K or 31% (2023: £1.1m, 2024: £1.4m).
A review on the location of projects undertaken has seen a reduction in direct costs (cost of sale). This is because Phoenix Brickwork (UK) Limited were able to have improved control of direct labour costs, reduction in agency labour needed and less travel expenses incurred.

Cost of sales have fallen from 2023 to 2024 by 1% or £125k (2023: £14.2m, 2023: £14.1m). The cost of sales as a percentage of turnover for 2024 was 77%, this mirrors 2023 which was 77%.

There was a decrease in administrative expenditure during 2024 by 12% or £387,499 (2023: £3.1m, 2024: £2.7m) due to the number of administrative employees decreasing, efficient overhead cost control and a review on expenditure.

Phoenix Brickwork (UK) Limited showcased strong resilience during this period. The management swiftly adapted to the changing circumstances and implemented stringent health and safety measures to protect our employees.
The company remained operational with continued profits being achieved by the business by having a strategic plan and the management working closely together to meet the needs of the business.

We have maintained close communication with our clients and suppliers, ensuring minimal disruption to our production and distribution processes. This adaptability and resilience enabled us to meet the ongoing demand for the business.


PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

STRATEGIC REPORT
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Cashflow availability in the business

Increased inflationary pressure on costs for the business. Due to costs associated with projects being key to the actual profitability of the business, the inflation rate in the UK is deemed to be a key risk to the business. To mitigate this risk, the business looks to avoid locking into costs in contracts which are likely to result in losses being made.

The company has also reviewed procurement procedures to produce KPIs on the measure of credit terms offered by suppliers to maximise cashflow, as well as how IT can aid the back office workings of the business.

There has also been constant reporting of liquidity ratios and WIP days. These are targeted to ensure continual improvement in the company's cash position.

The business has also ensured capital expenditure and borrowings is for essential purposes only, reducing its debt liability.

Recently it has been reported externally of various larger construction companies entering into Administration. Phoenix Brickwork (UK) Limited has taken out a credit insurance policy for its debtors year, to offer the company some assurances around debtors due. New internal procedures for monitoring, assessing and authorising extended credit terms have also been implemented during the financial year.

Project management risks

The company keeps strong controls in place in regard to spending, having a procurement team who regularly assess costs for the business. Additionally, there is a company ethos in place to incentivise the employees to keep control of costs associated with projects along with assessing non-essential spend.

Improvements to Commercial Reporting around live projects ensures that the company is proactive in monitoring real time information to react quickly as needed, with information relayed to the relevant management personnel.

Environmental risks

Phoenix Brickwork (UK) Limited assigns experienced employees who oversee the key departments of the business. This is completed so that costs are accurately judged, and pricing of contracts are appropriate for the business to continue to make profits along with ensuring that payment terms support the cashflow requirements of the business.

Organisational risk

The business maintains a high level of standards, exceeding those required by law in the United Kingdom and has many accreditations. The business ensures that standards are met by suppliers that comfort can be obtained that the businesses are working towards common goals.

The business seeks to ensure that employees in the business are rewarded for the performance of the company as a whole. There are regular reviews of the business structure along with ensuring that there are incentives in place to keep key personnel in the business.

The business also invests heavily in operative and staff training to ensure that they are compliant in legislation, maintain high safety standards and continual development for its staff.

GROWTH AND EXPANSION
Throughout the financial year, Phoenix Brickwork (UK) Limited has slightly decreased in turnover but achieved a higher profit before tax through securing larger contracts and increased reputation within the industry.

Their ability to deliver high-quality products within specified timelines played a crucial role in winning these contracts.

Phoenix Brickwork (UK) Limited strengthened their position as a trusted supplier within the construction industry to position the business for further growth. There are no immediate plans to change the business model in the short term.

Strengthened Management Team recognising the need for a more streamlined and efficient organisational structure, Phoenix Brickwork (UK) Limited invested in enhancing its management team.

Phoenix Brickwork (UK) Limited's management team brought diverse expertise and experience, contributing to improved operational efficiency, enhanced customer service, and effective resource allocation. Their strategic vision and leadership have been instrumental in driving the company's profit and positioning them for long-term success.


PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

STRATEGIC REPORT
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

FINANCIAL PERFORMANCE
The financial performance of Phoenix Brickwork (UK) Limited remained strong during the year. Despite the challenging economic climate, their profit before tax increased by £353,417 (31%) to £1.4m from financial year 2023.

This profit growth can be attributed to securing larger contracts and expanding our customer base.

Furthermore, our profitability improved during the year due to focus on costs and internal controls to ensure that profitability and cashflow of the business are maintained into the future.

Key performance indicators 2024 to 2023 turnover dropped by 1%. Gross profit margin was consistent at 23%;
ROCE 44.82%.

Gross Profit decreased vaguely by 3%. This shows because of a decrease in turnover by 1%. Profit before tax margin (PBT) margin increased by 31%. Return On Capital Employed (ROCE) is a positive position at 44.82%.

FUTURE OUTLOOK
Looking ahead, Phoenix Brickwork (UK) Limited is well-positioned for continued success. They will leverage their strong market presence, skilled workforce, and technological advancements to capture new opportunities, and assess the current portfolio of the business to ensure that positive projects are taken on by the business.

Strategic focus will be on sustainable growth, innovation, and customer-centricity. They will continue to invest in further resources for the business to ensure that there is scope along with good quality resources being available.

RESEARCH AND DEVELOPMENT ACTIVITIES
Phoenix Brickwork (UK) Limited has been developing internal IT systems by ways of a bespoke App that allows efficient and accurate record keeping in real time information. We are further developing the app to communicate with existing software systems. This has been a long term project that is ever evolving with our own coding being written. This is always well received by internal users and clients.

They also begin researching into fire barriers and protection for the Brickwork trades with testing now completed.

The company also embarked upon research and development within the Drywall's division with fire testing carried out jointly with a client to achieve warranties. The issue that had arose was due to a product that couldn't be used in adverse temperatures, but no other approved product was available.

ON BEHALF OF THE BOARD:





Mr C P Watson - Director


26th June 2025

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


The directors present their report with the financial statements of the company for the year ended 30th September 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30th September 2024 will be £335,249.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st October 2023 to the date of this report.

Mr C P Watson
Mr M Veral
Mr S Linthwaite

Other changes in directors holding office are as follows:

Mr I S Artley - appointed 1st May 2024

DISCLOSURE IN THE STRATEGIC REPORT
Items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the Report of the Directors are set out in the Strategic Report in accordance with section 414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company 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 financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Langdowns DFK Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr C P Watson - Director


26th June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHOENIX BRICKWORK (UK) LIMITED


Opinion
We have audited the financial statements of Phoenix Brickwork (UK) Limited (the 'company') for the year ended 30th September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 company's affairs as at 30th September 2024 and of its 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.

Basis for opinion
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHOENIX BRICKWORK (UK) LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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 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:

As part of our audit planning procedures we identify the significant laws and regulations applicable to the company based upon our knowledge of the company, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements. We identified that the most significant laws and regulations applicable during the year were compliance with the requirements of the Companies Act 2006, compliance with Health and Safety Regulations, ISO certification and compliance via ISOcomply.

Audit procedures performed by the engagement team in relation to laws and regulations include making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists.

We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place.

Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHOENIX BRICKWORK (UK) LIMITED


Use of our report
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 a Report of the Auditors 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.




Graham Taylor (Senior Statutory Auditor)
for and on behalf of Langdowns DFK Limited
Statutory Auditor
Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD

27th June 2025

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

INCOME STATEMENT
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

2024 2023
Notes £    £   

TURNOVER 5 18,193,663 18,475,170

Cost of sales 14,105,291 14,230,781
GROSS PROFIT 4,088,372 4,244,389

Administrative expenses 2,748,462 3,135,961
1,339,910 1,108,428

Other operating income 358,738 242,842
OPERATING PROFIT 1,698,648 1,351,270

Interest receivable and similar income 9,721 12,086
1,708,369 1,363,356

Interest payable and similar expenses 7 242,459 250,863
PROFIT BEFORE TAXATION 8 1,465,910 1,112,493

Tax on profit 9 658,397 80,562
PROFIT FOR THE FINANCIAL YEAR 807,513 1,031,931

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 807,513 1,031,931


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

807,513

1,031,931

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

BALANCE SHEET
30TH SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 1,139,399 1,361,631

CURRENT ASSETS
Stocks 12 5,000 5,000
Debtors: amounts falling due within one year 13 5,766,568 5,930,048
Debtors: amounts falling due after more than
one year

13

62,000

86,539
Cash at bank and in hand 1,085,143 954,459
6,918,711 6,976,046
CREDITORS
Amounts falling due within one year 14 4,268,354 4,683,054
NET CURRENT ASSETS 2,650,357 2,292,992
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,789,756

3,654,623

CREDITORS
Amounts falling due after more than one
year

15

(551,837

)

(896,064

)

PROVISIONS FOR LIABILITIES 19 (92,553 ) (142,035 )
NET ASSETS 3,145,366 2,616,524

CAPITAL AND RESERVES
Called up share capital 20 117 117
Share-based payments 21 105,538 48,960
Retained earnings 21 3,039,711 2,567,447
SHAREHOLDERS' FUNDS 3,145,366 2,616,524

The financial statements were approved by the Board of Directors and authorised for issue on 26th June 2025 and were signed on its behalf by:





Mr C P Watson - Director


PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

Called up
share Retained Share-based Total
capital earnings payments equity
£    £    £    £   
Balance at 1st October 2022 100 1,723,237 - 1,723,337

Changes in equity
Issue of share capital 17 - - 17
Dividends - (187,721 ) - (187,721 )
Total comprehensive income - 1,031,931 - 1,031,931
Equity settled share-based
payments

-

-

48,960

48,960
Balance at 30th September 2023 117 2,567,447 48,960 2,616,524

Changes in equity
Dividends - (335,249 ) - (335,249 )
Total comprehensive income - 807,513 - 807,513
Equity settled share-based
payments

-

-

56,578

56,578
Balance at 30th September 2024 117 3,039,711 105,538 3,145,366

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


1. STATUTORY INFORMATION

Phoenix Brickwork (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.48(a)(iii), 11.48(a)(iv) and 11.48(b);
the requirements of paragraphs 12.26;
the requirement of paragraph 33.7.

Turnover and profit recognition
Turnover represents amounts due on contracts completed in the year adjusted for turnover attributable to long term work in progress, excluding value added tax and trade discounts.

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with
reasonable certainty. The profit included is calculated to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value based on the percentage deemed complete by the assessment of the quantity surveyor for both Phoenix Brickwork (UK) Limited and the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Cumulative turnover is compared with total payments on account. If turnover exceeds payments on account, an amount recoverable on contract is recognized and separately disclosed within debtors.

If payments on account are greater than turnover to date, the excess is classified within creditors.

Turnover from a contract to provide services is recognised when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;
- it is probable that the group will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably;
and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Over the remaining term of the lease
Plant and machinery - 25% on reducing balance and 10% straight line
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.33% straight line

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 in the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are
recognised within costs of sales or administrative expenses, dependant upon it's nature.

Investments in subsidiaries
Investment in subsidiaries are initially valued at cost and reviewed annually for signs of impairment. If an
impairment loss is identified, this is recognised immediately in the statement of income and retained earnings
with the value of investments being reduced accordingly.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the income statement in other administrant expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


3. ACCOUNTING POLICIES - continued

Lease and hire purchase
Assets that are held by the company under leases which transfer substantially all the risk and rewards of
ownership are classified as being held under hire purchase or finance leases. Leases which do not transfer
substantially all the risk and rewards of ownership are classified as operating leases.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. Assets
obtained under hire purchase contracts and finance leases are capitalized as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such arrangements are included in creditors net of the finance charge allocated to future periods.

The finance element of the rental payment is charged to the statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits
The company contributes to a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension
plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.

The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Share based payments
The company has entered into a share based payment arrangement in respect of equities issued. Share based payments are accounted for in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Share based payments are recognised in the Financial Statements on the basis of the fair value of the shares at the balance sheet date in consideration with the hurdle value and the fair value of the shares at the grant date.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4. SIGNIFICANT JUDGEMENT AND ESTIMATES

The company accounting policies, including the assumptions and judgements underlying them, are disclosed in the notes to the financial statements. These policies have been consistently applied in all material aspects and address such matters as revenue recognition, depreciation lives;

Useful economic life of non-current assets
The directors have reviewed the assets lives of all fixed asset classes, and have concluded that asset lives are appropriate.

The actual lives of the assets are assessed annually and may vary depending on a number of factors. In
re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance
programmes are taken into account.

Recognition of profit on long term contracts
Profit recognition is based on an assessment of the overall profitability forecast on individual contracts. Losses are recognised as soon as they are foreseen. Profits are recognised by the directors when the outcome of the contract can be assessed with reasonable certainty. The profit recognised reflects that part of the total profit currently estimated to arise over the duration of the contract that fairly represents the profit attributable to work performed at the accounting date.

Leases
The directors determine whether leases entered into are an operating lease or a finance lease. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the company on a lease by lease basis based on an evaluation of the terms and conditions of the arrangement, and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet.

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


5. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Construction contracts 18,193,663 18,475,170
18,193,663 18,475,170

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 18,193,663 18,475,170
18,193,663 18,475,170

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,703,338 2,179,660
Social security costs 171,637 226,171
Other pension costs 37,804 43,874
1,912,779 2,449,705

The average number of employees during the year was as follows:
2024 2023

Production staff 16 20
Administrative staff 20 22
Management staff 9 12
45 54

2024 2023
£    £   
Directors' remuneration 50,263 42,871
Directors' pension contributions to money purchase schemes 1,474 778

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 3

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 79,930 59,528
Loan interest 100,899 131,227
Other finance interest 22,467 23,241
Hire purchase 39,163 36,867
242,459 250,863

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


8. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

20242023
££
Hire of plant and machinery545,239563,086
Other operating leases51,97358,776
Depreciation - owned assets52,85567,880
Depreciation - assets on hire purchase contracts228,810225,629
(Profit)/loss on disposal of fixed assets(22,286)(39,434)
Auditors' remuneration33,00012,500

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 432,350 111,719
Under/(over) provision in
prior year 318 26,294
Research and development 275,211 (92,937 )
Total current tax 707,879 45,076

Deferred tax (49,482 ) 35,486
Tax on profit 658,397 80,562

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,465,910 1,112,493
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22%)

366,478

244,748

Effects of:
Expenses not deductible for tax purposes 5,445 8,949
Capital allowances in excess of depreciation - (29,455 )
Depreciation in excess of capital allowances 49,482 -
Research & Development tax credit 275,211 (92,937 )
Under provision in prior year 318 26,294
Share-based payments 14,145 10,771
Temporary timing differences (40 ) (161 )
Group relief (3,160 ) (123,133 )
Deferred tax - timing differences (49,482 ) 35,486
Total tax charge 658,397 80,562

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


9. TAXATION - continued

The UK corporation tax rate went from 19% to 25% with effect from 1st April 2023. Therefore, the effective rate of tax for the prior year was 22%.

The expected reversal of deferred tax liabilities in the succeeding period is £52,040 (2023: £88,258). This is in relation to the deferred tax liability recognised on accelerated capital allowances and other timing differences.

10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1p each
Interim 199,458 90,000
A1 Ordinary shares of 1p each
Interim - 28,902
A2 Ordinary shares of 1p each
Interim 72,298 31,621
A3 Ordinary shares of 1p each
Interim 8,955 11,861
A4 Ordinary shares of 1p each
Interim 23,264 10,780
A5 Ordinary shares of 1p each
Interim 28,002 8,777
A6 Ordinary shares of 1p each
Interim 3,272 5,780
335,249 187,721

11. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1st October 2023 144,834 911,240 218,653
Additions - 28,596 3,025
Disposals - (113,497 ) -
At 30th September 2024 144,834 826,339 221,678
DEPRECIATION
At 1st October 2023 90,771 198,750 159,668
Charge for year 13,770 87,147 12,048
Eliminated on disposal - (66,370 ) -
At 30th September 2024 104,541 219,527 171,716
NET BOOK VALUE
At 30th September 2024 40,293 606,812 49,962
At 30th September 2023 54,063 712,490 58,985

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


11. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st October 2023 793,639 228,953 2,297,319
Additions 240,246 12,735 284,602
Disposals (438,605 ) - (552,102 )
At 30th September 2024 595,280 241,688 2,029,819
DEPRECIATION
At 1st October 2023 281,602 204,897 935,688
Charge for year 149,035 19,665 281,665
Eliminated on disposal (260,563 ) - (326,933 )
At 30th September 2024 170,074 224,562 890,420
NET BOOK VALUE
At 30th September 2024 425,206 17,126 1,139,399
At 30th September 2023 512,037 24,056 1,361,631

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st October 2023 876,652 741,129 1,617,781
Additions 20,997 232,094 253,091
Disposals (113,497 ) (395,865 ) (509,362 )
At 30th September 2024 784,152 577,358 1,361,510
DEPRECIATION
At 1st October 2023 178,249 250,454 428,703
Charge for year 81,359 147,451 228,810
Eliminated on disposal (66,370 ) (235,103 ) (301,473 )
At 30th September 2024 193,238 162,802 356,040
NET BOOK VALUE
At 30th September 2024 590,914 414,556 1,005,470
At 30th September 2023 698,403 490,675 1,189,078

12. STOCKS
2024 2023
£    £   
Stocks 5,000 5,000

Stocks with a value of £5,000 (2023: £5,000) have been pledged as security for liabilities of the
company.

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


13. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,366,763 1,262,471
Bad debt provision (24,343 ) (50,894 )
Amounts recoverable on contract 1,426,233 2,019,675
Other debtors 16,299 16,000
Related company loan 2,657,465 2,010,984
Tax - 335,309
VAT 165,975 139,594
Prepayments 158,176 196,909
5,766,568 5,930,048

Amounts falling due after more than one year:
Other debtors 62,000 86,539

Aggregate amounts 5,828,568 6,016,587

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 297,361 233,333
Other loans (see note 16) 174,251 519,486
Hire purchase contracts (see note 17) 164,412 188,977
Payments on account 780,956 222,565
Trade creditors 1,491,592 2,581,367
Amounts owed to group undertakings 526,779 96,263
Tax 260,487 -
Social security and other taxes 129,281 192,124
Other creditors 135,886 277,564
Accruals and deferred income 307,349 371,375
4,268,354 4,683,054

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 16) 150,000 399,651
Other loans (see note 16) 138,333 276,270
Hire purchase contracts (see note 17) 263,504 220,143
551,837 896,064

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 297,361 233,333
Other loans 174,251 519,486
471,612 752,819

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


16. LOANS - continued
2024 2023
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 150,000 219,444
Other loans - 1-2 years 70,000 167,935
220,000 387,379

Amounts falling due between two and five years:
Bank loans - 2-5 years - 180,207
Other loans - 2-5 years 68,333 108,335
68,333 288,542

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 164,412 188,977
Between one and five years 263,504 210,484
In more than five years - 9,659
427,916 409,120

Non-cancellable operating leases
2024 2023
£    £   
Within one year 35,001 39,931
Between one and five years - 10,334
35,001 50,265

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 427,916 409,120
Bank loans 363,333 632,984
Other loans 312,584 721,509
1,103,833 1,763,613

Bank loans of £330,000 (2023: £580,207) are secured by way of a debenture, borrowed under the Coronavirus Business Interruption Loan Scheme from the UK Government and a guarantee and debenture given by the group and other related companies.

Bank loans of £nil (2023: £52,777) are secured over the assets to which they relate.

Bank loans of £33,333 are secured by way of a personal guarantee given by the director.

The hire purchase contracts are secured over the assets to which they relate.

Other loans of £5,625 (2023: £275,404) are secured by way of a personal guarantee given by the director.

Other loans of £208,333 (2023: £208,333) are secured by way of a debenture, borrowed under the Coronavirus Business Interruption Loan Scheme from the UK Government.

Other loans of £98,626 (2023: £237,772) are secured over the assets to which they relate.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 92,553 142,035

Deferred
tax
£   
Balance at 1st October 2023 142,035
Credit to Income Statement during year (49,482 )
Balance at 30th September 2024 92,553

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value:
2024 2023
10,000 Ordinary 1p 100 100
600 A1 Ordinary 1p 6 6
350 A2 Ordinary 1p 4 4
350 A3 Ordinary 1p 4 4
120 A4 Ordinary 1p 1 1
120 A5 Ordinary 1p 1 1
120 A6 Ordinary 1p 1 1
117 117

During the previous year, the Ordinary A £1 and Ordinary B £1 shares were redesignated to Ordinary £1 shares. Subsequently, all Ordinary £1 shares were subdivided into Ordinary 1p shares.

During the previous year, 600 A1 Ordinary shares of 1p each were allotted and fully paid at par value.

During the previous year, 350 A2 Ordinary shares of 1p each were allotted and fully paid at par value.

During the previous year, 350 A3 Ordinary shares of 1p each were allotted and fully paid at par value.

During the previous year, 120 A4 Ordinary shares of 1p each were allotted and fully paid at par value.

During the previous year, 120 A5 Ordinary shares of 1p each were allotted and fully paid at par value.

During the previous year, 120 A6 Ordinary shares of 1p each were allotted and fully paid at par value.

The rights of the shares are as follow:

Each holder of Ordinary Shares, A1 Shares, A2 Shares, A3 Shares, A4 Shares, A5 Shares and A6 Shares shall be entitled to receive notice of, attend and vote at general meetings of the company. Each share is entitled to one vote in any circumstances.

Dividends may be declared on one or several classes of shares to the exclusion of any class or classes and dividends at different rates may be declared on the respective classes of shares.

Upon an Exit Event, the Exit Proceeds shall be applied on the following basis and in the following order of priority:

Firstly, in paying to the holders of the Ordinary Shares, an aggregate amount up to but not exceeding £800,000, which shall be distributed to the holders of the Ordinary Shares pro rata to the amount paid up on the Ordinary Shares held by each such holder.

Secondly, in distributing the balance to the holders of the Ordinary Shares, A1 Shares, A2 Shares, A3 Shares, A4 Shares, A5 Shares and A6 Shares pro rata to the amount paid up on those shares held by each such holder.

21. RESERVES
Retained Share-based
earnings payments Totals
£    £    £   

At 1st October 2023 2,567,447 48,960 2,616,407
Profit for the year 807,513 807,513
Dividends (335,249 ) (335,249 )
Equity settled share-based
payments

-

56,578

56,578

At 30th September 2024 3,039,711 105,538 3,145,249

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


22. PENSION COMMITMENTS

The company contributes to a defined contribution pension scheme for their directors and employees. There were unpaid contributions due at the end of the period in relation to the schemes amounting to £7,473 (2023: £7,776). The amount recognised as an expense in the year was £37,804 (2023: £43,874).

23. ULTIMATE PARENT COMPANY

Phoenix UK Group Limited (formerly known as Phoenix Scaffold (UK) Limited) is regarded by the directors as being the company's ultimate parent company.

With an effective date of 7th June 2023, Phoenix Brickwork (UK) Limited became a subsidiary of Phoenix UK Group Limited, the ultimate parent company. Since 7th June 2023, Phoenix UK Group Limited has controlled 86% of the voting rights and of the rights to dividends and capital on winding up, in addition to the first £800,000 as per note 20, of Phoenix Brickwork (UK) Limited. Prior to 7th June 2023, the immediate and ultimate parent company was BMH Group Holdings Limited (formerly known as Phoenix UK Group Limited).

The parent undertaking of the smallest and largest group within which this company belongs and for which group accounts are prepared is Phoenix UK Group Limited, registered at Unit 2 Plymouth Avenue, Brookhill Industrial Estate, Pinxton, Derbyshire, United Kingdom, NG16 6RA. Group accounts will be available from the Registrar of Companies.

24. OTHER FINANCIAL COMMITMENTS

The company has given cross guarantees to banks and other financial institutions for other related companies' debts. The debt guaranteed at 30 September 2024 amounted to £19,742 (2023: £31,117).

25. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Dividends paid 199,458 90,000
Amount due to related party 61,383 60,503

The amounts due to entities with control over the entity are unsecured, interest free and repayable on demand.

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Dividends paid 132,519 91,941
Key management personnel compensation 262,709 362,708
Amount due to related party - 61,429

The amounts due to key management personnel are unsecured, interest free and repayable on demand.

Entities that provide key management personnel services to the entity
2024 2023
£    £   
Provision of services from related party - 38,400

PHOENIX BRICKWORK (UK) LIMITED (REGISTERED NUMBER: 07380737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


25. RELATED PARTY DISCLOSURES - continued

Other related parties

2024 2023
£ £
Sales 751,521 6,300
Management charges receivable 322,959 71,122
Sale of assets 184,093 -
Interest receivable 9,004 7,621
Dividends paid 3,272 5,780
Management charges payable 958,000 39,419
Hire of plant and machinery 199,905 58,969
Rental costs 86,494 55,015
Motor and travel expenses 101,654 35,466
Provision of services from related party 802,074 433,107
Amounts due to related party 1,010,261 364,563
Amounts due from related party 3,479,381 2,147,392

Included within the amount due from other related parties is £78,000 (2023: £102,555) in relation to a loan to the related party which is unsecured, with interest charged at 3.25% above the base rate of Royal Bank of Scotland PLC and is repayable in instalments over the next 5 years (2023: 6 years).

The other amounts due from and to other related parties are unsecured, interest free and repayable on demand.

26. SHARE-BASED PAYMENT TRANSACTIONS

During the previous year, Ordinary A shares were allotted at par value. The expected future sale price (Good Leaver Price) of the shares is linked to the shareholder being a Good Leaver and therefore the continued provision of services, as well as being subject to a Hurdle Value. The equity settled scheme's grant date is therefore based on the expected exit event date, estimated as being the retirement of the shareholders.

The value of the equity instruments granted at the balance sheet date is based on the Good Leaver Price at the balance sheet date as defined by the company's Memorandum and Articles of Association, divided by the vesting period, being the expected number of years until the grant date.