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REGISTERED NUMBER: 06600437 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

PHOENIX GAS HOLDINGS LIMITED

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 November 2024










Page

Company information 1

Group strategic report 2 to 3

Report of the directors 4 to 5

Report of the independent auditors 6 to 9

Consolidated statement of comprehensive income 10

Consolidated statement of financial position 11

Company statement of financial position 12

Consolidated statement of changes in equity 13

Company statement of changes in equity 14

Consolidated statement of cash flows 15

Notes to the consolidated statement of cash flows 16 to 17

Notes to the consolidated financial statements 18 to 38


PHOENIX GAS HOLDINGS LIMITED

COMPANY INFORMATION
for the Year Ended 30 November 2024







DIRECTORS: Mr K B Grocott
Mr N J Jackson
Mr C P Grocott
Mr D L Corris



REGISTERED OFFICE: C/O Phoenix Gas Services Limited
Furlong Road
Tunstall
Stoke on Trent
Staffordshire
ST6 5UD



REGISTERED NUMBER: 06600437 (England and Wales)



AUDITORS: Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR



BANKERS: Natwest Bank PLC
Regent Road
Hanley
Stoke-on-Trent
ST1 3JJ

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

GROUP STRATEGIC REPORT
for the Year Ended 30 November 2024


The directors present their strategic report of the company and the group for the year ended 30 November 2024.

Phoenix Gas Holdings Limited is the ultimate parent holding company for the Phoenix Group, encompassing 2 trading subsidiaries. Phoenix Gas Services Limited and Phoenix Renewable Technologies Limited. Phoenix Gas Services Limited is one of the Midlands key plumbing and heating supply companies, in the construction and building industry and is supported by its sister company Phoenix Renewable Technologies Limited.

There have not been any significant changes to the companies or the rest of the groups principal activities during the year under review. In January 2025 the group was sold and a new investor has come on board to help to drive the delivery of the next 5 year growth plan. A new Top Co was created called Phoenix Gas Holdings Group Limited.

In addition to this a new trading Subsidiary was created in June 2025 Phoenix Gas New Build Limited which has delivered a new trading arm to the Group and is one of the first steps to help aid our 5 year growth plans.

The Directors are not aware, at the date of this report, of any likely changes to the principal activities in the next year.

REVIEW OF BUSINESS
The group continued to invest in its people and infrastructure as we began to move into the next phase of our business plan. We actively pushed for sustainable growth during this period and expanded our coverage into Yorkshire, East Midlands and the South. The group has continued to invest in its infrastructure and people to ensure we have a clear platform for growth and has 4 key divisions to expand in. The group invested in new IT partners Propellerc and we are working together to help to build a unique proposition for the market to be able to position the group as a market leader in delivery for the sector.

New Client wins this year helped to increase our group turnover to £16.5m (£14.7m 2023) and we were able to maintain a healthy GP% for the group of 32% (31% 2023). We have secured long term contracts with existing and new clients which ensures we have a healthy order book for all of our divisions. Profit before tax for the year for the group was increased to £0.8m (£0.6m 2023) and the stability reflects our continuing investment in our people and the team to help to drive our business growth over the coming years.

Our market is currently experiencing extreme pressures from price increases in materials and labour following the months of high inflation levels. This has also coincided with an increase in minimum wage which has put pressures on our margins and staff retention. We are managing this as a business by investing in stock to ensure we are procuring at the best price and heavily investing in our internal operating systems to improve efficiencies and allow for us to scale up the business. Alongside this we are increasing our focus on our staff and our engagement levels to improve our staff retention levels and to give us a clear platform for growth. These price increases have had to be passed on to our clients during the 2025 financial year and the business is benefiting from its expertise in multiple areas within the renewables sector both domestic and commercially.

The Group continues to have a strong balance sheet as a result of many preceding successful years, with net assets of £2.8m (2023: £2.6m). The directors are satisfied that this places the group in a positive position for future growth and development.


PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

GROUP STRATEGIC REPORT
for the Year Ended 30 November 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Liquidity Risk
The group seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by the use of a cash reserve maintained and managed monthly.

Credit Risk
The principal credit risk arises from the group's trade debtors.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provisions are made for doubtful debts where necessary.

FUTURE DEVELOPMENTS
The group will continue to provide plumbing and heating services to the construction industry and continue with its progress to gain more profitable long term contracts, to maintain tighter controls over cost management and recoverability of debt, in order to maintain and improve profitability.

We will preserve and develop our relationships with incumbent clients, reach out for new clients and strive to improve market share that will provide new sources of contribution.

We will be focusing on fostering our partnership with our IT partners Propeller and building a market leading software solution that can be a clear platform for stable and sustainable growth for the business in all sectors. With this platform in place the group will be looking to utilize this position and look for possible acquisitions to join the group and increase our coverage in our current locations and potentially extend our delivery nationally.

We have obtained all necessary accreditation and supply chain partners to take advantage of numerous Government led renewable incentives and expect turnover in this market to substantially increase. This has already yielded significant amounts of secured work with many further opportunities currently being tendered.

Following the successful sale of the Business in January 2025 our new investors are working closely with the senior management team to deliver on our 5 year growth plan and have a clear vision of how this will be achieved.

POST BALANCE SHEET EVENTS
On 22 January 2025, the group was acquired in full by Phoenix Gas Holdings Group Limited
(company number 16096792).

There were no other material events up to the date of approval of the financial statements by the board.

ON BEHALF OF THE BOARD:





Mr K B Grocott - Director


29 August 2025

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

REPORT OF THE DIRECTORS
for the Year Ended 30 November 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2024 will be £230,520.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
Mr K B Grocott has held office during the whole of the period from 1 December 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mr S Parker - resigned 28 June 2024
Mr C P Grocott - appointed 18 March 2024

Mr D L Corris was appointed as a director after 30 November 2024 but prior to the date of this report.

Mrs C D Grocott ceased to be a director after 30 November 2024 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 and future developments and financial risk management.

The strategic report can be found on page 2 of these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

REPORT OF THE DIRECTORS
for the Year Ended 30 November 2024


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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors are deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr K B Grocott - Director


29 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHOENIX GAS HOLDINGS LIMITED


Opinion
We have audited the financial statements of Phoenix Gas Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated statement of comprehensive income, Consolidated statement of financial position, Company statement of financial position, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated statement of cash flows and Notes to the consolidated statement of cash flows, 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 group's and of the parent company affairs as at 30 November 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.

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 group 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 the 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHOENIX GAS HOLDINGS LIMITED


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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 Statement of directors' responsibilities set out on page four, 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHOENIX GAS HOLDINGS LIMITED


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit
evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

the nature of the industry and sector, control environment and business performance including the design of the group remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the group documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Based on this approach, we were able to assess the group risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we did not identify any key audit matters related to the potential risk of
fraud or irregularities. Our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management concerning actual and potential litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• obtaining an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PHOENIX GAS HOLDINGS LIMITED

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due 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. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.




Helen Tidyman (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR

30 August 2025

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   

TURNOVER 16,533,663 14,715,082

Cost of sales (11,304,844 ) (10,167,760 )
GROSS PROFIT 5,228,819 4,547,322

Administrative expenses (4,355,774 ) (3,850,272 )
873,045 697,050

Other operating income 19,900 -
OPERATING PROFIT 4 892,945 697,050

Interest receivable and similar income 9,934 6,157
902,879 703,207

Interest payable and similar expenses 5 (101,148 ) (91,536 )
PROFIT BEFORE TAXATION 801,731 611,671

Tax on profit 6 (188,313 ) (178,088 )
PROFIT FOR THE FINANCIAL YEAR 613,418 433,583

OTHER COMPREHENSIVE INCOME
- (16,848 )
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

(16,848

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

613,418
Prior year adjustment 68,631
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

485,366

Profit attributable to:
Owners of the parent 613,418 433,583

Total comprehensive income attributable to:
Owners of the parent 613,418 553,997

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 November 2024

30.11.24 30.11.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 227,284 202,580
Tangible assets 10 2,473,630 2,394,821
Investments 11 - -
Investment property 12 - -
2,700,914 2,597,401

CURRENT ASSETS
Stocks 13 531,070 494,013
Debtors 14 4,985,868 2,983,848
Cash at bank and in hand 404,834 1,587,827
5,921,772 5,065,688
CREDITORS
Amounts falling due within one year 15 (3,864,874 ) (3,331,283 )
NET CURRENT ASSETS 2,056,898 1,734,405
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,757,812

4,331,806

CREDITORS
Amounts falling due after more than one
year

16

(1,728,318

)

(1,456,906

)

PROVISIONS FOR LIABILITIES 20 (257,648 ) (260,952 )
NET ASSETS 2,771,846 2,613,948

CAPITAL AND RESERVES
Called up share capital 21 121 131
Undistributable reserve 22 106,582 106,582
Capital redemption reserve 22 10 -
Retained earnings 22 2,665,133 2,507,235
SHAREHOLDERS' FUNDS 2,771,846 2,613,948

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by:





Mr K B Grocott - Director


PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

COMPANY STATEMENT OF FINANCIAL POSITION
30 November 2024

30.11.24 30.11.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 111,090 152,380
Tangible assets 10 1,030,417 954,822
Investments 11 10,145 10,145
Investment property 12 1,443,213 1,439,999
2,594,865 2,557,346

CURRENT ASSETS
Debtors 14 159,232 70,303
Cash at bank 55,793 132,925
215,025 203,228
CREDITORS
Amounts falling due within one year 15 (380,001 ) (377,224 )
NET CURRENT LIABILITIES (164,976 ) (173,996 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,429,889

2,383,350

CREDITORS
Amounts falling due after more than one
year

16

(1,277,050

)

(919,375

)

PROVISIONS FOR LIABILITIES 20 (257,648 ) (260,952 )
NET ASSETS 895,191 1,203,023

CAPITAL AND RESERVES
Called up share capital 21 121 131
Undistributable reserve 22 106,582 106,582
Capital redemption reserve 22 10 -
Retained earnings 22 788,478 1,096,310
SHAREHOLDERS' FUNDS 895,191 1,203,023

Company's profit for the financial year 147,688 499,495

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by:




Mr K B Grocott - Director


PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 November 2024

Called up Capital
share Retained Undistributable redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 December 2022 131 2,273,589 160,076 - 2,433,796
Prior year adjustment - 68,631 - - 68,631
As restated 131 2,342,220 160,076 - 2,502,427

Changes in equity
Dividends - (305,214 ) - - (305,214 )
Total comprehensive income - 470,229 (53,494 ) - 416,735
Balance at 30 November 2023 131 2,507,235 106,582 - 2,613,948

Changes in equity
Purchase of own shares (10 ) (225,000 ) - 10 (225,000 )
Dividends - (230,520 ) - - (230,520 )
Total comprehensive income - 613,418 - - 613,418
Balance at 30 November 2024 121 2,665,133 106,582 10 2,771,846

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 November 2024

Called up Capital
share Retained Undistributable redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 December 2022 131 888,551 120,060 - 1,008,742

Changes in equity
Dividends - (305,214 ) - - (305,214 )
Total comprehensive income - 512,973 (13,478 ) - 499,495
Balance at 30 November 2023 131 1,096,310 106,582 - 1,203,023

Changes in equity
Purchase of own shares (10 ) (225,000 ) - 10 (225,000 )
Dividends - (230,520 ) - - (230,520 )
Total comprehensive income - 147,688 - - 147,688
Balance at 30 November 2024 121 788,478 106,582 10 895,191

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (320,148 ) 854,007
Interest paid (77,664 ) (77,788 )
Interest element of hire purchase
payments paid

(23,484

)

(13,748

)
Tax paid (248,735 ) (139,109 )
Net cash from operating activities (670,031 ) 623,362

Cash flows from investing activities
Purchase of intangible fixed assets (95,596 ) (85,000 )
Purchase of tangible fixed assets (333,464 ) (256,468 )
Sale of tangible fixed assets 900 6,834
Interest received 9,934 6,157
Net cash from investing activities (418,226 ) (328,477 )

Cash flows from financing activities
New loans in year 540,132 542,263
Loan repayments in year (168,386 ) -
Amount introduced by directors 225,838 260,393
Amount withdrawn by directors (334,524 ) (274,674 )
Share issue (10 ) -
Share buyback (225,000 ) -
Equity dividends paid (230,520 ) (305,214 )
Net cash from financing activities (192,470 ) 222,768

(Decrease)/increase in cash and cash equivalents (1,280,727 ) 517,653
Cash and cash equivalents at
beginning of year

2

1,587,827

1,070,174

Cash and cash equivalents at end of
year

2

307,100

1,587,827

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended 30 November 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.11.24 30.11.23
£    £   
Profit before taxation 801,731 611,671
Depreciation charges 319,935 246,422
Loss on disposal of fixed assets 1,498 17,948
Finance costs 101,148 91,536
Finance income (9,934 ) (6,157 )
1,214,378 961,420
(Increase)/decrease in stocks (37,057 ) 97,955
(Increase)/decrease in trade and other debtors (2,002,020 ) 222,669
Increase/(decrease) in trade and other creditors 504,551 (428,037 )
Cash generated from operations (320,148 ) 854,007

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

Year ended 30 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 404,834 1,587,827
Bank overdrafts (97,734 ) -
307,100 1,587,827
Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 1,587,827 1,070,174


PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended 30 November 2024


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.12.23 Cash flow At 30.11.24
£    £    £   
Net cash
Cash at bank and in hand 1,587,827 (1,182,993 ) 404,834
Bank overdrafts - (97,734 ) (97,734 )
1,587,827 (1,280,727 ) 307,100
Debt
Finance leases (335,373 ) (97,542 ) (432,915 )
Debts falling due within 1 year (16,751 ) (14,185 ) (30,936 )
Debts falling due after 1 year (716,880 ) (256,795 ) (973,675 )
(1,069,004 ) (368,522 ) (1,437,526 )
Total 518,823 (1,649,249 ) (1,130,426 )

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 November 2024


1. STATUTORY INFORMATION

Phoenix Gas Holdings 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 General Information page.

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


The principal activity of the company is that of a holding company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The accounts have been prepared on the going concern basis. The directors believe this to be appropriate as they have expressed their willingness to support the business for the foreseeable future.

Basis of consolidation
The consolidated financial statements incorporate those of Phoenix Gas Holdings Limited and its subsidiary undertakings for the year. Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. The difference between the cost of acquisition of shares in subsidiaries and the fair value of the identifiable net assets acquired is capitalised as purchased goodwill and amortised through the profit and loss account over its estimated economic life. Provision is made for any impairment. The financial statements are made up to 30 November 2024.

All companies have co-terminus year ends. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

As permitted by Section 408 of the Companies Act 2006, the company has not presented its own profit and loss account. The company's profit and total comprehensive income are presented in the company Statement of Financial Position.

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are set out in the policies below.

There are no such judgements.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

As described in the notes to the financial statements, investment property is stated in the balance sheet at fair value, based on the valuation performed by independent valuers.

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


2. ACCOUNTING POLICIES - continued

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Servicing

Turnover is recognised when the outcome of a job or contract can be estimated reliably. The outcome of the transaction is deemed to be able to be estimated reliably when all of the following conditions are satisfied; 1) The amount of turnover can be measured reliably. 2) It is probable that the economic benefits associated with the transaction will flow to the company: and 3) The costs incurred for the transaction and the costs to complete the transaction can be measured.

Contract Installations

Turnover is recognised when the installation has been completed. The outcome of the transaction is deemed to be able to be estimated as completed when all of the following conditions are satisfied; 1) The amount of turnover can be measured reliably 2) It is probable that the economic benefits associated with the transaction will flow to the company: and 3) The costs incurred for the transaction and the costs to complete the transaction can be measured.

(i) Schedule of rates ("SOR") contracts
SOR contracts are set based on predetermined rates for a list of services and duties required by the customer. The billing arrangements can range from an all-encompassing price for each direct works, including an element of local site overhead, central overhead and associated profit; to the price of the direct works alone, with (where relevant) a separately agreed annual fee for local site and central overheads. The quantum of work performed in each period is captured and valued either against the agreed contract terms or with reference to costs incurred to date as a percentage of total expected costs, and the resulting turnover is recognised.

(ii) Fixed price (or lump sum) service contracts
Certain contracts, in particular for gas servicing and maintenance, are procured on a fixed price basis. Turnover for maintenance/ reactive activities is recognised on straight line basis over the life of the contract. Turnover for servicing activities is recognised when the service is performed; however when it is impractical for the customer and householder to sign off every job sheet, turnover is recognised on a straight line basis. Where the contract contains servicing and maintenance/ reactive elements and the turnover cannot be split reliably between each element of the contract, it is recognised on a basis that most closely reflects the phasing of the servicing provision. Costs are recognised as incurred.

Goodwill
Goodwill, being the amount paid in connection with acquisition of a previously acquired business, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Expenditure on research and development is capitalised and will be amortised over a period of 5 years commencing in the year of commercial production or application of the product, service, process or system.

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


2. ACCOUNTING POLICIES - continued

Mobilisation costs
Mobilisation costs consist of the payroll costs associated with the staff undertaking specific work on the mobilisation of new contracts once they are won. It is the set up and successful delivery of multi-year long term contracts, which bring in sales and profit into the Phoenix Group over the life of the contracts. The costs are spread over the life of the contract and matched against the sales and profit of those multi-year contracts. Phoenix takes the costs over the term of the contract secured, with a typical length of term of 3 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on cost and 25% reducing balance
Motor vehicles - 25% reducing balance

Tangible assets are initially recorded at costs, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value as the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Freehold property has been recognised at fair value, the directors are of the opinion that there has been no material change since 30 November 2024.

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

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.


PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 of expenditure through the profit and loss account in those circumstances where the outcome of those projects are assessed as not being reasonably certain as regards viability and technical feasibility.

Development expenditure is written off in the year of expenditure in accordance with FRS 102 section 18, where the company can demonstrate all of the following then the costs can be deferred to future periods:

(a) The technical feasibility of completing the intangible asset so that it will be available for use or sale.

(b) Its intention to complete the intangible asset and use or sell it.

(c) Its ability to use or sell the intangible asset.

(d) How the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset.

(e) The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset.

(f) Its ability to measure reliably the expenditure attributable to the intangible asset during its development.

Development costs that are deferred to future periods are amortised straight line over five years, the period of sale for which these units are expected to be sold. The amortisation commences with the commercial production or application of the product, service, process or system.

Deferred development expenditure for each project is reviewed at the end of each accounting period and where the circumstances which have justified the deferral of the expenditure no longer apply, or are considered doubtful, the expenditure, to the extent to which it is considered to be irrecoverable, is written off immediately project by project.

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. EMPLOYEES AND DIRECTORS
30.11.24 30.11.23
£    £   
Wages and salaries 5,217,321 4,518,081
Social security costs 443,598 297,098
Other pension costs 117,549 115,563
5,778,468 4,930,742

The average number of employees during the year was as follows:
30.11.24 30.11.23

Direct and administrative 172 161

30.11.24 30.11.23
£    £   
Directors' remuneration 48,916 29,954

In the year the directors had received additional benefits of £11,334 (2023: £38,328).

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


4. OPERATING PROFIT

The operating profit is stated after charging:

30.11.24 30.11.23
£    £   
Hire of plant and machinery 23,755 18,993
Other operating leases 162 -
Depreciation - owned assets 249,043 211,690
Loss on disposal of fixed assets 1,498 17,948
Development costs amortisation 44,870 34,733
Mobilisation costs amortisation 26,022 -
Auditors' remuneration 24,607 19,671
Other non- audit services - 8,759

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.24 30.11.23
£    £   
Bank loan interest 58,037 55,442
Other interest payable 19,627 22,346
Hire purchase interest 23,484 13,748
101,148 91,536

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.24 30.11.23
£    £   
Current tax:
UK corporation tax 191,617 169,781

Deferred tax (3,304 ) 8,307
Tax on profit 188,313 178,088

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


6. TAXATION - continued

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

30.11.24 30.11.23
£    £   
Profit before tax 801,731 611,671
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 23 %)

200,433

140,684

Effects of:
Expenses not deductible for tax purposes 4,725 11,366
Capital allowances in excess of depreciation (16,845 ) (431 )
enhanced deduction
Adjustments in respect of future changes in tax rates - 10,684
properties
Prior year adjustment - 15,785
Total tax charge 188,313 178,088

Tax effects relating to effects of other comprehensive income

30.11.23
Gross Tax Net
£    £    £   
Revaluation of freehold property (16,848 ) - (16,848 )

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of comprehensive income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
30.11.24 30.11.23
£    £   
Ordinary C shares of 1p each
Interim 55,000 87,614
Ordinary D shares of 1p each
Interim 30,520 67,200
Ordinary E shares of 1p each
Interim 56,000 74,400
Ordinary F shares of 1p each
Interim 40,000 64,000
Ordinary G shares of 1p each
Interim 49,000 12,000
230,520 305,214

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


9. INTANGIBLE FIXED ASSETS

Group
Development Mobilisation
Goodwill costs costs Totals
£    £    £    £   
Cost
At 1 December 2023 8,523 278,064 50,200 336,787
Additions - 3,580 92,016 95,596
Reclassification/transfer - - 34,550 34,550
At 30 November 2024 8,523 281,644 176,766 466,933
Amortisation
At 1 December 2023 8,523 125,684 - 134,207
Amortisation for year - 44,870 26,022 70,892
Reclassification/transfer - - 34,550 34,550
At 30 November 2024 8,523 170,554 60,572 239,649
Net book value
At 30 November 2024 - 111,090 116,194 227,284
At 30 November 2023 - 152,380 50,200 202,580

Company
Development
costs
£   
Cost
At 1 December 2023 278,064
Additions 3,580
At 30 November 2024 281,644
Amortisation
At 1 December 2023 125,684
Amortisation for year 44,870
At 30 November 2024 170,554
Net book value
At 30 November 2024 111,090
At 30 November 2023 152,380

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


10. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Cost or valuation
At 1 December 2023 1,439,999 321,347 1,112,657 2,874,003
Additions 3,214 66,130 260,906 330,250
Disposals - - (10,105 ) (10,105 )
At 30 November 2024 1,443,213 387,477 1,363,458 3,194,148
Depreciation
At 1 December 2023 - 174,442 304,740 479,182
Charge for year - 57,668 191,375 249,043
Eliminated on disposal - - (7,707 ) (7,707 )
At 30 November 2024 - 232,110 488,408 720,518
Net book value
At 30 November 2024 1,443,213 155,367 875,050 2,473,630
At 30 November 2023 1,439,999 146,905 807,917 2,394,821

Cost or valuation at 30 November 2024 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2019 2,078 - - 2,078
Valuation in 2020 16,609 - - 16,609
Valuation in 2021 53,758 - - 53,758
Valuation in 2022 87,630 - - 87,630
Valuation in 2023 (16,848 ) - - (16,848 )
Valuation in 2024 1,299,986 - - 1,299,986
Cost - 387,477 1,363,458 1,750,935
1,443,213 387,477 1,363,458 3,194,148

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements.

Group and Company Motor vehicles Total
£    £   
At 30 November 2024 563,113 563,113
At 30 November 2023 465,754 465,754

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


10. TANGIBLE FIXED ASSETS - continued

Company
Plant and Motor
machinery vehicles Totals
£    £    £   
Cost
At 1 December 2023 321,347 1,112,657 1,434,004
Additions 66,130 260,906 327,036
Disposals - (10,105 ) (10,105 )
At 30 November 2024 387,477 1,363,458 1,750,935
Depreciation
At 1 December 2023 174,442 304,740 479,182
Charge for year 57,668 191,375 249,043
Eliminated on disposal - (7,707 ) (7,707 )
At 30 November 2024 232,110 488,408 720,518
Net book value
At 30 November 2024 155,367 875,050 1,030,417
At 30 November 2023 146,905 807,917 954,822

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

30.11.2430.11.23
££
Motor vehicles563,113465,754
563,113465,754

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
Cost
At 1 December 2023
and 30 November 2024 10,145
Net book value
At 30 November 2024 10,145
At 30 November 2023 10,145

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of financial position date in the share capital of companies include the following:

Subsidiaries

Phoenix Gas Services Limited
Registered office: Phoenix Gas Services Limited Furlong Road, Tunstall, Stoke-On-Trent, Staffordshire, England, ST6 5UD
Nature of business: Gas services
%
Class of shares: holding
Ordinary 100.00

Phoenix Renewable Technologies Limited
Registered office: Phoenix Gas Services Limited Furlong Road, Tunstall, Stoke-On-Trent, Staffordshire, England, ST6 5UD
Nature of business: Plumbing,heat and air-conditioning
%
Class of shares: holding
Ordinary 100.00


12. INVESTMENT PROPERTY
Company
Total
£   
Fair value
At 1 December 2023 1,439,999
Additions 3,214
At 30 November 2024 1,443,213
Net book value
At 30 November 2024 1,443,213
At 30 November 2023 1,439,999

In June 2024, the investment properties were valued by Lamberth Smith Hampton. The directors believe these values to be the fair value as at 30 November 2024.

13. STOCKS

Group
30.11.24 30.11.23
£    £   
Finished goods 531,070 494,013

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


14. DEBTORS

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,318,803 2,066,606 2,100 -
Amounts owed by group undertakings - - 156,613 58,039
Other debtors 691,841 407,851 - -
VAT - - - 10,286
Prepayments and accrued income 974,103 506,649 519 1,978
4,984,747 2,981,106 159,232 70,303

Amounts falling due after more than one year:
Other debtors 1,121 2,742 - -

Aggregate amounts 4,985,868 2,983,848 159,232 70,303

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Bank loans and overdrafts (see note 17) 128,670 16,751 30,936 16,751
Hire purchase contracts (see note 18) 129,540 132,878 129,540 132,878
Trade creditors 2,163,130 1,221,969 11,189 6,898
Amounts owed to group undertakings - - 118,319 4,026
Tax 191,617 248,735 - 22,300
Social security and other taxes 202,396 141,118 1,924 -
VAT 277,831 539,344 10,646 -
Other creditors 452,002 453,669 1,832 16,522
Directors' current accounts 60,640 169,326 60,640 169,326
Accruals and deferred income 259,048 407,493 14,975 8,523
3,864,874 3,331,283 380,001 377,224

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Bank loans (see note 17) 973,675 716,880 973,675 716,880
Hire purchase contracts (see note 18) 303,375 202,495 303,375 202,495
Other creditors 451,268 537,531 - -
1,728,318 1,456,906 1,277,050 919,375

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 97,734 - - -
Bank loans 30,936 16,751 30,936 16,751
128,670 16,751 30,936 16,751
Amounts falling due between one and two years:
Bank loans - 1-2 years 33,793 18,149 33,793 18,149
Amounts falling due between two and five years:
Bank loans - 2-5 years 36,330 64,050 36,330 64,050
Amounts falling due in more than five years:
Repayable by instalments
Bank loans payable more than
5 years by instalments 903,552 634,681 903,552 634,681
903,552 634,681 903,552 634,681

There are two bank loans with National Westminster Bank Plc.

One bank loan is repayable over 20 years by monthly instalments of £4,997 at an interest rate of 2.9% per annum over base rate. During the period, repayments totalling £75,188 (2023: £56,634) were made and interest of £58,036 (2023: £43,791) was accrued.

The other bank loan is repayable over 20 years by monthly instalments of £2,640 at an interest rate of 3.55% per annum over base rate. During the period, repayments totalling £2,593 (2023: £nil) were
made and interest of £185,950 (2023: £nil) was accrued.

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase
contracts
30.11.24 30.11.23
£    £   
Net obligations repayable:
Within one year 129,540 132,878
Between one and five years 303,375 202,495
432,915 335,373

Company
Hire purchase
contracts
30.11.24 30.11.23
£    £   
Net obligations repayable:
Within one year 129,540 132,878
Between one and five years 303,375 202,495
432,915 335,373

Group
Non-cancellable
operating leases
30.11.24 30.11.23
£    £   
Within one year 28,439 -
Between one and five years 44,548 -
72,987 -

Operating leases - lessor

The below amounts are the future minimum lease payments under non-cancellable operating leases due to the group:

30.11.24 30.11.23
£    £   
Within one year 21,000 -
Between one and five years 26,250 -
In more than five years - -
47,250 -

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


18. LEASING AGREEMENTS - continued

Company
Non-cancellable
operating leases
30.11.24 30.11.23
£    £   
Within one year 28,439 11,964
Between one and five years 44,548 -
72,987 11,964

Operating leases - lessor

The below amounts are the future minimum lease payments under non-cancellable operating leases due to the company:

30.11.24 30.11.23
£    £   
Within one year 21,000 -
Between one and five years 26,250 -
In more than five years - -
47,250 -

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Bank loans 1,004,611 733,631 1,004,611 733,631
Hire purchase contracts 432,915 335,373 432,915 335,373
1,437,526 1,069,004 1,437,526 1,069,004

The hire purchase contracts are secured against the assets of which they relate.

The group has the following charges -

Fixed and floating charges exist dated 22 January 2025 over all the property or undertaking of the company in favour of Kirsty Brazier, Callum Grocott, Christine Grocott, and Kyle Grocott.

Fixed and floating charges exist dated 22 January 2025 over all the property or undertaking of the company in favour of IGF Business Credit Limited..

A charge existed dated 7 October 2024 over Unit 11 Percy Business Park, Rounds Green Road, Oldbury, B69 2RD in favour of National Westminster Bank PLC. This was satisfied on 24 January 2025.

A charge existed dated 7 October 2024 over Unit 12 Percy Business Park, Rounds Green Road, Oldbury, B69 2RD in favour of National Westminster Bank PLC. This was satisfied on 24 January 2025.

A Fixed charge existed dated 20 January 2023 over the property known as 34 Borough Road, Darlington, DL1 1SW in favour of National Westminster Bank PLC. This was satisfied on 24 January 2025.

A Fixed charge existed dated 20 January 2023 over the property known as land on the north-west side of Furlong Road, Tunstall, ST6 5UD in favour of National Westminster Bank PLC. This was satisfied on 24 January 2025.

Fixed and floating charges existed dated 16 January 2023 over all the property or undertaking of the company in favour of National Westminster Bank PLC.These were satisfied on 24 January 2025.

20. PROVISIONS FOR LIABILITIES

Group Company
30.11.24 30.11.23 30.11.24 30.11.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 220,999 224,303 220,999 224,303
Other timing differences 36,649 36,649 36,649 36,649
257,648 260,952 257,648 260,952

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 December 2023 260,952
Credit to Statement of comprehensive income during year (3,304 )
Balance at 30 November 2024 257,648

Company
Deferred
tax
£   
Balance at 1 December 2023 260,952
Credit to Statement of comprehensive income during year (3,304 )
Balance at 30 November 2024 257,648

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £    £   
8,100 Ordinary A £1 81 81
1,020 Ordinary B 1p 10 10
1,800 Ordinary C 1p 18 18
325 Ordinary D 1p 3 13
260 Ordinary E 1p 3 3
260 Ordinary F 1p 3 3
260 Ordinary G 1p 3 3
121 131

22. RESERVES

Fair value reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the
company.

Retained earnings - This reserve records retained earnings and accumulated losses.

23. ULTIMATE PARENT UNDERTAKING

From 22 January 2025, the ultimate parent undertaking is Phoenix Gas Holdings Group Limited. The
registered office and principal business address of the ultimate parent undertaking is Phoenix Gas
Services Limited, Furlong Road, Tunstall, Stoke-on-Trent, ST6 5UD.

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2024 and 30 November 2023:

30.11.24 30.11.23
£    £   
N J Jackson
Balance outstanding at start of year (27,224 ) (24,857 )
Amounts advanced 82,100 94,659
Amounts repaid (66,725 ) (97,026 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (11,849 ) (27,224 )

S Parker
Balance outstanding at start of year (26,094 ) (23,802 )
Amounts advanced 59,751 74,320
Amounts repaid (33,657 ) (76,612 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (26,094 )

K B Grocott
Balance outstanding at start of year (22,823 ) (10,766 )
Amounts advanced 87,461 71,755
Amounts repaid (67,556 ) (83,812 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,918 ) (22,823 )

C D Grocott
Balance outstanding at start of year (93,187 ) (124,183 )
Amounts advanced 56,212 33,940
Amounts repaid (312 ) (2,944 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (37,287 ) (93,187 )

C P Grocott
Balance outstanding at start of year - -
Amounts advanced 49,000 -
Amounts repaid (57,588 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (8,588 ) -

The advance is unsecured, interest-free and repayable on demand.

PHOENIX GAS HOLDINGS LIMITED (REGISTERED NUMBER: 06600437)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2024


25. RELATED PARTY DISCLOSURES

The key personnel of the Company are the directors. Directors' remuneration is disclosed in note 3 of the financial statements.

26. POST BALANCE SHEET EVENTS

On 22 January 2025, the group was acquired in full by Phoenix Gas Holdings Group Limited
(company number 16096792).

There were no other material events up to the date of approval of the financial statements by the board.

27. ULTIMATE CONTROLLING PARTY

There was no one ultimate controlling party during the year.

From 22 January 2025, the ultimate controlling party is L R Litwinowicz by virtue of his majority
shareholding in Phoenix Gas Holdings Group Limited.