REGISTERED NUMBER: 03127100 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

PHOENIX PROPERTY INVESTMENT COMPANY

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Sunil Patel

Shamir Patel

SECRETARY:

Sunil Patel

REGISTERED OFFICE:

2nd Floor

29 Dingwall Road

Croydon

CR0 2NB

REGISTERED NUMBER:

03127100 (England and Wales)

SENIOR STATUTORY AUDITOR:

Hazel Day BSc (Hons) FCA DChA

AUDITORS:

Xeinadin Audit Limited

Beckett House

36 Old Jewry

LONDON

EC2R 8DD

BANKERS:

Metro Bank Plc

1 Southampton Row

London

WC1B 5HA

FIXED ASSETS

Tangible assets

4

-

4,888

Investment property

5

5,752,500

7,767,500

5,752,500

7,772,388

CURRENT ASSETS

Debtors

6

745,774

1,299,325

Cash at bank

91,591

77,184

837,365

1,376,509

CREDITORS

Amounts falling due within one year

7

(44,895

)

(590,222

)

NET CURRENT ASSETS

792,470

786,287

TOTAL ASSETS LESS CURRENT LIABILITIES

6,544,970

8,558,675

CREDITORS

Amounts falling due after more than one year

8

(3,500,000

)

(3,500,000

)

PROVISIONS FOR LIABILITIES

10

(443,698

)

(947,448

)

NET ASSETS

2,601,272

4,111,227

CAPITAL AND RESERVES

Called up share capital

11

100

100

Fair value reserve

12

2,615,498

4,126,748

Retained earnings

12

(14,326

)

(15,621

)

SHAREHOLDERS' FUNDS

2,601,272

4,111,227

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2025 and were signed on its behalf by:

Shamir Patel - Director

Sunil Patel - Director

1.	STATUTORY INFORMATION

Phoenix Property Investment Company 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.	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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes, under rental and contractual obligations which are performed gradually over time.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Furniture, Fixtures & fittings

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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.

Going concern

The company is reliant on the continued support of its shareholders and directors to continue trading. On this basis the financial statements have been prepared on a going concern basis.The financial statements do not include any adjustments that may be required from a withdrawal of such financial support.

Significant accounting estimates

The preparation of the financial statements in accordance with UK GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Significant estimates and assumptions are made in particular with regard to determining the valuation of the company's hotel included in Tangible Fixed Assets. In line with many other company's in the industry, the hotel value is derived from assumed future trading results which are discounted using interest rates provided by commercial property experts.

Bank and cash accounting

Cash at bank and in hand includes cash and short-term highly liquid investments with a maturity of three months or less from the date of acquisition. Bank overdrafts are shown within borrowings in current liabilities.

Expenditure accounting

Expenditure is recognised in the profit and loss account on an accruals basis as the related goods and services are received. Costs are charged to the profit and loss account except where they relate to the acquisition of an asset, in which case they are capitalised in accordance with the company’s capitalisation policy.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Furniture,

Fixtures

& fittings

£

COST

At 1st January 2024

76,549

Additions

4,726

Disposals

(81,275

)

At 31st December 2024

-

DEPRECIATION

At 1st January 2024

71,661

Eliminated on disposal

(71,661

)

At 31st December 2024

-

NET BOOK VALUE

At 31st December 2024

-

At 31st December 2023

4,888

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2024

7,767,500

Revaluations

(2,015,000

)

At 31st December 2024

5,752,500

NET BOOK VALUE

At 31st December 2024

5,752,500

At 31st December 2023

7,767,500

Fair value at 31st December 2024 is represented by:

£

Valuation in 2024

3,059,196

Cost

2,693,304

5,752,500

If Investment properties had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

2,693,304

2,693,304

Investment properties were valued on an open market basis on 12th September 2024 by Copping Joyce, Chartered Surveyors.

6.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

2,100

2,330

Amounts owed by group undertakings

-

300

Other debtors and prepayments

5,784

-

Directors' current accounts

5,284

-

13,168

2,630

Amounts falling due after more than one year:

Amounts owed by group undertakings

732,606

1,296,695

Aggregate amounts

745,774

1,299,325

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

3,405

611

Tax

20,563

19,209

Other creditors and accruals

20,927

25,063

Directors' current accounts

-

545,339

44,895

590,222

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 2-5 years

3,500,000

3,500,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

3,500,000

3,500,000

Metro Bank Plc holds a first legal charge and first debenture from the company secured over the company's freehold property investments and a deed of subordination in respect of directors' loans.

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

443,698

947,448

Deferred

tax

£

Balance at 1st January 2024

947,448

Provided during year

(503,750

)

Balance at 31st December 2024

443,698

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

1

100

100

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1st January 2024

(15,621

)

4,126,748

4,111,127

Deficit for the year

(1,509,955

)

(1,509,955

)

Deferred tax transfer

(503,750

)

503,750

-

Revaluation transfer

2,015,000

(2,015,000

)

-

At 31st December 2024

(14,326

)

2,615,498

2,601,172

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Hazel Day BSc (Hons) FCA DChA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The directors' current account balances of -£5,284 (2023 £545,339) are due in equal shares to Sunil Patel and Shamir Patel.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the directors Sunil Patel and Shamir Patel by virtue of having ownership of 100% of the issued ordinary share capital in the parent company Axcel Group Limited.