REGISTERED NUMBER: 07633022 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

FOR

PHEVI LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Morra

P Papanichola

REGISTERED OFFICE:

15 West Street

Brighton

East Sussex

BN1 2RL

REGISTERED NUMBER:

07633022 (England and Wales)

ACCOUNTANTS:

Galloways Accounting (Hove) Limited

15 West Street

Brighton

East Sussex

BN1 2RL

FIXED ASSETS

Investment property

4

1,761,332

2,100,184

CURRENT ASSETS

Debtors

5

18,072

4,449

Cash at bank

50,436

176

68,508

4,625

CREDITORS

Amounts falling due within one year

6

1,654,020

1,454,061

NET CURRENT LIABILITIES

(1,585,512

)

(1,449,436

)

TOTAL ASSETS LESS CURRENT LIABILITIES

175,820

650,748

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

8

-

569,794

Retained earnings

175,818

80,952

175,820

650,748

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 1 October 2025 and were signed on its behalf by:

D Morra - Director

1.	STATUTORY INFORMATION

Phevi Ltd 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.

These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Turnover

Turnover represents the following types of income

- Rental income

- Income from the sale of properties

All income is recognised on a receivable basis.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2024

2,100,184

Additions

98,657

Revaluations

(437,509

)

At 31 May 2025

1,761,332

NET BOOK VALUE

At 31 May 2025

1,761,332

At 31 May 2024

2,100,184

The fair value of the company's investment property at 31 May 2025 has been arrived at on the basis of a valuation carried out at that date by the directors. The valuation was arrived at by reference to market evidence of transaction prices for similar properties.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

VAT

13,964

4,449

Prepayments

4,108

-

18,072

4,449

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Directors' loan accounts

1,653,105

1,453,225

Accrued expenses

915

836

1,654,020

1,454,061

7.	FINANCIAL INSTRUMENTS

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

8.

RESERVES

Revaluation

reserve

£

At 1 June 2024

569,794

Revaluations

(569,794

)

At 31 May 2025

-

As at the balance sheet date, the revaluation reserve relating to investment properties stands at £569,794. This is included within profit and loss reserves but is not distributable as it is unrealised.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, D Morra increased his loan to the company. As at 31 May 2025, the company owed him £777,181 (2024: £725,119).

During the year, P Papanichola increased his loan to the company. As at 31 May 2025, the company owed him £875,924 (2024: £728,107).

These balances represented the maximum amounts outstanding during the year and these loans are interest free and repayable on demand.

10.	ULTIMATE CONTROLLING PARTY

As there is no majority shareholder the company is controlled by the Board.

11.	ACCOUNTING BASIS

As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will continue to be a going concern. During the year the company made a loss of £37,419 and as at the year end the current liabilities exceeded current assets by £1,585,512.

The validity of this basis depends upon the continued support of the company's directors. The directors confirms that they will give the required support.