Caseware UK (AP4) 2024.0.164 2024.0.164 2025-02-28 2025-02-28 112 true true 113 false false 2024-03-01 true false 04356233 2024-03-01 2025-02-28 04356233 2023-03-01 2024-02-29 04356233 2025-02-28 04356233 2024-02-29 04356233 1 2024-03-01 2025-02-28 04356233 1 2023-03-01 2024-02-29 04356233 3 2024-03-01 2025-02-28 04356233 3 2023-03-01 2024-02-29 04356233 d:CompanySecretary1 2024-03-01 2025-02-28 04356233 d:Director1 2024-03-01 2025-02-28 04356233 d:RegisteredOffice 2024-03-01 2025-02-28 04356233 d:Agent1 2024-03-01 2025-02-28 04356233 e:Buildings e:ShortLeaseholdAssets 2024-03-01 2025-02-28 04356233 e:Buildings e:ShortLeaseholdAssets 2025-02-28 04356233 e:Buildings e:ShortLeaseholdAssets 2024-02-29 04356233 e:PlantMachinery 2024-03-01 2025-02-28 04356233 e:PlantMachinery 2025-02-28 04356233 e:PlantMachinery 2024-02-29 04356233 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-03-01 2025-02-28 04356233 e:MotorVehicles 2024-03-01 2025-02-28 04356233 e:MotorVehicles 2025-02-28 04356233 e:MotorVehicles 2024-02-29 04356233 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-03-01 2025-02-28 04356233 e:OfficeEquipment 2024-03-01 2025-02-28 04356233 e:OfficeEquipment 2025-02-28 04356233 e:OfficeEquipment 2024-02-29 04356233 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-03-01 2025-02-28 04356233 e:OwnedOrFreeholdAssets 2024-03-01 2025-02-28 04356233 e:CurrentFinancialInstruments 2025-02-28 04356233 e:CurrentFinancialInstruments 2024-02-29 04356233 e:Non-currentFinancialInstruments 2025-02-28 04356233 e:Non-currentFinancialInstruments 2024-02-29 04356233 e:CurrentFinancialInstruments e:WithinOneYear 2025-02-28 04356233 e:CurrentFinancialInstruments e:WithinOneYear 2024-02-29 04356233 e:Non-currentFinancialInstruments e:AfterOneYear 2025-02-28 04356233 e:Non-currentFinancialInstruments e:AfterOneYear 2024-02-29 04356233 e:ReportableOperatingSegment1 2024-03-01 2025-02-28 04356233 e:ReportableOperatingSegment1 2023-03-01 2024-02-29 04356233 f:UnitedKingdom 2024-03-01 2025-02-28 04356233 f:UnitedKingdom 2023-03-01 2024-02-29 04356233 f:RestWorldOutsideUK 2024-03-01 2025-02-28 04356233 f:RestWorldOutsideUK 2023-03-01 2024-02-29 04356233 e:UKTax 2024-03-01 2025-02-28 04356233 e:UKTax 2023-03-01 2024-02-29 04356233 e:ShareCapital 2025-02-28 04356233 e:ShareCapital 2024-02-29 04356233 e:RetainedEarningsAccumulatedLosses 2024-03-01 2025-02-28 04356233 e:RetainedEarningsAccumulatedLosses 2025-02-28 04356233 e:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 04356233 e:RetainedEarningsAccumulatedLosses 2024-02-29 04356233 e:RetainedEarningsAccumulatedLosses 2023-03-01 04356233 d:OrdinaryShareClass1 2024-03-01 2025-02-28 04356233 d:OrdinaryShareClass1 2025-02-28 04356233 d:OrdinaryShareClass1 2024-02-29 04356233 d:OrdinaryShareClass2 2024-03-01 2025-02-28 04356233 d:OrdinaryShareClass2 2025-02-28 04356233 d:OrdinaryShareClass2 2024-02-29 04356233 d:FRS102 2024-03-01 2025-02-28 04356233 d:Audited 2024-03-01 2025-02-28 04356233 d:FullAccounts 2024-03-01 2025-02-28 04356233 d:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 04356233 e:WithinOneYear 2025-02-28 04356233 e:WithinOneYear 2024-02-29 04356233 e:BetweenOneFiveYears 2025-02-28 04356233 e:BetweenOneFiveYears 2024-02-29 04356233 e:MoreThanFiveYears 2025-02-28 04356233 e:MoreThanFiveYears 2024-02-29 04356233 2 2024-03-01 2025-02-28 04356233 e:AcceleratedTaxDepreciationDeferredTax 2025-02-28 04356233 e:AcceleratedTaxDepreciationDeferredTax 2024-02-29 04356233 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2025-02-28 04356233 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-02-29 04356233 e:LeasedAssetsHeldAsLessee 2025-02-28 04356233 e:LeasedAssetsHeldAsLessee 2024-02-29 04356233 g:PoundSterling 2024-03-01 2025-02-28 xbrli:shares iso4217:GBP xbrli:pure

Company registration number: 04356233
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 28 FEBRUARY 2025
| PHOENIX SYSTEMS UK LIMITED
PHOENIX SYSTEMS UK LIMITED |  |
COMPANY INFORMATION
Director | Mr S K Jacobs
Company secretary | Mrs A Jacobs
Registered number | 04356233
Registered office | Unit 48
| Standard Way
| Fareham
| Hampshire
| PO16 8XQ
Independent auditors | Shaw Gibbs Audit Limited
| 25 St Thomas Street
| Winchester
| Hampshire
| SO23 9HJ
Bankers | Lloyds Bank Plc
| PO Box 1000
| BX11LT
PHOENIX SYSTEMS UK LIMITED |  |
CONTENTS
| Page
Strategic Report | 1 - 2
Director's Report | 3 - 4
Independent Auditors' Report | 5 - 7
Statement of Income and Retained Earnings | 8
Statement of Financial Position | 9 - 10
Notes to the Financial Statements | 11 - 24
PHOENIX SYSTEMS UK LIMITED |  |
STRATEGIC REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025
Introduction
Phoenix Systems UK Limited (PSUK) is a UK-based world class PCB Assembly and Electronic Equipment Manufacturing Solutions provider, located in southern England over 2 sites covering 21,000 sq. ft. PSUK was established in January 2002 and specialise in manufacturing services to the Aerospace, Defence, Medical, Transport, Automotive, Education and Industrial industry sectors, with a strong commitment to continuous improvement and maintain an accredited AS9100 QMS.
Business review
Our business model centres on delivering high-quality, cost-effective manufacturing solutions through a vertically integrated supply chain. We leverage state-of-the-art technology and a skilled workforce to maintain operational efficiency and product excellence.
Strategy and objectives
Our strategic objectives for the year focused on: • Operational Excellence: Enhancing production efficiency and reducing waste. • Sustainability Initiatives: Implementing eco-friendly practices and reducing carbon footprint. • Market Expansion: Entering new markets and diversifying our service offerings. • Automation Expansion: Investing in automated solutions for repeatability and to streamline operations.
Performance review
In 2025, we achieved a 2.2% increase in profit margin, driven by operational excellence, cost reduction and maximising efficiency.
Principal risks and uncertainties
Key risks include: • Supply Chain Disruptions: Potential delays or cost increases due to global supply chain issues. • Market Volatility: Fluctuations in demand and raw material prices. • Cyber Security: Ensuring adequate protection with additional processes in place towards Cyber Essentials Plus. We actively monitor these risks and have implemented mitigation strategies, including diversifying suppliers and investing in compliance programs.
Financial key performance indicators
We have a comprehensive suite of Key Performance Indicators that include our financial and operational performance against targets. Close working with our financial partners, stakeholders and utilisation of performance indicators drive our strategic decisioning. These strategic objectives are reviewed by the management team on a monthly basis.
Environmental, Social and Governance (ESG) considerations
We are committed to sustainable practices, including: • Environmental: Reducing emissions and waste through process improvements. • Social: Providing training and development opportunities for employees. • Governance: Maintaining transparent reporting and ethical business practices. Page 1
PHOENIX SYSTEMS UK LIMITED |  |
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 This report was approved by the board and signed on its behalf.
Mr S K Jacobs Director
Date: 25 September 2025
Page 2
PHOENIX SYSTEMS UK LIMITED |  |
DIRECTOR'S REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025 The director presents his report and the financial statements for the year ended 28 February 2025.
Director's responsibilities statement
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments 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 director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Principal activities
The principal activity of the company during the year was the manufacture of electrical components.
Results and dividends
The profit for the year, after taxation, amounted to £693,731 (2024 - £1,183,080). The director does not recommend that any final dividend is paid relating to the year ended 28th February 2025.
Director
The director who served during the year was:
Mr S K Jacobs
Future developments
Looking ahead, we aim to: • Expand our services to meet evolving customer needs. • Enhance Design capabilities to improve customer experience. • Strengthen sustainability efforts in line with industry standards. We remain confident in our strategy and are dedicated to delivering long-term value to our stakeholders.
Research and development activities
Using the wealth of experience we now have in our engineering team, we remain dedicated to design for manufacture. We have researched and developed many processes and designs to ensure product can be built and tested correctly whilst ensuring they remain technically compliant for the end user. Page 3
PHOENIX SYSTEMS UK LIMITED |  |
DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
Disclosure of information to auditors
The director at the time when this Director's Report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
Under section 487(2) of the Companies Act 2006, Shaw Gibbs Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
Mr S K Jacobs Director
Date: 25 September 2025
Unit 48
Standard Way
Fareham
Hampshire
PO16 8XQ
Page 4
PHOENIX SYSTEMS UK LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHOENIX SYSTEMS UK LIMITED
Opinion
We have audited the financial statements of Phoenix Systems UK Limited (the 'Company') for the year ended 28 February 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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 28 February 2025 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 United Kingdom, including the Financial Reporting Council'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 director's 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 director 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. Page 5
PHOENIX SYSTEMS UK LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHOENIX SYSTEMS UK LIMITED (CONTINUED)
Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Director's Report 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 Director's Report. We have nothing to report in respect of the following matters in relation to which 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 director's 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 Director's Responsibilities Statement set out on page 3, the director is 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 director determines is 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Page 6
PHOENIX SYSTEMS UK LIMITED |  |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHOENIX SYSTEMS UK LIMITED (CONTINUED)
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 an Auditors' Report 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: 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. We obtained an understanding of the legal and regulatory framework applicable to the company via discussions with the directors. This identified that the most significant laws and regulations relate to the form and content of the financial statements such as the UK Companies Act 2006 and Financial Reporting Standard 102. The company complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements. As part of our planning process we assessed susceptibility of the company's financial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of Phoenix Systems UK Limited are revenue recognition and the impact of performance targets on influencing management override. The directors confirmed no actual, suspected or alleged cases of fraud. Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing revenue recognition policies and sales cut off and reviewing those areas susceptible to management override including testing manual journals and making enquiries of management.
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 an Report of 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. Harriet Sergeant (Senior Statutory Auditor) for and on behalf of Shaw Gibbs Audit Limited Chartered Certified Accountants Stautory Auditor 25 St Thomas Street Winchester Hampshire SO23 9HJ 7 October 2025 Page 7
PHOENIX SYSTEMS UK LIMITED |  |
STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 28 FEBRUARY 2025
| 2025 | 2024
| £ | £
Turnover | 4 | 14,215,672 | 16,111,264
Cost of sales |  | (10,619,364) | (12,308,725)
Gross profit |  | 3,596,308 | 3,802,539
Distribution costs |  | (49,816) | (84,622)
Administrative expenses |  | (2,596,329) | (2,364,398)
Other operating income | 5 | - | 18,654
Operating profit | 6 | 950,163 | 1,372,173
Interest receivable and similar income |  | 555 | -
Interest payable and similar expenses | 11 | (39,627) | (50,318)
Profit before tax |  | 911,091 | 1,321,855
Tax on profit | 12 | (217,360) | (138,775)
Profit after tax |  | 693,731 | 1,183,080
Retained earnings at the beginning of the year |  | 1,644,112 | 1,195,247
|  | 1,644,112 | 1,195,247
Profit for the year |  | 693,731 | 1,183,080
Dividends declared and paid |  | (537,749) | (734,215)
Retained earnings at the end of the year |  | 1,800,094 | 1,644,112
The notes on pages 11 to 24 form part of these financial statements.
Page 8
PHOENIX SYSTEMS UK LIMITED REGISTERED NUMBER:04356233 |  |
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2025
|  | 28 February |  | 29 February
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 592,265 |  | 543,752
|  |  | 592,265 |  | 543,752
Current assets |  |  |  |  |
Stocks | 15 | 2,090,730 |  | 2,258,365 |
Debtors: amounts falling due within one year | 16 | 3,516,596 |  | 4,177,970 |
Cash at bank and in hand | 17 | 416,798 |  | 454,608 |
|  | 6,024,124 |  | 6,890,943 |
Creditors: amounts falling due within one year | 18 | (4,535,649) |  | (5,387,194) |
Net current assets |  |  | 1,488,475 |  | 1,503,749
Total assets less current liabilities |  |  | 2,080,740 |  | 2,047,501
Creditors: amounts falling due after more than one year | 19 |  | (158,737) |  | (288,389)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (121,809) |  | (114,900) |
|  |  | (121,809) |  | (114,900)
Net assets |  |  | 1,800,194 |  | 1,644,212
Page 9
PHOENIX SYSTEMS UK LIMITED REGISTERED NUMBER:04356233 |  |
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 28 FEBRUARY 2025
|  | 28 February |  | 29 February
|  | 2025 |  | 2024
|  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 100 |  | 100
Profit and loss account | 26 |  | 1,800,094 |  | 1,644,112
|  |  | 1,800,194 |  | 1,644,212
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr S K Jacobs
Director
Date: 25 September 2025
The notes on pages 11 to 24 form part of these financial statements. Page 10
PHOENIX SYSTEMS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. | General information
Phoenix Systems UK Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | 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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d). This information is included in the consolidated financial statements of PHX Holdings Limited as at 28 February 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 11
PHOENIX SYSTEMS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold property | - | 10%
|  |  |  | Plant & machinery | - | 10% and 25%
|  |  |  | Motor vehicles | - | 25%
|  |  |  | Office equipment | - | 25%
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 since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.6 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised Page 12
PHOENIX SYSTEMS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.6 | Financial instruments (continued)
transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Page 13
PHOENIX SYSTEMS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.6 | Financial instruments (continued)
Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.7 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.8 | Operating lease agreements
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.9 | Pensions
Defined contribution pension plan 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 profit or loss when they fall due. Amounts not paid are shown in other creditors and accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 14
PHOENIX SYSTEMS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.11 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.12 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
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. Fixed asset residual values: The directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate. Impairment of stocks: The directors have assessed stocks held at the reporting date for impairment and have concluded the basis of valuation is appropriate. Page 15
PHOENIX SYSTEMS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of goods | 14,215,672 | 16,111,264
|  | 14,215,672 | 16,111,264
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 9,853,538 | 12,024,682
| Rest of the world | 4,362,134 | 4,086,582
|  | 14,215,672 | 16,111,264
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Insurance claims receivable | - | 18,654
|  | - | 18,654
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 38,711 | (10,688)
| Other operating lease rentals | 197,851 | 195,543
| Depreciation on fixed assets | 112,960 | 118,159
| Impairment of stock | (28,826) | (15,927)
Page 16
PHOENIX SYSTEMS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 21,350 | 13,500
8. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,313,428 | 3,276,173
| Social security costs | 318,689 | 304,481
| Cost of defined contribution scheme | 118,042 | 116,338
|  | 3,750,159 | 3,696,992
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production | 87 | 88
|  | Admin | 19 | 20
|  | Management | 6 | 5
|  |  | 112 | 113
9. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 10,032 | 10,032
| Company contributions to defined contribution pension schemes | 29,164 | 29,164
|  | 39,196 | 39,196
| During the year retirement benefits were accruing to no directors (2024 - 1) in respect of defined contribution pension schemes.
| During the year the number of directors receiving retirement benefits under money purchase schemes was 1 (2024- 1).
Page 17
PHOENIX SYSTEMS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 555 | -
|  | 555 | -
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 12,831 | 12,055
| Other loan interest payable | 18,322 | 25,607
| Finance leases and hire purchase contracts | 8,474 | 12,656
|  | 39,627 | 50,318
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 210,451 | 274,418
| Adjustments in respect of previous periods | - | (129,834)
|  | 210,451 | 144,584
| Total current tax | 210,451 | 144,584
| Deferred tax |  |
| Origination and reversal of timing differences | 6,909 | (5,809)
| Total deferred tax | 6,909 | (5,809)
| Tax on profit | 217,360 | 138,775
Page 18
PHOENIX SYSTEMS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 911,091 | 1,321,855
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 227,773 | 330,464
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 1,658 | 3,968
| Adjustments to tax charge in respect of prior periods | (11,470) | -
| Other timing differences leading to an increase (decrease) in taxation | (50) | 11,790
| Adjustment for change in tax rates | - | (6,718)
| Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge | - | (70,896)
| Other differences leading to an increase (decrease) in the tax charge | - | (129,833)
| Group relief | (551) | -
| Total tax charge for the year | 217,360 | 138,775
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
13. | Dividends
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 537,749 | 734,215
|  | 537,749 | 734,215
Page 19
PHOENIX SYSTEMS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
14. | Tangible fixed assets
|  | Leasehold property | Plant & machinery | Motor vehicles | Equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 March 2024 | 406,594 | 1,055,873 | 18,950 | 176,930 | 1,658,347
| Additions | 3,325 | 81,610 | 66,916 | 9,622 | 161,473
| At 28 February 2025 | 409,919 | 1,137,483 | 85,866 | 186,552 | 1,819,820
| Depreciation |  |  |  |  |
| At 1 March 2024 | 294,168 | 685,062 | 18,950 | 116,415 | 1,114,595
| Charge for the year on owned assets | 23,108 | 63,356 | 1,394 | 25,102 | 112,960
| At 28 February 2025 | 317,276 | 748,418 | 20,344 | 141,517 | 1,227,555
| Net book value |  |  |  |  |
| At 28 February 2025 | 92,643 | 389,065 | 65,522 | 45,035 | 592,265
| At 29 February 2024 | 112,426 | 370,811 | - | 60,515 | 543,752
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 195,326 | 229,745
|  | 195,326 | 229,745
15. | Stocks
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods | 152,286 | 58,409
| Work in progress (goods to be sold) | 926,644 | 1,242,371
| Raw materials and consumables | 1,011,800 | 957,585
|  | 2,090,730 | 2,258,365
Page 20
PHOENIX SYSTEMS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
16. | Debtors
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 3,378,161 | 4,034,729
| Amounts owed by group undertakings | - | 400
| Other debtors | 1,256 | 177
| Prepayments and accrued income | 137,179 | 142,664
|  | 3,516,596 | 4,177,970
17. | Cash and cash equivalents
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 416,798 | 454,608
| Less: bank overdrafts | (104) | (25)
|  | 416,694 | 454,583
Page 21
PHOENIX SYSTEMS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 104 | 25
| Bank loans | 100,000 | 100,000
| Trade creditors | 1,443,042 | 1,418,369
| Amounts owed to group undertakings | 6,260 | -
| Corporation tax | 210,451 | 274,418
| Other taxation and social security | 151,581 | 224,915
| Obligations under finance lease and hire purchase contracts | 58,511 | 44,278
| Other creditors | 1,775,206 | 2,821,844
| Accruals and deferred income | 790,494 | 503,345
|  | 4,535,649 | 5,387,194
| Creditors totalling £1,722,954 (2024 - £2,384,858) falling due within one year are secured over the assets of the company by way of fixed and floating charges including a negative pledge. Bank loans totalling £100,000 (2024 - £100,000) falling due within one year are secured over the assets of the company by way of fixed and floating charges. Hire purchase obligations totalling £58,511 (2024 - £44,278) falling due within one year are secured over the assets which they relate to.
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 83,334 | 183,333
| Net obligations under finance leases and hire purchase contracts | 75,403 | 105,056
|  | 158,737 | 288,389
| Bank loans totalling £83,334 (2024 - £183,333) falling due after one year are secured over the assets of the company by way of fixed and floating charges. Hire purchase obligations totalling £75,403 (2024 - £105,056) falling due after one year are secured over the assets which they relate to.
Page 22
PHOENIX SYSTEMS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
20. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (114,900)
| Charged to profit or loss | (6,909)
| At end of year | (121,809)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (121,809) | (114,900)
|  | (121,809) | (114,900)
21. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £118,042 (2024 - £119,745). Contributions totalling £16,953 (2024 - £17,601) were payable to the fund at the reporting date and are included in creditors. Amounts accrued in relation to directors pension totalled £Nil (2024 - £24,000).
22. | Commitments under operating leases
| At 28 February 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 175,064 | 171,025
| Later than 1 year and not later than 5 years | 584,946 | 589,121
| Later than 5 years | 143,500 | 287,000
|  | 903,510 | 1,047,146
Page 23
PHOENIX SYSTEMS UK LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
23. | Related party transactions
| At the year end, included within other creditors, were amounts owed to the Director totalling £14,683 (2024 - £389,326). This loan is undated, interest free and repayable on demand. At the year end, included within other creditors, were amounts owed to shareholders of PHX Holdings Limited totalling £13,583 (2024 - £7,600). This loan is undated, interest free and repayable on demand. At the year end, included within creditors due within one year, were amounts owed to PHX Holdings Limited totalling £6,260 (2024 - amounts owed by PHX Holdings Limited totalling £200). This loan is undated, interest free and repayable on demand.
24. | Ultimate controlling party
The ultimate and immediate parent company is PHX Holdings Limited, a company registered in England and Wales. The address of its registered office is Unit 48 Standard Way, Fareham Industrial Park, Fareham, Hampshire, PO16 8XQ.
25. | Share capital
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 95 (2024 - 95) Ordinary shares of £1.00 each | 95 | 95
|  | 5 (2024 - 5) Ordinary Class B shares of £1.00 each | 5 | 5
|  |  | 100 | 100
| All shares have attached to them full voting and capital distribution (including on Winding up) rights; they do not confer any rights of redemption. The shares have a right to a Dividend but the directors can declare a dividend on the different classes of shares at differing times.
26. | Reserves
Profit and loss account The profit and loss account represents all accumulated net gains and losses which are distributable.
Page 24