REGISTERED NUMBER: NI002928 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 2 MAY 2024 TO 31 MARCH 2025

FOR

PHOENIX WINE & SPIRIT STORES LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTORS:

Mr G Smyth

Mr C P Smyth

Mr F G Smyth

Miss M M Smyth

Mrs S M Wort

SECRETARY:

Mr C P Smyth

REGISTERED OFFICE:

192a Church Road

Holywood

BT18 9RN

REGISTERED NUMBER:

NI002928 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

Chartered Certified Accountants

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

FIXED ASSETS

Tangible assets

4

1,226,532

69,490

Investment property

5

535,000

975,000

1,761,532

1,044,490

CURRENT ASSETS

Stocks

40,000

15,500

Debtors

6

75,477

310,189

Cash at bank and in hand

51,396

91,842

166,873

417,531

CREDITORS

Amounts falling due within one year

7

1,588,732

1,432,112

NET CURRENT LIABILITIES

(1,421,859

)

(1,014,581

)

TOTAL ASSETS LESS CURRENT LIABILITIES

339,673

29,909

CREDITORS

Amounts falling due after more than one year

8

(236,644

)

-

PROVISIONS FOR LIABILITIES

(206,037

)

(32,595

)

NET LIABILITIES

(103,008

)

(2,686

)

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Retained earnings

(123,008

)

(22,686

)

(103,008

)

(2,686

)

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 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 23 December 2025 and were signed on its behalf by:

Mr C P Smyth - Director

1.	STATUTORY INFORMATION

Phoenix Wine & Spirit Stores Limited is a private company, limited by shares , registered in Northern Ireland. 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 (£).

The company's place of business is 11A & 19 Fountain Street Belfast, BT1 5EA and 179-181 Antrim Road Belfast BT15 2GW.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and companies act 2006. The financial statements have been prepared under the historical cost convention as modified for the revaluation of certain assets.

Going concern

At the year end the company had net liabilities of £103,008 (2024: £2,686).

The company is reliant on the support of its directors and related party, John Smyth Estates Limited, a company incorporated in Northern Ireland to ensure it can meet its liabilities as they fall due.

The directors have confirmed they will continue to provide support to the company and have a reasonable expectation that the support of the related party will be available for at least one year from the date of signing these financial statements. Consequently, the financial statements have been prepared on a going concern basis and do not include any adjustments which would result if the support was withdrawn.

Significant judgements and estimates

Establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

The directors also consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

Consider the recoverability of trade debtors and the need for impairment provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

The company applies the fair value model for its investment properties, which are initially recognised at cost and subsequently remeasured to fair value at each reporting date. The estimates and judgments applied in determining the fair value of the investment properties are based on the best available information at the reporting date, and the directors have applied their own judgement in determining the valuation at the year end.

Turnover

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

Tangible fixed assets

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

Improvements to property

-

20% on cost

Plant and machinery

-

20% on reducing balance

Fixtures, fittings & equipment

-

10% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Investment property

Investment property is included at fair value, no depreciation is provided. Changes in the fair value are recognised in the profit and loss.

Stocks

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

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings

All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

Taxation

Taxation for the period 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 28 (2024 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures,

to

Plant and

fittings

property

machinery

& equipment

£

£

£

COST

At 2 May 2024

109,959

1,794

158,264

Additions

-

-

38,078

Reclassification/transfer

-

-

1,129,592

At 31 March 2025

109,959

1,794

1,325,934

DEPRECIATION

At 2 May 2024

105,667

1,018

100,985

Charge for period

2,191

142

12,252

At 31 March 2025

107,858

1,160

113,237

NET BOOK VALUE

At 31 March 2025

2,101

634

1,212,697

At 1 May 2024

4,292

776

57,279

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 2 May 2024

4,400

12,270

286,687

Additions

-

5,954

44,032

Reclassification/transfer

-

-

1,129,592

At 31 March 2025

4,400

18,224

1,460,311

DEPRECIATION

At 2 May 2024

3,662

5,865

217,197

Charge for period

135

1,862

16,582

At 31 March 2025

3,797

7,727

233,779

NET BOOK VALUE

At 31 March 2025

603

10,497

1,226,532

At 1 May 2024

738

6,405

69,490

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 2 May 2024

975,000

Disposals

(440,000

)

At 31 March 2025

535,000

NET BOOK VALUE

At 31 March 2025

535,000

At 1 May 2024

975,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2008

520,439

Valuation in 2015

(155,000

)

Valuation in 2018

(150,000

)

Valuation in 2022

35,000

Cost

284,561

535,000

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

31.3.25

1.5.24

£

£

Cost

327,605

622,336

The investment properties where revalued on 7th September 2022 by McConnell chartered surveyor's. The directors have considered the valuation and are satisfied that the value is reflective of the value at 31 March 2025.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

1.5.24

£

£

Trade debtors

17,677

213,906

Other debtors

57,800

96,283

75,477

310,189

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

1.5.24

£

£

Trade creditors

203,901

123,480

Taxation and social security

39,640

55,706

Other creditors

1,345,191

1,252,926

1,588,732

1,432,112

Included in other creditors is £58,256 (2024: £25,275) owed to one of the directors. This loan is unsecured, interest free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

1.5.24

£

£

Other creditors

236,644

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

1.5.24

£

£

Diageo Northern Ireland Limited

241,579

-

Diageo Northern Ireland Limited has a fixed and floating charge on the licensed premises at the Phoenix Bar, 179/181 Antrim Road.

The floating charge covers all the property or undertaking of the company.

10.	RELATED PARTY DISCLOSURES

During the year the company received £469,978 (2024: £13,278) from a related party and paid expenses of £479,240 (2024: £17,120) on behalf of the related party. The amount due to the related party at the year end was 1,138,799 (2024:£1,148,061). This amount is included in other creditors and the loan is unsecured, interest free and repayable on demand.