Company registration number 04518614 (England and Wales)
PHANTOM ENTERPRISE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PHANTOM ENTERPRISE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
22,823
24,513
Investment property
5
3,895,000
3,655,000
3,917,823
3,679,513
Current assets
Debtors
6
954,221
49,779
Cash at bank and in hand
1,355,753
2,043,113
2,309,974
2,092,892
Creditors: amounts falling due within one year
7
(1,972,076)
(2,082,952)
Net current assets
337,898
9,940
Total assets less current liabilities
4,255,721
3,689,453
Creditors: amounts falling due after more than one year
8
(45,526)
(44,651)
Provisions for liabilities
(190,660)
(128,597)
Net assets
4,019,535
3,516,205
Capital and reserves
Called up share capital
11
100
100
Other reserves
987,825
806,575
Profit and loss reserves
3,031,610
2,709,530
Total equity
4,019,535
3,516,205

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

PHANTOM ENTERPRISE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 January 2026 and are signed on its behalf by:
Mr M J Rossi
Director
Company Registration No. 04518614
PHANTOM ENTERPRISE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
100
709,075
2,230,808
2,939,983
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
576,222
576,222
Transfers
-
97,500
(97,500)
-
Balance at 31 December 2023
100
806,575
2,709,530
3,516,205
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
503,330
503,330
Distribution to owners
-
-
(278,616)
(278,616)
Transfers
-
181,250
(181,250)
-
Balance at 31 December 2024
100
987,825
3,031,610
4,019,535
PHANTOM ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

Phantom Enterprise Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Minton Place, Victoria Road, Bicester, OX26 6QB. The trading address is 19 Wildmere Road, Banbury, Oxon. OX16 3JU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements the directors had true a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The directors conclude that the company has minor overheads, no paid employees and only related party debt with companies that are under common control and directorship. At the date of signing these accounts, the directors note that there is no indication that the company's tenants and customers are unable to meet their rental obligations. For these reasons the directors assess the company as a going concern.

1.3
Turnover

Turnover represents the value, net of Value Added Tax and discounts, of capital equipment hire to customers and rent income from leasing commercial buildings.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Other income includes reimbursed dilapidation costs as agreed with lessees upon cessation of lease.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings improvements
2% and 25% straight line
Fixtures, fittings & equipment
20% and 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

PHANTOM ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

PHANTOM ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PHANTOM ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Directors' remuneration

No remuneration was paid to the directors.

PHANTOM ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
4
Tangible fixed assets
Land and buildings improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2024
32,314
1,220,174
1,252,488
Disposals
-
0
(12,000)
(12,000)
At 31 December 2024
32,314
1,208,174
1,240,488
Depreciation and impairment
At 1 January 2024
7,802
1,220,173
1,227,975
Depreciation charged in the year
1,690
-
0
1,690
Eliminated in respect of disposals
-
0
(12,000)
(12,000)
At 31 December 2024
9,492
1,208,173
1,217,665
Carrying amount
At 31 December 2024
22,822
1
22,823
At 31 December 2023
24,512
1
24,513
PHANTOM ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
5
Investment property
2024
£
Fair value
At 1 January 2024
3,655,000
Revaluations
240,000
At 31 December 2024
3,895,000

Investment property comprise of commercial buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31st December 2024 by Brown & Co, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and in accordance with RICS Valuation Standards.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
2,704,470
2,704,470
Accumulated depreciation
(494,288)
(458,684)
Carrying amount
2,210,182
2,245,786
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
50,646
17,924
Corporation tax recoverable
5,895
-
0
Amounts owed by related parties
14,962
12,201
Other debtors
864,409
-
Prepayments and accrued income
3,105
2,225
939,017
32,350
2024
2023
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
15,204
17,429
Total debtors
954,221
49,779

Amounts owed from related parties are repayable on demand, unsecured and not subject to interest.

Other debtors are amounts owed from directors.

PHANTOM ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to related parties
1,892,799
1,863,737
Trade creditors
1,896
3,120
Corporation tax
-
0
142,664
Other taxation and social security
23,123
24,677
Deferred income
45,535
40,385
Accruals
8,723
8,369
1,972,076
2,082,952

Amounts owed to related parties are repayable on demand, unsecured and not subject to interest.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
45,526
44,651
PHANTOM ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
(12,045)
(15,358)
Investment property
202,705
143,955
190,660
128,597
2024
Movements in the year:
£
Liability at 1 January 2024
128,597
Charge to profit or loss
62,063
Liability at 31 December 2024
190,660

It is anticipated that the deferred tax asset in respect of accelerated capital allowances will reduce by £2,106 in the next 12 months.

The deferred tax liability on investment properties is expected to mature when the properties are sold.

10
Other reserves
2024
2023
£
£
At the beginning of the year
806,575
709,075
Revaluation surplus arising in the year
240,000
110,000
Deferred tax on revaluation of investment properties
(58,750)
(12,500)
At the end of the year
987,825
806,575

Other reserves consist of fair value gains on investment properties, offset by the associated deferred tax.

11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100

PHANTOM ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
12
Operating lease commitments
Lessor

The company as lessor, has entered into operating leases to let commercial buildings and equipment. The leases are negotiated over terms of 2-10 years. Certain leases include a provision for upward rent reviews according to prevailing market conditions.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Commercial buildings and equipment
1,129,882
762,802
13
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
2024
2023
£
£
Other related parties
291,817
304,073

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Other related parties
1,892,799
1,863,737

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
14,962
12,202

Other related parties are companies under common control by virtue of common ownership.

PHANTOM ENTERPRISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
14
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr M J Rossi - Directors Loan
-
-
864,409
864,409
-
864,409
864,409

On the 9th December 2024, the company loaned a director £864,409.

The loan is unsecured, interest free and fully repayable on demand.

Until the company makes a demand for repayment, the loan is subject to 120 equal monthly repayments from 1st January 2026.

15
Control

Between 1st January 2024 and 8th December 2024, the company was under the control of its directors by virtue of their 67% shareholding.

From 9th December 2024, the company was under the control of its directors by virtue of their 100% shareholding.

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