Phoenix Footwear Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets comprise development costs, website costs and trademark costs. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 5 or 10 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

2.4. Research and Development

Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period the company anticipates economic benefit will be derived from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at a rate of 10% straight line.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and Machinery	25% Straight line
Motor Vehicles	25% Straight line
Computer Equipment	25% Straight line

2.6. Leasing and Hire Purchase Contracts

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Page 3

Page 4

Phoenix Footwear Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

2.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

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 payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in pension payable in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.10. Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

2.11. Cash and cash equivalents

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.

2.12. Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 6 (2025: 4)

Page 4

Page 5

Phoenix Footwear Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

4. Intangible Assets

	Development Costs
	£
Cost
As at 1 May 2025	144,438

As at 30 April 2026	144,438

Amortisation
As at 1 May 2025	75,031
Provided during the period	14,444

As at 30 April 2026	89,475

Net Book Value
As at 30 April 2026	54,963

As at 1 May 2025	69,407

5. Tangible Assets

	Plant and Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 May 2025	149	1,482	17,778	19,409
Additions	-	-	4,628	4,628
Disposals	-	-	(550 )	(550 )

As at 30 April 2026	149	1,482	21,856	23,487

Depreciation
As at 1 May 2025	149	978	14,849	15,976
Provided during the period	-	370	3,394	3,764
Disposals	-	-	(550 )	(550 )

As at 30 April 2026	149	1,348	17,693	19,190

Net Book Value
As at 30 April 2026	-	134	4,163	4,297

As at 1 May 2025	-	504	2,929	3,433

6. Debtors

	2026	2025 as restated
	£	£
Due within one year
Trade debtors	607,165	653,790
Prepayments and accrued income	5,380	2,705
Other debtors	57,985	37,259
VAT	12,964	13,465

	683,494	707,219

Page 5

Page 6

Phoenix Footwear Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2026

7. Creditors: Amounts Falling Due Within One Year

	2026	2025 as restated
	£	£
Trade creditors	423,741	419,682
Bank loans and overdrafts	28,340	26,667
Corporation tax	19,380	20,463
Other taxes and social security	2,315	1,400
Other creditors	288,976	305,160
Pensions Payable	1,430	534
Accruals and deferred income	2,490	31,572
Directors' loan accounts	1,564	22

	768,236	805,500

Included within other creditors due within one year, is an amount of £285,350 (2025: £304,840) which is secured on trade debtor balances.

8. Creditors: Amounts Falling Due After More Than One Year

	2026	2025 as restated
	£	£
Bank loans	-	4,445

10. Share Capital

	2026	2025 as restated
Allotted, called up and fully paid	£	£
1,000 Ordinary A shares of £ 1.00 each	1,000	1,000
500 Ordinary B shares of £ 1.00 each	500	500

	1,500	1,500

11. Other Commitments

Obligations under non-cancellable operating leases fall due as follows:

	2026	2025 as restated
	£	£
Not later than one year	11,940	5,141
Later than one year and not later than five years	29,851	-

	41,791	5,141

Page 6

		2026		2025 as restated
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		54,963		69,407
Tangible Assets	5		4,297		3,433

			59,260		72,840
CURRENT ASSETS
Debtors	6	683,494		707,219
Cash at bank and in hand		71,001		134,824

		754,495		842,043
Creditors: Amounts Falling Due Within One Year	7	(768,236 )		(805,500 )

NET CURRENT ASSETS (LIABILITIES)			(13,741 )		36,543

TOTAL ASSETS LESS CURRENT LIABILITIES			45,519		109,383

Creditors: Amounts Falling Due After More Than One Year	8		-		(4,445 )

NET ASSETS			45,519		104,938

CAPITAL AND RESERVES
Called up share capital	10		1,500		1,500
Profit and Loss Account			44,019		103,438

SHAREHOLDERS' FUNDS			45,519		104,938