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Registered number: 15598478 PHOENIX OPERATIONS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
PHOENIX OPERATIONS LIMITED REGISTERED NUMBER: 15598478 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 277,421 |  | 299,617
Tangible assets | 5 |  | 6,620 |  | 433
|  |  | 284,041 |  | 300,050
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 391,260 |  | 136,456 |
Cash at bank and in hand | 7 | 11,212 |  | 31,718 |
|  | 402,472 |  | 168,174 |
Creditors: amounts falling due within one year | 8 | (808,197) |  | (482,802) |
Net current liabilities |  |  | (405,723) |  | (314,629)
Total assets less current liabilities |  |  | (121,682) |  | (14,579)
Net liabilities |  |  | (121,682) |  | (14,579)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 10 |  | 10
Profit and loss account |  |  | (121,692) |  | (14,589)
|  |  | (121,682) |  | (14,579)
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 July 2026.
A Smith
Director
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PHOENIX OPERATIONS LIMITED REGISTERED NUMBER: 15598478 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The notes on pages 3 to 8 form part of these financial statements. Page 2
PHOENIX OPERATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Phoenix Operations Limited is a private company limited by shares and was incorporated in England and Wales. The company's registered office is 4 Chester Court, Chester Hall Lane, Basildon, Essex, United Kingdom, SS14 3WR 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 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The company had net liabilities at 31st December 2025 of £121,682. However, the directors are of the opinion that the company has and will continue to have the support of its creditors for the foreseeable future. In the light of these factors, the directors consider it appropriate to adopt the going concern basis in the preparation of these financial statements.
| 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: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 3
PHOENIX OPERATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | 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 accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Taxation
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 balance sheet date in the countries where the Company operates and generates income.
| 2.7 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.8 | 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 4
PHOENIX OPERATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | 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:
|  |  |  | Computer equipment | - | 50% |
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.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.11 | 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. | Employees
| The average monthly number of employees, including directors, during the year was 11 (2024 - 5).
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PHOENIX OPERATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Intangible assets
|  | Computer software | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | - | 304,695 | 304,695
| Additions | 12,244 | - | 12,244
| At 31 December 2025 | 12,244 | 304,695 | 316,939
| Amortisation |  |  |
| At 1 January 2025 | - | 5,078 | 5,078
| Charge for the year on owned assets | 3,970 | 30,470 | 34,440
| At 31 December 2025 | 3,970 | 35,548 | 39,518
| Net book value |  |  |
| At 31 December 2025 | 8,274 | 269,147 | 277,421
5. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost or valuation |
| At 1 January 2025 | 574
| Additions | 8,574
| Disposals | (574)
| At 31 December 2025 | 8,574
| Depreciation |
| At 1 January 2025 | 142
| Charge for the year on owned assets | 2,386
| Disposals | (574)
| At 31 December 2025 | 1,954
| Net book value |
| At 31 December 2025 | 6,620
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PHOENIX OPERATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 353,394 | 110,612
| Other debtors | 13,200 | 19,758
| Prepayments and accrued income | 24,666 | 6,086
|  | 391,260 | 136,456
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 11,212 | 31,718
|  | 11,212 | 31,718
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | - | 203
| Amounts owed to group undertakings | 762,900 | 394,048
| Corporation tax | 24,408 | -
| Other taxation and social security | 3,771 | 14,269
| Other creditors | 3,250 | 22,672
| Accruals and deferred income | 13,868 | 51,610
|  | 808,197 | 482,802
9. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately 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 £20,248. £2,310 was payable to the fund at the balance sheet date.
10. | Related party transactions
| AIEF Phoenix LP, a limited partnership incorporated in Ireland, is the ultimate controlling party and draws up the consolidated financial statements. The registered office is 32 Molesworth Street, Dublin 2, Ireland.
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PHOENIX OPERATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Controlling party
The parent company is Phoenix Funding Partners Limited, a company incorporated in England and Wales. The ultimate controlling party is AIEF Phoenix LP, a limited partnership incorporated in Ireland.
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