Phoenix Speciality Oils Limited - Accounts to registrar (filleted) - small 23.1.5
Phoenix Speciality Oils Limited - Accounts to registrar (filleted) - small 23.1.5
| REGISTERED NUMBER: |
| Financial Statements |
| for the Period |
| 27 February 2022 to 25 February 2023 |
| for |
| Phoenix Speciality Oils Limited |
| Phoenix Speciality Oils Limited (Registered number: 05426479) |
| Contents of the Financial Statements |
| for the Period 27 February 2022 to 25 February 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Phoenix Speciality Oils Limited |
| Company Information |
| for the Period 27 February 2022 to 25 February 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants & Business Advisers |
| 15 Newland |
| Lincoln |
| Lincolnshire |
| LN1 1XG |
| Phoenix Speciality Oils Limited (Registered number: 05426479) |
| Balance Sheet |
| 25 February 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 |
| Phoenix Speciality Oils Limited (Registered number: 05426479) |
| Notes to the Financial Statements |
| for the Period 27 February 2022 to 25 February 2023 |
| 1. | STATUTORY INFORMATION |
| Phoenix Speciality Oils Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Leasehold improvements | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| In the year ended 2 March 2019 there was a change in the accounting method for charging depreciation, to the methods and rates as outlined above. The new rates will accelerate the depreciation charged and were applied on the net book value of the assets at the start of that financial year. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Phoenix Speciality Oils Limited (Registered number: 05426479) |
| Notes to the Financial Statements - continued |
| for the Period 27 February 2022 to 25 February 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | TANGIBLE FIXED ASSETS |
| Leasehold | Plant and | Motor | Computer |
| improvements | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 27 February 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 25 February 2023 |
| DEPRECIATION |
| At 27 February 2022 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) |
| At 25 February 2023 |
| NET BOOK VALUE |
| At 25 February 2023 |
| At 26 February 2022 |
| Included within the net book value of fixed assets is £30,625 (2022: £34,228) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the period in respect of such assets amounted to £3,603 (2022: £1,801). |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| Phoenix Speciality Oils Limited (Registered number: 05426479) |
| Notes to the Financial Statements - continued |
| for the Period 27 February 2022 to 25 February 2023 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Other loans |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Other loans - 2-5 years |
| Other loans due > 5 years |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans due > 5 years | 17,160 | 98,280 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2023 | 2022 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2023 | 2022 |
| £ | £ |
| Within one year |
| Between one and five years |
| Hire purchase contracts are secured over the related assets. |
| 9. | PROVISIONS FOR LIABILITIES |
| 2023 | 2022 |
| £ | £ |
| Deferred tax | 60,107 | 76,697 |
| Phoenix Speciality Oils Limited (Registered number: 05426479) |
| Notes to the Financial Statements - continued |
| for the Period 27 February 2022 to 25 February 2023 |
| 9. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 27 February 2022 |
| Credit to Income Statement during period | ( |
) |
| Balance at 25 February 2023 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| Preference | £1 | 400,000 | 400,000 |
| 401,000 | 401,000 |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | POST BALANCE SHEET EVENTS |
| From 26 February 2023, there have been changes in the operating arrangements between the company and Hammond Food Oils Limited (HFOL), a fellow wholly-owned subsidiary of Phoenix Farm Group Limited (PFGL). Prior to this date, the company supplied bottling and pressing services to HFOL, but from this date the company has supplied bottled rapeseed oil, for onward sale by HFOL. To facilitate this operational change, on the same date HFOL transferred its stocks, fixed assets, group receivables and some other minor current assets, less certain creditors, to the company. Neither the company nor HFOL made a profit or loss on this transfer. |
| Also on the same date, PFGL transferred its shareholding in HFOL to the company, for consideration of £460,000. On 7 June 2023, HFOL declared an interim dividend of £155,000, payable to the company. |
| 13. | ULTIMATE CONTROLLING PARTY |
| Grovetree Limited is the ultimate controlling party as Phoenix Farm Group Limited has a controlling interest in Phoenix Speciality Oils Limited and Grovetree Limited has a controlling interest in Phoenix Farm Group Limited. |
| Grovetree Limited's registered office is New Farm, Redhill, Nottingham, Nottinghamshire, NG5 8PB. |