ZONOUZI PROPERTY SOLUTIONS LIMITED

Company Registration Number:
14318449 (England and Wales)

Unaudited statutory accounts for the year ended 31 August 2023

Period of accounts

Start date: 25 August 2022

End date: 31 August 2023

ZONOUZI PROPERTY SOLUTIONS LIMITED

Contents of the Financial Statements

for the Period Ended 31 August 2023

Profit and loss
Balance sheet
Additional notes
Balance sheet notes

ZONOUZI PROPERTY SOLUTIONS LIMITED

Profit And Loss Account

for the Period Ended 31 August 2023

2023


£
Turnover: 6,944,931
Cost of sales: ( 4,021,759 )
Gross profit(or loss): 2,923,172
Administrative expenses: ( 2,094,085 )
Other operating income: 196,960
Operating profit(or loss): 1,026,047
Interest receivable and similar income: 13
Profit(or loss) before tax: 1,026,060
Tax: ( 126,337 )
Profit(or loss) for the financial year: 899,723

ZONOUZI PROPERTY SOLUTIONS LIMITED

Balance sheet

As at 31 August 2023

Notes 2023


£
Called up share capital not paid: 100,000
Fixed assets
Tangible assets: 3 111,308
Total fixed assets: 111,308
Current assets
Stocks: 4 4,848,422
Debtors: 5 1,134,978
Cash at bank and in hand: 696,534
Total current assets: 6,679,934
Creditors: amounts falling due within one year: 6 ( 3,072,708 )
Net current assets (liabilities): 3,607,226
Total assets less current liabilities: 3,818,534
Provision for liabilities: ( 26,447 )
Total net assets (liabilities): 3,792,087
Capital and reserves
Called up share capital: 100,000
Share premium account: 3,692,087
Total Shareholders' funds: 3,792,087

The notes form part of these financial statements

ZONOUZI PROPERTY SOLUTIONS LIMITED

Balance sheet statements

For the year ending 31 August 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

This report was approved by the board of directors on 1 September 2023
and signed on behalf of the board by:

Name: Bizhan Seyed Zonouzi
Status: Director

The notes form part of these financial statements

ZONOUZI PROPERTY SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normalcourse 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.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:Fixturesa n d fittings25% straight line Computers 25% straight line Motor vehicles 25% straight lineThe 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.

    Other accounting policies

    These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been preparedunder the historical cost convention.The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest€.The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

ZONOUZI PROPERTY SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

  • 2. Employees

    2023
    Average number of employees during the period 35

ZONOUZI PROPERTY SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
Additions 66,468 15 4,500 40,325 111,308
Disposals
Revaluations
Transfers
At 31 August 2023 66,468 15 4,500 40,325 111,308
Depreciation
Charge for year
On disposals
Other adjustments
At 31 August 2023
Net book value
At 31 August 2023 66,468 15 4,500 40,325 111,308

ZONOUZI PROPERTY SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

4. Stocks

2023
£
Stocks 3,600,022
Payments on account 1,248,400
Total 4,848,422

ZONOUZI PROPERTY SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

5. Debtors

2023
£
Trade debtors 1,060,541
Prepayments and accrued income 32,077
Other debtors 42,360
Total 1,134,978

ZONOUZI PROPERTY SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

6. Creditors: amounts falling due within one year note

2023
£
Bank loans and overdrafts 383,333
Amounts due under finance leases and hire purchase contracts 367,864
Trade creditors 1,369,069
Taxation and social security 143,174
Accruals and deferred income 23,479
Other creditors 785,789
Total 3,072,708

ZONOUZI PROPERTY SOLUTIONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

7. Financial Commitments

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level ofassurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material fi, individually or in the aggregate, they could reasonably be expected toinfluence the economicdecisions of users taken on the basis of these financial statements.Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable ofdetecting irregularities, including fraud si detailed below:Based on our understanding of the entity and industries in which ti operates, we identified the principal risks of non-compliance with laws and regulations related to the National Pawnbroking Association, FCA, employment law and data protection. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, tax legislation and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).We assessed the susceptibility of the company's financial statements to material misstatement and howfraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls, and ensuring these controls operated as intended. We determined the principal risks were related to posting journal entries to manipulate profits,and managementbias in accountingestimates, especially accruals, prepayments, accrued interest and depreciation.To address the risk of fraud through management bias and override of controls, we:-Performed analytical procedures to identify any unusual or unexpected relationships.-Identified and tested journal entries and identified any significant transactions that were unusual or outside the normal course of business. -Investigated the rationale behind significant or unusual transactions.-Challenged assumptions and judgements made by management in determining significant accounting estimates, in particular in relation toaccruals, prepayments, accrued interest and depreciation.In response to the risk of irregularities and non-compliance with laws and regulations, wedesigned audit procedures which included, but were not limited to:-Agreeing financial statements disclosures to underlying supporting documentation.-Discussions withmanagement ofknown or suspected instances of non-compliance with laws and regulations.-Reading the minutes of meetings of those charged with governance.-Reviewing correspondence with HMRC, relevant regulators including the National Pawnbroking Association, FCA and the company's legaladvisors.At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus thecapacity to identify non-compliance with lawsand regulationsand fraud.There are inherent limitations in the audit procedures described above and the further removed non-compliance of laws and regulations isfrom the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of notdetecting a material misstatement relating to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities.This description forms part of our Report of the Auditors.