Company registration number 07283902 (England and Wales)
FZ PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
FZ PROPERTIES LIMITED
COMPANY INFORMATION
Directors
S Darvish-Kojouri
F Zahab
B Abbassian
(Appointed 4 February 2023)
Company number
07283902
Registered office
Palmers Lodge Swiss Cottage
40 College Crescent
Swiss Cottage
London
NW3 5LB
Accountants
Grunberg & Co Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
FZ PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
FZ PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,371,918
3,459,254
Investments
4
82,586
82,586
3,454,504
3,541,840
Current assets
Debtors
5
4,562,451
1,927
Cash at bank and in hand
391,754
144,650
4,954,205
146,577
Creditors: amounts falling due within one year
6
(146,347)
(280,984)
Net current assets/(liabilities)
4,807,858
(134,407)
Total assets less current liabilities
8,262,362
3,407,433
Creditors: amounts falling due after more than one year
7
(6,009,530)
(1,126,313)
Net assets
2,252,832
2,281,120
Capital and reserves
Called up share capital
600
600
Profit and loss reserves
2,252,232
2,280,520
Total equity
2,252,832
2,281,120

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 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.

The 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.

FZ PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 August 2023 and are signed on its behalf by:
S Darvish-Kojouri
Director
Company Registration No. 07283902
FZ PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

FZ Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Palmers Lodge Swiss Cottage, 40 College Crescent, Swiss Cottage, London, NW3 5LB.

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 amounts 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 properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rent and services apartment income receivable by the company. Turnover is recognised when the rooms are occupied and as services are provided.

1.3
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:

Freehold land and buildings
2% on cost
Fixtures and fittings
25% reducing balance basis on soft furnishing 20% reducing balance on bathroom fittings and kitchenettes 10% straight line basis on refurbishments 33.33% straight line basis on computer equipment

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.

1.4
Fixed asset investments

Fixed assets investments are recorded at the lower of cost and reposition cost less expenditure to complete the purchase. Impairment to the investment will be recognised in the profit or loss for the period.

1.5
Borrowing costs related to fixed assets

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

FZ PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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 statement of financial position 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.

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 payments 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. Amounts 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.

1.7
Taxation
Current tax

Taxation for the year 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 statement of financial position date.

FZ PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

1.8
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.

2
Employees

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

2023
2022
Number
Number
Total
8
5
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2022
4,130,680
867,502
4,998,182
Additions
-
0
10,578
10,578
At 31 March 2023
4,130,680
878,080
5,008,760
Depreciation and impairment
At 1 April 2022
780,276
758,653
1,538,929
Depreciation charged in the year
82,614
15,299
97,913
At 31 March 2023
862,890
773,952
1,636,842
Carrying amount
At 31 March 2023
3,267,790
104,128
3,371,918
At 31 March 2022
3,350,405
108,849
3,459,254
Last year c/fwd depreciation
780,275
758,653
Differs from this year b/fwd by
1
-
FZ PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
82,586
82,586
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,034
-
0
Other debtors
4,152
-
0
Prepayments and accrued income
57,265
1,927
62,451
1,927
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
4,500,000
-
0
Total debtors
4,562,451
1,927
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
130,000
Trade creditors
15,417
5,695
Corporation tax
42,133
62,169
Other taxation and social security
5,387
4,396
Other creditors
49,230
48,020
Accruals and deferred income
34,180
30,704
146,347
280,984
FZ PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
6,009,530
1,125,531
Other borrowings
-
0
782
6,009,530
1,126,313
Amounts included above which fall due after five years are as follows:
Payable by instalments
6,009,530
605,531
8
SECURED DEBTS

The following secured debts are included within creditors:

 

2023         2022

£         £

Bank loans                         6,009,530     1,255,531

 

The bank loan is secured by a charge on the freehold property owned by the company.

9
Related party transactions

As at 31 March 2023, the company owed £nil (2022 - £782) to the parent company.

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