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Registration number: 10440462

Enzo's Homes (West Wales) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Enzo's Homes (West Wales) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Enzo's Homes (West Wales) Ltd

Company Information

Directors

Mr F Sauro

Mr D K L Davies

Registered office

Unit 3, Block B, Llys y Barcud
Clos Gelliwerdd
Cross Hands
Llanelli
SA14 6RX

 

Enzo's Homes (West Wales) Ltd

(Registration number: 10440462)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

100

10

Current assets

 

Stocks

5

-

1,243,944

Debtors

6

8,000

40,256

Cash at bank and in hand

 

4,797

159,988

 

12,797

1,444,188

Creditors: Amounts falling due within one year

7

(181,580)

(1,176,417)

Net current (liabilities)/assets

 

(168,783)

267,771

Net (liabilities)/assets

 

(168,683)

267,781

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(168,783)

267,681

Total equity

 

(168,683)

267,781

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 January 2024 and signed on its behalf by:
 

.........................................
Mr F Sauro
Director

.........................................
Mr D K L Davies
Director

 
     
 

Enzo's Homes (West Wales) Ltd

Notes to the Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3, Block B, Llys y Barcud
Clos Gelliwerdd
Cross Hands
Llanelli
SA14 6RX

These financial statements were authorised for issue by the Board on 31 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Enzo's Homes (West Wales) Ltd

Notes to the Financial Statements for the Year Ended 30 April 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Enzo's Homes (West Wales) Ltd

Notes to the Financial Statements for the Year Ended 30 April 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

4

Investments

2023
£

2022
£

Investments in subsidiaries

100

10

Subsidiaries

£

Cost or valuation

At 1 May 2022

10

Additions

100

Disposals

(10)

At 30 April 2023

100

Provision

Carrying amount

At 30 April 2023

100

At 30 April 2022

10

5

Stocks

2023
£

2022
£

Work in progress

-

1,243,944

 

Enzo's Homes (West Wales) Ltd

Notes to the Financial Statements for the Year Ended 30 April 2023

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

8,000

-

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

-

9,838

Prepayments

 

-

187

Other debtors

 

-

30,231

 

8,000

40,256

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

18,236

233,224

Amounts owed to related parties

9

126,608

800,876

Taxation and social security

 

1,917

10,326

Other creditors

 

34,819

131,991

 

181,580

1,176,417

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Enzo's Homes (West Wales) Ltd

Notes to the Financial Statements for the Year Ended 30 April 2023

9

Related party transactions

Summary of transactions with other related parties

The following businesses are considered by related parties of Enzo's Homes (West Wales) Ltd by virtue of common management;

- DMDMG Midlands Garage
- Cawdor Cars
- Eiddo Cawdor Properties
- Datblygau Davies Developements
- Enzo's Investments Ltd
- Enzo's Developments LATEP (SPV2) Ltd

 
As at the balance sheet date the following amounts were owed from the entity to its related parties;

- DMDMG Midlands Garage: £ NIL (2022: £7,000)
- Cawdor Cars: £ NIL (2022: £347,731)
- Eiddo Cawdor Properties: £ 76,000 (2022: £396,144)
- Enzo's Investments Ltd: £ NIL (2022: £NIL)
- Enzo's Developments LATEP (SPV2) Ltd: £ 50,608 (2022: £NIL)

As at the balance sheet date the entity was owed £NIL (2022: £9,837) from Datblygau Davies Developements