Company Registration No. 12501595 (England and Wales)
Faz Investments Ltd
Unaudited accounts
for the year ended 31 March 2024
Faz Investments Ltd
Unaudited accounts
Contents
Faz Investments Ltd
Company Information
for the year ended 31 March 2024
Directors
Faizal Aziz Ayub Osman
Ruksana Faizal OSMAN
Company Number
12501595 (England and Wales)
Faz Investments Ltd
Statement of financial position
as at 31 March 2024
Tangible assets
256,980
121,449
Cash at bank and in hand
54
196
Creditors: amounts falling due within one year
(84,819)
(2,977)
Net current liabilities
(84,260)
(2,276)
Total assets less current liabilities
172,720
119,173
Creditors: amounts falling due after more than one year
(160,000)
(110,000)
Provisions for liabilities
Other provisions
(1,113)
(570)
Called up share capital
200
200
Revaluation reserve
(500)
-
Profit and loss account
11,907
8,403
Shareholders' funds
11,607
8,603
For the year ending 31 March 2024 the company was entitled to exemption from audit 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by
Faizal Aziz Ayub Osman
Director
Company Registration No. 12501595
Faz Investments Ltd
Notes to the Accounts
for the year ended 31 March 2024
Faz Investments Ltd is a private company, limited by shares, registered in England and Wales, registration number 12501595.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 March 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2022.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Off Balance Sheet Disclosure
The company is engaged in Other letting and operating of own or leased real estate.
It currently owns 2 leasehold flats and has negotiated a deal to acquire a further 2 flats in the same block, the company will take
on the day today management of the negotiated flats and the properties will go on the balance sheet once the company is in the
position to purchase the properties.
All investment properties are carried at fair value determined annually and derived from the current market rents and investment
property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the
specific asset. No depreciation is provided for. Changes in fair value are recognized in the profit and loss account.
Related Party Transactions
During the previous years, the company received a loan from the directors and shareholders which was increased in 2023/2024
year, to a total of £84,819
IN THIS PERIOD £84,819 Was CONTRIBUTED BY THE DIRECTORS AND SHAREHOLDERS. THE LOAN IS REPAYABLE
ON DEMAND AND THE RATE OF INTEREST IS 0%. AT THE BALANCE SHEET DATE, THE LOAN WAS STILL
OUTSTANDING AND IS PRESENTED WITHIN CREDITORS: AMOUNTS FALLING WITHIN ONE YEAR.
The Company has carried out the following related party transactions on mutually agreed terms:
The company has borrowed £160,000 from other companies controlled by mutual shareholders and directors at commercial
interest rates.
This is shown in Creditors: amounts falling due more than 1 year
The accounts are presented in £ sterling.
Faz Investments Ltd
Notes to the Accounts
for the year ended 31 March 2024
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
120,000
252
284
2,103
122,639
Additions
136,191
-
-
-
136,191
At 31 March 2024
256,191
252
284
2,103
258,830
At 1 April 2023
-
32
18
1,140
1,190
Charge for the year
-
63
71
526
660
At 31 March 2024
-
95
89
1,666
1,850
At 31 March 2024
256,191
157
195
437
256,980
At 31 March 2023
120,000
220
266
963
121,449
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Other creditors
15,760
2,977
Loans from directors
69,059
-
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
160,000
110,000
8
Average number of employees
During the year the average number of employees was 2 (2023: 2).