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COMPANY REGISTRATION NUMBER: 12411006
CYZ Holdings Ltd
Filleted Unaudited Financial Statements
31 January 2024
CYZ Holdings Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
4,132,743
4,130,996
Investments
6
1
1
------------
------------
4,132,744
4,130,997
Current assets
Cash at bank and in hand
26,021
25,582
Creditors: amounts falling due within one year
7
1,413,017
1,494,847
------------
------------
Net current liabilities
1,386,996
1,469,265
------------
------------
Total assets less current liabilities
2,745,748
2,661,732
Creditors: amounts falling due after more than one year
8
475,215
505,213
Provisions
117,165
117,165
------------
------------
Net assets
2,153,368
2,039,354
------------
------------
Capital and reserves
Called up share capital
9
1,416,959
1,416,959
Profit and loss account
736,409
622,395
------------
------------
Shareholder funds
2,153,368
2,039,354
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CYZ Holdings Ltd
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 9 April 2024 , and are signed on behalf of the board by:
Mr T R Burfitt
Director
Company registration number: 12411006
CYZ Holdings Ltd
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kempley House, 31 Little Poulton Lane, Poulton-Le-Fylde, FY6 7ET.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents rents receivable during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).
5. Tangible assets
Equipment
Property
Total
£
£
£
Cost
At 1 February 2023
1,938
4,130,000
4,131,938
Additions
2,393
2,393
-------
------------
------------
At 31 January 2024
1,938
4,132,393
4,134,331
-------
------------
------------
Depreciation
At 1 February 2023
942
942
Charge for the year
646
646
-------
------------
------------
At 31 January 2024
1,588
1,588
-------
------------
------------
Carrying amount
At 31 January 2024
350
4,132,393
4,132,743
-------
------------
------------
At 31 January 2023
996
4,130,000
4,130,996
-------
------------
------------
The director as at 31 January 2024 has valued the properties at fair value.
6. Investments
Shares in group undertakings
£
Cost
At 1 February 2023 and 31 January 2024
1
----
Impairment
At 1 February 2023 and 31 January 2024
----
Carrying amount
At 31 January 2024
1
----
At 31 January 2023
1
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
36,000
39,383
Corporation tax
34,567
15,858
Social security and other taxes
1,163
1,357
Other creditors
1,341,287
1,438,249
------------
------------
1,413,017
1,494,847
------------
------------
The bank loans are secured by fixed and floating charges over the company's assets.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
475,215
505,213
---------
---------
The bank loans are secured by fixed and floating charges over the company's assets.
Included within creditors: amounts falling due after more than one year is an amount of £335,000 (2023: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,416,959
1,416,959
1,416,959
1,416,959
------------
------------
------------
------------