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REGISTERED NUMBER: 08141005 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

IZN LTD

IZN LTD (REGISTERED NUMBER: 08141005)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IZN LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: I Z Nagy
N Toro





REGISTERED OFFICE: Rae House
Dane Street
Bishops Stortford
Herts
CM23 3BT





REGISTERED NUMBER: 08141005 (England and Wales)





ACCOUNTANTS: Barrow LLP
Rae House
Dane Street
Bishops Stortford
Herts
CM23 3BT

IZN LTD (REGISTERED NUMBER: 08141005)

BALANCE SHEET
31 JULY 2023

31.7.23 31.7.22
Notes £    £   
FIXED ASSETS
Tangible assets 5 118,311 140,662

CURRENT ASSETS
Stocks 236,000 340,000
Debtors 6 143,964 53,092
Cash at bank 2,243 1,912
382,207 395,004
CREDITORS
Amounts falling due within one year 7 (440,738 ) (446,133 )
NET CURRENT LIABILITIES (58,531 ) (51,129 )
TOTAL ASSETS LESS CURRENT LIABILITIES 59,780 89,533

CREDITORS
Amounts falling due after more than one year 8 (29,900 ) (60,534 )

PROVISIONS FOR LIABILITIES (29,578 ) (26,843 )
NET ASSETS 302 2,156

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 202 2,056
SHAREHOLDERS' FUNDS 302 2,156

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IZN LTD (REGISTERED NUMBER: 08141005)

BALANCE SHEET - continued
31 JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





I Z Nagy - Director


IZN LTD (REGISTERED NUMBER: 08141005)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

IZN Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.


IZN LTD (REGISTERED NUMBER: 08141005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

IZN LTD (REGISTERED NUMBER: 08141005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 August 2022 22,273 4,103 133
Additions - - 7,312
Disposals - - -
At 31 July 2023 22,273 4,103 7,445
DEPRECIATION
At 1 August 2022 4,155 2,550 133
Charge for year 2,228 690 2,043
Eliminated on disposal - - -
At 31 July 2023 6,383 3,240 2,176
NET BOOK VALUE
At 31 July 2023 15,890 863 5,269
At 31 July 2022 18,118 1,553 -

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2022 237,507 1,882 265,898
Additions - 624 7,936
Disposals - (1,649 ) (1,649 )
At 31 July 2023 237,507 857 272,185
DEPRECIATION
At 1 August 2022 117,919 479 125,236
Charge for year 23,918 225 29,104
Eliminated on disposal - (466 ) (466 )
At 31 July 2023 141,837 238 153,874
NET BOOK VALUE
At 31 July 2023 95,670 619 118,311
At 31 July 2022 119,588 1,403 140,662

IZN LTD (REGISTERED NUMBER: 08141005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 August 2022 219,712
Transfer to ownership (93,630 )
At 31 July 2023 126,082
DEPRECIATION
At 1 August 2022 117,919
Charge for year 15,651
Transfer to ownership (70,088 )
At 31 July 2023 63,482
NET BOOK VALUE
At 31 July 2023 62,600
At 31 July 2022 101,793

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors - 4,311
Other debtors 143,964 48,781
143,964 53,092

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 213,581 124,147
Hire purchase contracts 20,847 40,921
Trade creditors 26,596 16,996
Taxation and social security 49,458 112,924
Other creditors 130,256 151,145
440,738 446,133

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans 18,451 28,238
Hire purchase contracts 11,449 32,296
29,900 60,534

IZN LTD (REGISTERED NUMBER: 08141005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Bank overdrafts 46,438 57,528

There is a charge in place entitling HSBC Bank plc to a fixed and floating charge over all assets. Their debenture is held as security for all money due or to become due whether now or in the future from the Company to HSBC Bank plc.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
100 Ordinary £1 100 100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022:

31.7.23 31.7.22
£    £   
I Z Nagy
Balance outstanding at start of year 11,362 114,682
Amounts advanced 68,422 11,362
Amounts repaid - (114,682 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 79,784 11,362

N Toro
Balance outstanding at start of year - -
Amounts advanced 18,898 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 18,898 -

Loans to directors are repayable on demand. Interest is charged on the overdrawn balance at the HMRC approved interest rate. Director loans are repaid in full within 9 months of the year end.