Company registration number 13540592 (England and Wales)
INZUZ0 ENGAGE LTD (FORMERLY KEVLAN ENTERPRISES LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INZUZ0 ENGAGE LTD (FORMERLY KEVLAN ENTERPRISES LTD)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
INZUZ0 ENGAGE LTD (FORMERLY KEVLAN ENTERPRISES LTD)
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
542
756
Current assets
Debtors
4
10,417
39,853
Cash at bank and in hand
6,899
17,316
39,853
Creditors: amounts falling due within one year
5
(869,907)
(308,091)
Net current liabilities
(852,591)
(268,238)
Net liabilities
(852,049)
(267,482)
Capital and reserves
Called up share capital
6
4
4
Profit and loss reserves
(852,053)
(267,486)
Total equity
(852,049)
(267,482)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 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.
The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
J Lange
Director
Company registration number 13540592 (England and Wales)
INZUZ0 ENGAGE LTD (FORMERLY KEVLAN ENTERPRISES LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Inzuz0 Engage Ltd (Formerly Kevlan Enterprises Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is 119-121 The Headrow, 2nd Floor, St Andrew House, Leeds, West Yorkshire, LS1 5JW.
1.1
Reporting period
The financial statements for the previous year were from incorporation on 30 July 2021 to 31 December 2022, to allign with the group companies. The current period is for the year ended 31 December 2023. Therefore, the current year accounts are not comparable with prior year figures.
1.2
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. The principal accounting policies adopted are set out below.
1.3
Going concern
The directors have considered that it is appropriate to prepare the accounts on a going concern basis, noting that £862,913 (2022: £true303,271) of current liabilities disclosed in the accounts are due to other entities under common control and directorship.
The directors have confirmed there is no intention to request repayment of these balances in the foreseeable future.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
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:
Computers
25 % straight line
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.
INZUZ0 ENGAGE LTD (FORMERLY KEVLAN ENTERPRISES LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.8
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.
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.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
INZUZ0 ENGAGE LTD (FORMERLY KEVLAN ENTERPRISES LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
The directors did not receive any remuneration from the company.
3
Tangible fixed assets
Computers
£
Cost
At 1 January 2023 and 31 December 2023
856
Depreciation
At 1 January 2023
100
Depreciation charged in the year
214
At 31 December 2023
314
Carrying amount
At 31 December 2023
542
At 31 December 2022
756
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,831
Gross amounts owed by contract customers
10,417
33,337
Other debtors
3,685
10,417
39,853
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
496
2,235
Amounts owed to group undertakings
862,913
303,271
Other creditors
3,798
Accruals
2,700
2,585
869,907
308,091
INZUZ0 ENGAGE LTD (FORMERLY KEVLAN ENTERPRISES LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
4
4
4
4