Tzortzis Limited |
Notes to the Accounts |
for the year ended 30 November 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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As the company is an investment holding company, turnover represents fair value of investment income received and receivable, and gains/losses on disposal of investments. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Investments |
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Unlisted |
Listed |
investments |
investments |
£ |
£ |
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Net book value |
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At 1 December 2022 |
- |
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9,192,995 |
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Additions |
1,000,005 |
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2,107,508 |
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Revaluation |
- |
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303,086 |
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Disposals |
- |
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(2,512,934) |
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At 30 November 2023 |
1,000,005 |
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9,090,655 |
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Historical cost |
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At 1 December 2022 |
8,563,275 |
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At 30 November 2023 |
1,000,005 |
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8,233,940 |
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Fixed asset investments in listed shares were valued on an open market basis on 30 November 2023 by Julius Bär. Unlisted investments are carried at cost with no impairment. |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Other debtors |
1,908,272 |
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250,000 |
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1,908,272 |
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250,000 |
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Amounts due after more than one year included above |
- |
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- |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Fixed term loan |
2,656,779 |
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254,056 |
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Directors' current accounts |
2,922,847 |
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3,274,842 |
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Taxation and social security costs |
28,229 |
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3,487 |
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Other creditors |
252,111 |
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85,153 |
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5,859,966 |
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3,617,538 |
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Directors' current accounts are unsecured, subject to 6 monthly interest at 0.5% over base and repayable on demand. |
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6 |
Related party transactions |
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Wilson George Group Limited is a company with a director, Mr D George, in common with Tzortzis Limited. A loan has been advanced to Wilson George Group Limited of £1m with interest payable at Julius Baer's 2-month Fixed Term GBP Refinancing Rate plus 3%. At 30 November 2023 the balance outstanding was £1,000,000 (2022-£nil). A charge registered with Companies House was satisfied on 2 January 2024. |
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Tzortzis owns 50% (1,000,000) of the redeemable preference shares of Wilson George Group Limited, and 100% (500) B Ordinary non-voting 1P shares, with Mr D George owning 50% (16,500) Ordinary 1P shares. |
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7 |
Controlling party |
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The company is controlled by Mr and Mrs George. |
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8 |
Other information |
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Tzortzis Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Kemple Barn |
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Whalley Road |
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Pendleton |
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Clitheroe |
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BB7 1PP |