Registered number
08793652
Tzortzis Limited
Filleted Accounts
30 November 2023
Tzortzis Limited
Registered number: 08793652
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 10,090,660 9,192,995
Current assets
Debtors 4 1,908,272 250,000
Short-term Investment 377,518 495,795
Cash at bank and in hand 91,848 127,600
2,377,638 873,395
Creditors: amounts falling due within one year 5 (5,859,966) (3,617,538)
Net current liabilities (3,482,328) (2,744,143)
Net assets 6,608,332 6,448,852
Capital and reserves
Called up share capital 4,000,100 4,000,100
Profit and loss account 2,608,232 2,448,752
Shareholders' funds 6,608,332 6,448,852
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The income and expenditure account has not been delivered to the Registrar of Companies.
Dieno George
Director
Approved by the board on 22 August 2024
Tzortzis Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Taxation
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Investments
Unlisted Listed
investments investments
£ £
Net book value
At 1 December 2022 - 9,192,995
Additions 1,000,005 2,107,508
Revaluation - 303,086
Disposals - (2,512,934)
At 30 November 2023 1,000,005 9,090,655
Historical cost
At 1 December 2022 8,563,275
At 30 November 2023 1,000,005 8,233,940
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.
4 Debtors 2023 2022
£ £
Other debtors 1,908,272 250,000
1,908,272 250,000
Amounts due after more than one year included above - -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Fixed term loan 2,656,779 254,056
Directors' current accounts 2,922,847 3,274,842
Taxation and social security costs 28,229 3,487
Other creditors 252,111 85,153
5,859,966 3,617,538
Directors' current accounts are unsecured, subject to 6 monthly interest at 0.5% over base and repayable on demand.
6 Related party transactions
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.
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.
7 Controlling party
The company is controlled by Mr and Mrs George.
8 Other information
Tzortzis Limited is a private company limited by shares and incorporated in England. Its registered office is:
Kemple Barn
Whalley Road
Pendleton
Clitheroe
BB7 1PP
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