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Registration number: 02886517

Fenzi Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Fenzi Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Fenzi Limited

Company Information

Directors

Mr J C Hajivassiliou

Mrs A Hajivassiliou

Company secretary

Mr C Vassiliou

Registered office

115 Brunswick Park Road
London
N11 1EA

Accountants

Keano Services Limited

 

Fenzi Limited

(Registration number: 02886517)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,001,882

3,002,214

Current assets

 

Cash at bank and in hand

 

2,345

4,970

Creditors: Amounts falling due within one year

5

(368,024)

(371,392)

Net current liabilities

 

(365,679)

(366,422)

Total assets less current liabilities

 

2,636,203

2,635,792

Creditors: Amounts falling due after more than one year

5

(9,889)

(12,472)

Provisions for liabilities

(514,636)

(514,636)

Net assets

 

2,111,678

2,108,684

Capital and reserves

 

Called up share capital

6

100

100

Revaluation reserve

2,153,094

2,153,094

Retained earnings

(41,516)

(44,510)

Shareholders' funds

 

2,111,678

2,108,684

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 June 2024 and signed on its behalf by:
 

 

Fenzi Limited

(Registration number: 02886517)
Balance Sheet as at 31 December 2023

.........................................
Mr J C Hajivassiliou
Director

.........................................
Mrs A Hajivassiliou
Director

 

Fenzi Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Engand.

The address of its registered office is:
115 Brunswick Park Road
London
N11 1EA

These financial statements were authorised for issue by the Board on 25 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

 

Fenzi Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Investment property

Investment property is carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Fenzi Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

3,000,000

18,057

3,018,057

At 31 December 2023

3,000,000

18,057

3,018,057

Depreciation

At 1 January 2023

-

15,843

15,843

Charge for the year

-

332

332

At 31 December 2023

-

16,175

16,175

Carrying amount

At 31 December 2023

3,000,000

1,882

3,001,882

At 31 December 2022

3,000,000

2,214

3,002,214

Included within the net book value of land and buildings above is £3,000,000 (2022 - £3,000,000) in respect of freehold land and buildings.
 

 

Fenzi Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

238,309

266,091

Taxation and social security

 

2,000

1,801

Accruals and deferred income

 

15,000

24,500

Other creditors

 

112,715

79,000

 

368,024

371,392

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

9,889

12,472

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

9,889

12,472

Current loans and borrowings

2023
£

2022
£

Bank borrowings

238,309

266,091