Registration number:
Lizan Investments Limited
for the Year Ended 31 December 2023
Lizan Investments Limited
(Registration number: 02603763)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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.
Director's responsibilities:
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The director acknowledges 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 and the option not to file the Director's Report and the Profit and Loss Account has been taken.
These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the
.........................................
Director
Lizan Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Accounting policies |
Statutory information
Lizan Investments Limited is a private company, limited by shares, domiciled in England and Wales, company number 02603763. The registered office is at The Grange, Todwick Grange, Worksop Road, Sheffield, S26 1JQ.
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
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.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 |
25% straight line |
Motor vehicles |
25% straight line |
Lizan Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
1 |
Accounting policies (continued) |
Investment property
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Lizan Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Loss before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Profit on disposal of tangible fixed assets |
- |
(11,902) |
Profit on disposal of investment properties |
- |
(68,050) |
Tangible assets |
Investment properties |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Revaluations |
( |
- |
( |
Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
- |
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Charge for the year |
- |
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At 31 December 2023 |
- |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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- |
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Investment properties |
The investment properties class of fixed assets were revalued by the directors on 31 December 2023. The basis of this valuation was existing use basis. This class of assets has a current value of £1,827,987 (2022: £1,438,456) and a carrying amount at historical cost of £2,185,259 (2022: £1,765,728). The depreciation on this historical cost is £Nil (2022: £Nil).
Lizan Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Debtors |
2023 |
2022 |
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Prepayments |
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Other debtors |
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Creditors |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Director's current account |
650,000 |
668,727 |
Other creditors |
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Related party transactions |
Transactions with directors
The director's current account of £650,000 (2022: £668,727) is interest free. The other creditors of £295,000 (2022: £326,280) are loans from Mr and Mrs Dashper and are also interest free.