Acorah Software Products - Accounts Production 15.0.600 false true true 31 July 2022 1 August 2021 false 1 August 2022 31 July 2023 31 July 2023 12106350 Mr Magnus Rutqvist Mr Magnus Rutqvist true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12106350 2022-07-31 12106350 2023-07-31 12106350 2022-08-01 2023-07-31 12106350 frs-core:CurrentFinancialInstruments 2023-07-31 12106350 frs-core:Non-currentFinancialInstruments 2023-07-31 12106350 frs-core:ComputerEquipment 2023-07-31 12106350 frs-core:ComputerEquipment 2022-08-01 2023-07-31 12106350 frs-core:ComputerEquipment 2022-07-31 12106350 frs-core:InvestmentPropertyIncludedWithinPPE 2023-07-31 12106350 frs-core:InvestmentPropertyIncludedWithinPPE 2022-07-31 12106350 frs-core:ShareCapital 2023-07-31 12106350 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31 12106350 frs-bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 12106350 frs-bus:FilletedAccounts 2022-08-01 2023-07-31 12106350 frs-bus:SmallEntities 2022-08-01 2023-07-31 12106350 frs-bus:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 12106350 frs-bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 12106350 1 2022-08-01 2023-07-31 12106350 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-08-01 2023-07-31 12106350 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-07-31 12106350 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-07-31 12106350 frs-bus:Director1 2022-08-01 2023-07-31 12106350 frs-countries:EnglandWales 2022-08-01 2023-07-31 12106350 2021-07-31 12106350 2022-07-31 12106350 2021-08-01 2022-07-31 12106350 frs-core:CurrentFinancialInstruments 2022-07-31 12106350 frs-core:Non-currentFinancialInstruments 2022-07-31 12106350 frs-core:ShareCapital 2022-07-31 12106350 frs-core:RetainedEarningsAccumulatedLosses 2022-07-31 12106350 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-07-31
Registered number: 12106350
Nzino Properties Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Optimise Accountants Ltd
Office 15 Bramley House 2a
Bramley Road
Long Eaton
Nottinghamshire
NG10 3SX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12106350
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 130,658 120,823
130,658 120,823
CURRENT ASSETS
Debtors 5 150 -
Cash at bank and in hand 41,118 75,728
41,268 75,728
Creditors: Amounts Falling Due Within One Year 6 (86,849 ) (102,806 )
NET CURRENT ASSETS (LIABILITIES) (45,581 ) (27,078 )
TOTAL ASSETS LESS CURRENT LIABILITIES 85,077 93,745
Creditors: Amounts Falling Due After More Than One Year 7 (84,145 ) (84,145 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,693 ) (5,793 )
NET (LIABILITIES)/ASSETS (6,761 ) 3,807
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair Value Reserve 10 48,996 24,696
Profit and Loss Account (55,857 ) (20,989 )
SHAREHOLDERS' FUNDS (6,761) 3,807
Page 1
Page 2
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Magnus Rutqvist
Director
03/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Nzino Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12106350 . The registered office is Office 15 Bramley House 2a, Bramley Road, Long Eaton, Nottinghamshire, NG10 3SX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 20% on RBB
2.5. Investment Properties
All Investment properties are measured at fair value determined annually and adjusted if necessary for any difference in the nature, location or condition of the specific asset. The fair value of property was obtained from an online property resource company and has not been based on a valuation by an independent valuer with a professional qualification.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Investment Properties Computer Equipment Total
£ £ £
Cost or Valuation
As at 1 August 2022 120,000 925 120,925
Revaluation 10,000 - 10,000
As at 31 July 2023 130,000 925 130,925
Depreciation
As at 1 August 2022 - 102 102
Provided during the period - 165 165
As at 31 July 2023 - 267 267
Net Book Value
As at 31 July 2023 130,000 658 130,658
As at 1 August 2022 120,000 823 120,823
5. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 150 -
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors - 8,079
Accruals and deferred income 250 1,300
Director's loan account 86,599 93,427
86,849 102,806
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 84,145 84,145
Page 4
Page 5
8. Secured Creditors
Of the creditors the following amounts are secured. The below bank loans are secured on the investment properties. They are interest only with a term of 10 years.
2023 2022
£ £
Bank loans and overdrafts 84,145 84,145
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Fair Value Reserve
£
As at 1 August 2022 24,696
Transfer to profit and loss 24,300
As at 31 July 2023 48,996
11. Ultimate Controlling Party
The company's ultimate controlling party is Mr Magnus Rutqvist by virtue of his ownership of 100% of the issued share capital in the company.
Page 5