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Registration number: 06150335

Yazz Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Yazz Investments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Yazz Investments Limited

Company Information

Director

Mr A H Mitha

Company secretary

Mrs Y Mitha

Registered office

42-46 Station Road
Edgware
Middlesex
HA8 7AB

Accountants

Richlands Business Advisers Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Yazz Investments Limited

(Registration number: 06150335)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,900,000

1,900,000

Current assets

 

Debtors

5

59,260

25,000

Cash at bank and in hand

 

95,151

66,344

 

154,411

91,344

Creditors: Amounts falling due within one year

6

(463,992)

(441,047)

Net current liabilities

 

(309,581)

(349,703)

Total assets less current liabilities

 

1,590,419

1,550,297

Creditors: Amounts falling due after more than one year

6

(480,583)

(480,593)

Net assets

 

1,109,836

1,069,704

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,109,736

1,069,604

Shareholders' funds

 

1,109,836

1,069,704

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and delivered 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 director on 11 October 2024
 

.........................................
Mr A H Mitha
Director

 

Yazz Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
42-46 Station Road
Edgware
Middlesex
HA8 7AB
England

These financial statements were authorised for issue by the director on 11 October 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 provision of services in the ordinary course of the company’s activities.

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

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.

 

Yazz Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Yazz Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 April

1,900,000

The fair value of the investment properties at the date of the balance sheet was £1,900,000 (2022: £1,900,000). The fair value of the investment properties were assessed internally by the directors at the year-end.

Included in the above is an investment property - 120 Farmilo Road, Walthamstow, London, E17 8JW, owned by the director held in trust for the company.

5

Debtors

2024
£

2023
£

Trade debtors

260

-

Other debtors

59,000

25,000

Total current trade and other debtors

59,260

25,000

 

Yazz Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

7

11,596

11,597

Trade creditors

 

6,000

6,000

Other creditors

 

417,010

396,610

Accrued expenses

 

13,740

16,120

Corporation tax payable

 

10,809

10,135

Directors current account

 

4,837

585

 

463,992

441,047

Due after one year

 

Loans and borrowings

7

298,219

298,229

Other non-current financial liabilities

 

182,364

182,364

 

480,583

480,593

Creditors: amounts falling due after more than one year

7

Loans and borrowings

Creditors includes the following liabilities, on which security has been given by the company:
 

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

298,219

298,229

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,096

9,097

Other borrowings

2,500

2,500

11,596

11,597

The bank loan of £283,020 are secured by a fixed and floating charge over the assets and related undertakings of the company.

 

Yazz Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100