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Filleted

Registration number: 08861046

Enzo's Lettings Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Enzo's Lettings Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Enzo's Lettings Ltd

Company Information

Director

Mr Fiorenzo Sauro

Registered office

Unit 6, Block A, Llys y Barcud
Clos Gelliwerdd
Cross Hands
Llanelli
SA14 6RX

 

Enzo's Lettings Ltd

(Registration number: 08861046)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

104,240

105,300

Investment property

6

880,000

880,000

Investments

7

10

10

 

984,250

985,310

Current assets

 

Debtors

8

305,899

297,639

Cash at bank and in hand

 

2,579

5,025

 

308,478

302,664

Creditors: Amounts falling due within one year

9

(110,836)

(29,184)

Net current assets

 

197,642

273,480

Total assets less current liabilities

 

1,181,892

1,258,790

Creditors: Amounts falling due after more than one year

9

(139,315)

(221,009)

Provisions for liabilities

(805)

(1,007)

Net assets

 

1,041,772

1,036,774

Capital and reserves

 

Called up share capital

11

11

Profit and loss account

1,041,761

1,036,763

Total equity

 

1,041,772

1,036,774

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 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 Profit and Loss Account has been taken.

 

Enzo's Lettings Ltd

(Registration number: 08861046)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 19 November 2024
 

.........................................
Mr Fiorenzo Sauro
Director

   
     
 

Enzo's Lettings Ltd

Notes to the 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:
Unit 6, Block A, Llys y Barcud
Clos Gelliwerdd
Cross Hands
Llanelli
SA14 6RX

These financial statements were authorised for issue by the director on 19 November 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

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.

 

Enzo's Lettings Ltd

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

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

20% Reducing balance

Fixtures and Fittings

20% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Enzo's Lettings Ltd

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Enzo's Lettings Ltd

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

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,060

1,195

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

100,000

5,215

8,979

114,194

At 31 March 2024

100,000

5,215

8,979

114,194

Depreciation

At 1 April 2023

-

2,517

6,377

8,894

Charge for the year

-

1,060

-

1,060

At 31 March 2024

-

3,577

6,377

9,954

Carrying amount

At 31 March 2024

100,000

1,638

2,602

104,240

At 31 March 2023

100,000

2,698

2,602

105,300

Included within the net book value of land and buildings above is £100,000 (2023 - £100,000) in respect of freehold land and buildings.
 

6

Investment properties

2024
£

At 1 April

880,000

There has been no valuation of investment property by an independent valuer.

 

Enzo's Lettings Ltd

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

7

Investments

2024
£

2023
£

Investments in subsidiaries

10

10

Subsidiaries

£

Cost or valuation

At 1 April 2023

10

Provision

Carrying amount

At 31 March 2024

10

At 31 March 2023

10

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

8,439

3,620

Amounts owed by related parties

12

297,233

293,767

Prepayments

 

227

252

 

305,899

297,639

 

Enzo's Lettings Ltd

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

11

55,847

-

Trade creditors

 

1,245

463

Amounts owed to related parties

12

41,829

2,000

Taxation and social security

 

2,959

3,763

Other creditors

 

8,956

22,958

 

110,836

29,184

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

139,315

221,009

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

Ordinary B shares of £1 each

1

1

1

1

 

11

11

11

11

 

Enzo's Lettings Ltd

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

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

139,315

221,009

2024
£

2023
£

Current loans and borrowings

Other borrowings

55,847

-

Bank borrowings

The company has allowed a fixed and floating charge over the Company’s assets, including freehold land with a carrying amount of £180,162 by National Westminister Bank Plc.

12

Related party transactions

Summary of transactions with subsidiaries

Enzo's Residential Lettings
 As at the balance sheet date Enzo's Residential Lettings owed the entity £297,233 (2023: £293,767)
 

Summary of transactions with other related parties

Enzo's Investments Limited and Enzo's Homes Limited are considered to be a related party by virtue of a common director.
 
As at the balance sheet date the company owed £13,000 to Enzo's Investments Ltd (2023: £2,000) and £28,829 to Enzo's Homes Ltd (2023: 0)