Company registration number 08031406 (England and Wales)
ABOUZAKI PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ABOUZAKI PROPERTIES LIMITED
COMPANY INFORMATION
Director
Mr M Abouzaki
Company number
08031406
Registered office
5 Mcnicol Drive
London
England
NW10 7AJ
Auditor
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
ABOUZAKI PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
ABOUZAKI PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 MARCH 2024
30 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
4,638,364
4,899,534
Current assets
Debtors
6
50,742,599
47,963,359
Cash at bank and in hand
1,368,643
1,132,795
52,111,242
49,096,154
Creditors: amounts falling due within one year
7
(43,926,965)
(23,056,227)
Net current assets
8,184,277
26,039,927
Total assets less current liabilities
12,822,641
30,939,461
Creditors: amounts falling due after more than one year
8
(22,844,700)
(39,000,000)
Provisions for liabilities
(4,391)
(4,391)
Net liabilities
(10,026,450)
(8,064,930)
Capital and reserves
Called up share capital
9
14,000
14,000
Profit and loss reserves
(10,040,450)
(8,078,930)
Total equity
(10,026,450)
(8,064,930)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 20 December 2024
Mr M Abouzaki
Director
Company Registration No. 08031406
ABOUZAKI PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 31 March 2022
14,000
(6,331,714)
(6,317,714)
Year ended 30 March 2023:
Loss and total comprehensive income
-
(1,747,216)
(1,747,216)
Balance at 30 March 2023
14,000
(8,078,930)
(8,064,930)
Year ended 30 March 2024:
Loss and total comprehensive income
-
(1,961,520)
(1,961,520)
Balance at 30 March 2024
14,000
(10,040,450)
(10,026,450)
ABOUZAKI PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
- 3 -
1
Accounting policies
Company information

Abouzaki Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Mcnicol Drive, London, England, NW10 7AJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company is reliant on the continued financial support truefrom its ultimate parent  undertaking, Maroush Group Holdings Limited and its other subsidiaries, in order to meet its obligations as they fall due. The company has a net liability position amounting to £10,026,450 (2023: £8,064,930) as at 30 March 2024. At the time of approving the financial statements, the directors have a reasonable expectation that the company, with the support of Mr. Abouzaki, has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The financial statements do not include any adjustments that would result if the above support is withdrawn.

1.3
Turnover

Turnover represents management charges receivable, net of VAT.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

ABOUZAKI PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

ABOUZAKI PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was Nil.

4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
431,820
431,820
Other investments other than loans
4,206,544
4,467,714
4,638,364
4,899,534
ABOUZAKI PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 31 March 2023
431,820
4,467,714
4,899,534
Valuation changes
-
(261,170)
(261,170)
At 30 March 2024
431,820
4,206,544
4,638,364
Carrying amount
At 30 March 2024
431,820
4,206,544
4,638,364
At 30 March 2023
431,820
4,467,714
4,899,534
5
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
4,206,544
4,467,714
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
44,557,494
41,727,845
Other debtors
6,185,105
6,235,514
50,742,599
47,963,359

 

7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
130,060
59,098
Amounts owed to group undertakings
22,494,142
1,654,077
Taxation and social security
7,037
-
0
Other creditors
21,001,849
21,051,175
Accruals and deferred income
293,877
291,877
43,926,965
23,056,227
ABOUZAKI PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
22,844,700
39,000,000

£22.8m of bank loan is secured by a fixed charge over the properties owned by the company’s subsidiaries. The bank loan is subject to commercial rates of interest with quarterly capital repayments.

 

 

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Class A Share of £1 each of £1 each
10,000
10,000
10,000
10,000
Ordinary Class B share of £1 each of £1 each
3,000
3,000
3,000
3,000
Ordinary Class C share of £1 each of £1 each
1,000
1,000
1,000
1,000
14,000
14,000
14,000
14,000
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

ABOUZAKI PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
10
Audit report information
(Continued)
- 8 -

Emphasis of Matter - Material uncertainty related to going concern

In forming our opinion of the financial statements, which is not qualified, we have considered the adequacy of the disclosure made in note 1.2 of the financial statements concerning the company's ability to continue as a going concern. The company incurred a net loss of £1,961,520 (2023: £1,747,216) during the year ended 30 March 2024 and, at that date, the company had net liabilities of £10,026,450 (2023: £8,064,930). These conditions along with the other matters explained in note 1.2 of the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

The senior statutory auditor was Harsheel Dodhia.
The auditor was KLSA LLP.
11
Related party transactions

The company has taken advantage of the exemption available in FRS 102 , whereby it has not disclosed transactions with its parent company and any other wholly owned subsidiaries.

 

Included in other debtors, is an amount due from a group of connected companies by virtue of common directors amounting to £1,636,787 (2023: £1,636,787).

 

The company charged a management fee of £289,000 (2023: £400,000) and interest of £Nil (2023: £Nil) to a connected company.

 

At the balance sheet date, the amount due to the director was £21,000,000 (2023: £21,000,000).This balance is interest free, unsecured and repayable on demand.

 

12
Parent company

Maroush Group Holdings Limited owns 100% share capital of the company and is the ultimate parent company. The company is incorporated in England and Wales.

 

 

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