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REGISTERED NUMBER: 07255159 (England and Wales)



















AZACRAFT LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






AZACRAFT LIMITED (REGISTERED NUMBER: 07255159)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


AZACRAFT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: Mr S S Benedikt





SECRETARY: Mr S S Benedikt





REGISTERED OFFICE: 84 Castlewood Road
London
N16 6DH





REGISTERED NUMBER: 07255159 (England and Wales)





ACCOUNTANTS: Sugarwhite Meyer Accountants Ltd
First Floor
94 Stamford Hill
London
N16 6XS

AZACRAFT LIMITED (REGISTERED NUMBER: 07255159)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,406 2,831
Investments 6 124,355 77,135
Investment property 7 201,250 201,250
328,011 281,216

CURRENT ASSETS
Debtors 8 123,274 168,098
Cash at bank 5,291 54,526
128,565 222,624
CREDITORS
Amounts falling due within one year 9 173,124 169,061
NET CURRENT (LIABILITIES)/ASSETS (44,559 ) 53,563
TOTAL ASSETS LESS CURRENT
LIABILITIES

283,452

334,779

CREDITORS
Amounts falling due after more than one
year

10

(211,485

)

(228,803

)

PROVISIONS FOR LIABILITIES 12 - (538 )
NET ASSETS 71,967 105,438

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 71,966 105,437
SHAREHOLDERS' FUNDS 71,967 105,438

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

AZACRAFT LIMITED (REGISTERED NUMBER: 07255159)

BALANCE SHEET - continued
31 MAY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 March 2025 and were signed by:





Mr S S Benedikt - Director


AZACRAFT LIMITED (REGISTERED NUMBER: 07255159)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Azacraft Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified to include investment properties measured at fair value through profit or loss.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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. The estimates and underlying assumptions are reviewed on an ongoing basis.

Turnover
Turnover is recognised at the fair value of the consideration receivable in respect of services provided in the normal course of business. The turnover of the company is represented by rents and charges receivable in respect of the company's investment portfolio.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. It is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


AZACRAFT LIMITED (REGISTERED NUMBER: 07255159)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2023
and 31 May 2024 8,124
DEPRECIATION
At 1 June 2023 5,293
Charge for year 425
At 31 May 2024 5,718
NET BOOK VALUE
At 31 May 2024 2,406
At 31 May 2023 2,831

AZACRAFT LIMITED (REGISTERED NUMBER: 07255159)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. FIXED ASSET INVESTMENTS
Property
syndicates
£   
COST
At 1 June 2023 77,135
Additions 54,142
Disposals (6,922 )
At 31 May 2024 124,355
NET BOOK VALUE
At 31 May 2024 124,355
At 31 May 2023 77,135

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 201,250
NET BOOK VALUE
At 31 May 2024 201,250
At 31 May 2023 201,250

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the company's director who has the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.

The historical cost of investment properties at 31 May 2024 is £201,250.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,600 6,600
Other debtors 116,674 161,498
123,274 168,098

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 16,609 15,900
Trade creditors 6,600 6,600
Taxation and social security 3,425 22,363
Other creditors 146,490 124,198
173,124 169,061

AZACRAFT LIMITED (REGISTERED NUMBER: 07255159)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 211,485 228,803

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by
instalments

163,200

172,800

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 228,094 244,703

The bank loan is secured by a legal charge over the company's investment properties.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax - 538

Deferred
tax
£   
Balance at 1 June 2023 538
Credit to Profit and Loss Account during year (538 )
Balance at 31 May 2024 -

The provision for deferred tax is in respect of accelerated capital allowances, reduced by the availability of tax losses carried forward.

13. RELATED PARTY DISCLOSURES

Other debtors include amounts aggregating £74,634 (2023: £127,181) due from related companies under common control.