REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
FOR |
NIZA ENTERPRISES LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
FOR |
NIZA ENTERPRISES LTD |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 18 |
NIZA ENTERPRISES LTD |
COMPANY INFORMATION |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditors |
1st Floor |
44 - 50 The Broadway |
Southall |
Middlesex |
UB1 1QB |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
STRATEGIC REPORT |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
The director presents his strategic report for the period 1 July 2023 to 31 May 2024. |
The Strategic report contains forward-looking statements, which have been made in good faith by the Directors based on information available up to the point of approval of this report. Therefore, there are inherent uncertainties involved in making these statements, including both economic and business risk factors. |
REVIEW OF BUSINESS |
The results for the year and the financial position of the Company are shown in the annexed financial statements. |
Turnover of the business for the eleven months ended 31 May 2024 amounted to £17,758,110 |
(2023 (6 months): £10,174,179). |
The overall gross profit for the eleven month period was £4,639,644 (2023 (6 months): £2,802,194). |
Gross profit to turnover ratio (margin) was 26.12% (2023: 27.54%). The decrease in gross profit margin by 1.42% was due to price management. |
The net assets/(net liability) position at the year-end was £ 350,817 (2023 : £991,415). |
Despite growing competition in the retail trade, the Company has maintained its share of the local market mainly due to strong demand for the Co-op brand of products. |
During the year, management have undertaken the following initiatives to improve business performance and more effectively utilize its asset base and capital: |
- Establishing an effective operational management team by providing clear direction, reporting lines, responsibilities and accountability's. |
- The working shift pattern of all the retail staff has been charged to be consistent across all sites and so increase efficiency. |
- Clear targets for each business area identified and communicated and formal staff appraisal process identified, documented and put into place. This has resulted in significantly increased staff engagement leading to local and business wide efficiency, margin and cost improvement initiatives. |
Going concern |
The Directors are confident that the company has adequate resources to continue operational existence for the foreseeable future. In consideration of going concern, the Directors continually review the Company's future cashflow forecasts and profit projections, on both a base case and sensitized basis, considering the principal risks and uncertainties that may arise. These forecasts have been prepared based on market data, experience trading within the sector and anticipated future trading. There is nothing to indicate from these forecasts, that the Company would not be able to continue successfully as a Going Concern in the future. |
Post balance sheet events |
After the financial year-end, the company disposed of 10 loss-making retail stores in order to streamline its operations and increase profitability. The directors have assessed this event and confirm that: |
1. It does not materially affect the company's financial position as presented in these statements. |
2. It does not impair the entity's ability to continue as a going concern. |
The financial impact of this disposal will be reflected in the next year's financial statements. |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
STRATEGIC REPORT |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors have given sufficient consideration to emerging risks and to any changes in the internal or external environment that could impact the strategy and how the stores operate. The company accounts, strategies and cashflow statement have been reviewed and has been confirmed that the company has adequate resources in order to trade for a foreseeable future adopting the going-concern basis in the financial statements. |
The company also face a competitive environment among the other Coop stores that operate in the economic environment with similar business. The company has confronted an increase in the number of employees due to acquisitions, however, the company has taken all steps possible to ensure the safety of the employees. |
Among the challenges faced by the company in the macro-economic environment, we feel we are in good position to maximise the opportunity that will inevitably materialise through the growth of the economy. |
ON BEHALF OF THE BOARD: |
Director |
27 February 2025 |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
The director presents his report with the financial statements of the company for the period 1 July 2023 to 31 May 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of general grocery and off licence. |
DIVIDENDS |
No interim dividend was paid during the period. The director recommends a final dividend of |
The total distribution of dividends for the period ended 31 May 2024 will be £ |
DIRECTOR |
POLITICAL DONATIONS AND EXPENDITURE |
No political donations. |
DIRECTOR'S RESPONSIBILITIES STATEMENT |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
AUDITORS |
The auditors, Param & Company Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NIZA ENTERPRISES LTD |
Opinion |
We have audited the financial statements of Niza Enterprises Ltd (the 'company') for the period ended 31 May 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its loss for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NIZA ENTERPRISES LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Director's Responsibilities Statement set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
* the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations; |
* we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of care home sector. |
* we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
* we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
* identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NIZA ENTERPRISES LTD |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
* making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
* considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
* performed analytical procedures to identify any unusual or unexpected relationships; |
*tested journal entries to identify unusual transactions; |
*assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and |
*investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
*agreeing financial statement disclosures to underlying supporting documentation; |
*reading the minutes of meetings of those charged with governance; |
*enquiring of management as to actual and potential litigation and claims; and |
*reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NIZA ENTERPRISES LTD |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
Statutory Auditors |
1st Floor |
44 - 50 The Broadway |
Southall |
Middlesex |
UB1 1QB |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
INCOME STATEMENT |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
Period | Period |
1.7.23 | 1.1.23 |
to | to |
31.5.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(668,606 | ) | 92,260 |
Other operating income |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest payable and similar expenses | 5 |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 6 |
LOSS FOR THE FINANCIAL PERIOD | ( |
) | ( |
) |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
Period | Period |
1.7.23 | 1.1.23 |
to | to |
31.5.24 | 30.6.23 |
Notes | £ | £ |
LOSS FOR THE PERIOD | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
( |
) |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
BALANCE SHEET |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Fair value reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
BALANCE SHEET - continued |
31 MAY 2024 |
The financial statements were approved by the director and authorised for issue on |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 May 2024 |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
CASH FLOW STATEMENT |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
Period | Period |
1.7.23 | 1.1.23 |
to | to |
31.5.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of finance lease payments paid |
( |
) |
( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) |
Amounts Owed by/to Group and Associates | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
362,039 |
Cash and cash equivalents at end of period | 2 | 392,554 | 448,472 |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period | Period |
1.7.23 | 1.1.23 |
to | to |
31.5.24 | 30.6.23 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Depreciation charges |
Finance costs | 104,838 | 56,175 |
116,696 | 461,158 |
Decrease/(increase) in stocks | ( |
) |
Decrease in trade and other debtors |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 May 2024 |
31.5.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 392,554 | 448,472 |
Period ended 30 June 2023 |
30.6.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 448,472 | 362,039 |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.7.23 | Cash flow | At 31.5.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 448,472 | (55,918 | ) | 392,554 |
448,472 | ( |
) | 392,554 |
Debt |
Finance leases | (711,615 | ) | 309,447 | (402,168 | ) |
Debts falling due within 1 year | (93,935 | ) | (25,340 | ) | (119,275 | ) |
Debts falling due after 1 year | (1,097,586 | ) | 143,409 | (954,177 | ) |
(1,903,136 | ) | 427,516 | (1,475,620 | ) |
Total | (1,454,664 | ) | 371,598 | (1,083,066 | ) |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Niza Enterprises Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The Directors are confident that the company has adequate resources to continue operational existence for the foreseeable future. In consideration of going concern, the Directors continually review the Company's future cashflow forecasts and profit projections, on both a base case and sensitized basis, considering the principal risks and uncertainties that may arise. These forecasts have been prepared based on market data, experience trading within the sector and anticipated future trading. There is nothing to indicate from these forecasts, that the Company would not be able to continue successfully as a Going Concern in the future. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. actual results may differ from these estimates. |
The estimates are underlying assumptions are review on an ongoing bias. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The key sources of estimation uncertainty that have significant effect on the amounts recognised in the financial statements are described below. |
1. Estimate the useful lives of tangible and intangible assets for depreciation and amortisation purposes. |
2. Determine whether the leases entered into by the company are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease-by-lease basis. |
3. Determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Sales of goods |
Revenue is recognised when the significant risks and rewards of ownership of the goods have transferee to the buyer, it is probable that economic benefits will flow to the company, the associated costs can be measured reliably, there is no continuing managerial involvement with the goods, and the amount of revenue can be measured reliably. Due to the nature of the products sold, the company does not experience material levels of return. |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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 period 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
3. | EMPLOYEES AND DIRECTORS |
Period | Period |
1.7.23 | 1.1.23 |
to | to |
31.5.24 | 30.6.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period | Period |
1.7.23 | 1.1.23 |
to | to |
31.5.24 | 30.6.23 |
Directors | 1 | 1 |
Employees | 129 | 176 |
Period | Period |
1.7.23 | 1.1.23 |
to | to |
31.5.24 | 30.6.23 |
£ | £ |
Director's remuneration |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging: |
Period | Period |
1.7.23 | 1.1.23 |
to | to |
31.5.24 | 30.6.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Goodwill amortisation |
Auditors' remuneration |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period | Period |
1.7.23 | 1.1.23 |
to | to |
31.5.24 | 30.6.23 |
£ | £ |
Bank loan interest |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the period was as follows: |
Period | Period |
1.7.23 | 1.1.23 |
to | to |
31.5.24 | 30.6.23 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Taxation (Under or over) | - | 218,955 |
Total current tax |
Deferred tax |
Tax on (loss)/profit |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period | Period |
1.7.23 | 1.1.23 |
to | to |
31.5.24 | 30.6.23 |
£ | £ |
(Loss)/profit before tax | ( |
) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods |
Deferred Tax | 52,415 | 122,573 |
Loss carried forwaed | 19,974 | 24,151 |
Total tax charge | 52,415 | 242,106 |
7. | DIVIDENDS |
Period | Period |
1.7.23 | 1.1.23 |
to | to |
31.5.24 | 30.6.23 |
£ | £ |
Ordinary shares of 1 each |
Final |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 July 2023 |
Amortisation for period |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 30 June 2023 |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for period |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 30 June 2023 |
Included within the net book value of £ 719,455 (2023:£792,061) is relating to assets held under finance lease and hire purchase agreements.These are all within the fixtures and fittings category.The depreciation charged to the financial statements in the year in respect of such assets amounted to £ 72,606 (2023: £41,687) |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Other debtors |
Tax |
Prepayments and accrued income |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Finance leases (see note 15) |
Trade creditors |
Amounts owed to associates | 4,944,308 | 4,124,757 |
Social security and other taxes |
Pension Fund | 11,778 | 10,145 |
Other Deductions-Payroll | - | 13,864 |
VAT | 17,192 | 11,429 |
Net Wages | 3,259 | 3,314 |
Other Creditors | 3,852 | 30,305 |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 14) |
Finance leases (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
15. | LEASING AGREEMENTS |
Minimum lease payments under finance leases fall due as follows: |
Finance leases |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loan is for a term of 5 years from draw down and at an interest of 2.45% over Base Rate. |
The loan is secured by a debenture covering fixed and floating charge over all assets of the company. |
17. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 174,988 | 122,573 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Provided during period |
Balance at 31 May 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 2 | 2 |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
19. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 991,413 |
Deficit for the period | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
At 31 May 2024 | 350,815 |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
20. | RELATED PARTY DISCLOSURES |
The following companies are related parties by virtue of common director. |
Included within creditors falling due to the company within one year are amounts owed to the following companies in which Mr Ragunathan participating interest. |
2024 | 2023 |
£ | £ |
Niza Superstores (Eastbourne) Ltd |
A company in which Mr Ragunathan is Director and shareholders. |
Amount due to related party is interest free & unsecured Loans. |
Amount due to / (from) related party at the balance sheet date | 1,943,239 | 1,249,521 |
====== | ====== |
Niza Southwater Ltd |
A company in which Mr Ragunathan is Director and shareholders. |
Amount due to related party is interest free & unsecured Loans. |
Amount due to / (from) related party at the balance sheet date | 1,235,641 | 1,099,062 |
====== | ====== |
Threeways Petrol Station Ltd |
A company in which Mr Ragunathan is Director and shareholders. |
Amount due to related party is interest free & unsecured Loans. |
Amount due to / (from) related party at the balance sheet date | (196,634 | ) | (202,249 | ) |
====== | ====== |
Niza Forecourt Ltd |
A company in which Mr Ragunathan is Director and shareholders. |
Amount due to related party is interest free & unsecured Loans. |
Amount due to / (from) related party at the balance sheet date | 1,765,428 | 1,776,174 |
====== | ====== |
Niza Construction Ltd |
A company in which Mr Ragunathan is Director and shareholders. |
Amount due to related party is interest free & unsecured Loans. |
Amount due to / (from) related party at the balance sheet date | (7,882 | ) | (1,029,136 | ) |
====== | ====== |
Niza Retail Ltd |
A company in which Mr Ragunathan is Director and shareholders. |
Amount due from related party is interest free & unsecured Loans. |
Amount due to / (from) related party at the balance sheet date | (1,761,379 | ) | - |
====== | ====== |
NIZA ENTERPRISES LTD (REGISTERED NUMBER: 04914942) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2023 TO 31 MAY 2024 |
21. | CONTROLLING PARTY |
Mr V Ragunathan and Mrs S Ragunathan controls the entire issued share capital of the company. |