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Registered Number: 07751761
England and Wales

 

 

 

IZI ENTERPRISES LIMITED



Unaudited Financial Statements
 


Period of accounts

Start date: 01 September 2023

End date: 31 August 2024
Directors Mr Ioannis Ioannou
Mr Zach Ioannou
Registered Number 07751761
Registered Office First Floor, Hagley Court
40 Vicarage Road, Edgbaston
Birmingham
United Kingdom
B15 3EZ
Accountants Marneros Marcus & Co Limited


1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 66,003    163,066 
66,003    163,066 
Current assets      
Stocks 4 2,000    2,065 
Debtors 5 1,636    4,365 
Cash at bank and in hand 29,485    36,473 
33,121    42,903 
Creditors: amount falling due within one year 6 (89,782)   (101,863)
Net current assets (56,661)   (58,960)
 
Total assets less current liabilities 9,342    104,106 
Creditors: amount falling due after more than one year 7   (55,309)
Net assets 9,342    48,797 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 9,242    48,697 
Shareholders' funds 9,342    48,797 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 16 May 2024 and were signed on its behalf by:


-------------------------------
Mr Zach Ioannou
Director
2
General Information
IZI ENTERPRISES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07751761, registration address First Floor, Hagley Court, 40 Vicarage Road, Edgbaston, Birmingham, United Kingdom, B15 3EZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The financial statements have been prepared on the basis that the company is a going concern and that the directors will continue to support the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Website cost
Planning and operating costs for the company's website are charged to the profit and loss account as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 10% Reducing Balance
Fixtures and Fittings 10% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 15 (2023 : 15).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £   £
At 01 September 2023 4,579    148,873    100,908    20,106    274,466 
Additions       1,670    1,670 
Disposals     (100,908)     (100,908)
At 31 August 2024 4,579    148,873      21,776    175,228 
Depreciation
At 01 September 2023   93,584    9,000    8,816    111,400 
Charge for year   5,529      1,296    6,825 
On disposals     (9,000)     (9,000)
At 31 August 2024   99,113      10,112    109,225 
Net book values
Closing balance as at 31 August 2024 4,579    49,760      11,664    66,003 
Opening balance as at 01 September 2023 4,579    55,289    91,908    11,290    163,066 


4.

Stocks

2024
£
  2023
£
Finished Goods 2,000    2,065 
2,000    2,065 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income 1,636    1,705 
Other Debtors   2,660 
1,636    4,365 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 1,800    3,297 
Corporation Tax 21,934    17,453 
PAYE & Social Security 247    483 
Accrued Expenses 640    740 
Other Creditors 21,096    23,950 
Directors' Current Accounts 44,065    55,940 
89,782    101,863 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Obligations Under HP/Financial Leases   55,309 
  55,309 

3