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Registered number: 12049576









ZIZ PROPERTIES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ZIZ PROPERTIES LIMITED
REGISTERED NUMBER: 12049576

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
6,416,422
6,416,422

  
6,416,422
6,416,422

Current assets
  

Debtors: amounts falling due within one year
 5 
12,352,007
11,101,813

Cash at bank and in hand
 6 
139,160
107,376

  
12,491,167
11,209,189

Creditors: amounts falling due within one year
 7 
(2,893,683)
(14,930,164)

Net current assets/(liabilities)
  
 
 
9,597,484
 
 
(3,720,975)

Total assets less current liabilities
  
16,013,906
2,695,447

Creditors: amounts falling due after more than one year
 8 
(16,000,000)
(2,604,620)

  

Net assets
  
13,906
90,827


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
13,806
90,727

  
13,906
90,827


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



K S Kassam
Director
Date: 19 August 2025

The notes on pages 3 to 8 form part of these financial statements. 
Page 1

 
ZIZ PROPERTIES LIMITED
REGISTERED NUMBER: 12049576
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024


Page 2

 
ZIZ PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

ZIZ Properties Limited is a private company limited by shares, incorporated and domiciled in the United Kingdom. The address of the registered office is Aston House, Cornwall Avenue, London, United Kingdom, N3 1LF. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Pounds Sterling, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Company will be able to continue trading for the foreseeable future. 
The Company has net liablities in the year of £39,506 (2023 Net Assets: £90,827) at the Balance Sheet date. The Company is reliant on support from the Group and the Group has stated that it intends, without creating a contractual obligation, to provide such support as may be necessary to the Company, and confirmed the Group's commitment to provide funds to meet ongoing expenses for at least 12 months from the date of approval of the financial statements. 
In respect of all matters addressed above, the Director is satisfied that the going concern basis is appropriate for the preparation of these financial statements.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3

 
ZIZ PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Page 4

 
ZIZ PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
6,416,422



At 31 December 2024
6,416,422




Page 5

 
ZIZ PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
12,112,007
11,076,213

Prepayments and accrued income
240,000
25,600

12,352,007
11,101,813



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
139,160
107,376

139,160
107,376



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
10,174,139

Trade creditors
436
-

Amounts owed to group undertakings
1,726,706
3,577,465

Other creditors
1,070,000
1,070,000

Accruals and deferred income
96,541
108,560

2,893,683
14,930,164


Page 6

 
ZIZ PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
16,000,000
2,604,620

16,000,000
2,604,620


The following liabilities were secured:

2024
2023
£
£



Bank loans
16,000,000
2,604,620

16,000,000
2,604,620

Details of security provided:

The Company, along with group companies, Horwood House Hotel Limited and Horwood House Properties Limited, are party to a loan agreement with the Group's bankers. Under this agreement, the bank loan above is secured by way of fixed and floating charges over the assets of the business and the Group companies, including the investment property owned by Horwood House Properties Limited, the wholly owned subsidiary.
The loan facility is repayable over a period of 5 years. Interest is payable at a margin of 3.75% above the three month sterling libor rate.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
10,174,139

Amounts falling due 1-2 years

Bank loans
-
211,294

Amounts falling due 2-5 years

Bank loans
16,000,000
2,393,326


16,000,000
12,778,759


Page 7

 
ZIZ PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.Director's personal guarantees

The Director has provided a guarantee limited to £1 million and the Company's fellow subsidiaries, Horwood House Hotel Limited and Horwood House Properties Limited, have provided guarantees of £10 million in respect of the Company's bank loan.


11.


Controlling party

The parent company at the Balance Sheet date is ZIZ Enterprises Limited. The smallest and largest group in which the results of the company are included are the consolidated financial statements of ZIZ Enterprises Limited, which can be obtained from Companies House.
The ultimate controlling party at 31 December 2024 is K S Kassam, the Director.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 19 August 2025 by Alexander Chrysaphiades FCA (Senior Statutory Auditor) on behalf of Adler Shine LLP.

 
Page 8