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Registered number: 11783643









ZIZ ENTERPRISES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ZIZ ENTERPRISES LIMITED
 
 
COMPANY INFORMATION


Director
K S Kassam 




Company secretary
H Kassam



Registered number
11783643



Registered office
Aston House
Cornwall Avenue

London

United Kingdom

N3 1LF




Independent auditor
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
ZIZ ENTERPRISES LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Director's Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 33


 
ZIZ ENTERPRISES LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The Director is pleased to present the Group’s Strategic Report for the period ended 31 December 2024. ZIZ
Enterprises Limited and its subsidiaries currently own and operate Horwood House Hotel. The hotel continued its successful repositioning into the third full year post refurbishment.

Business review
 
The business continued to grow from the benefit of increased occupancy and room rate as well higher value weddings and corporate events. The client base has continued to grow with new agents, corporates and leisure guests being reached with the continued local and national and digital marketing efforts.
Horwood House is now trading at its market stabilised position.
The trend of late bookings has continued for rooms and conferences but our stable teams in Weddings, Spa and Food & Beverage has meant that we have a great base of leisure and wedding guest. We continue to grow our team to support the sales office in conversion from conference enquiry. The extra focus and growth on the sales team has led to more advance bookings into 2025. Weddings enquiries and confirmations continue to grow and again we have invested into further team members and development. Our reputation continues to strengthen, and our reach continues to grow.  
During the year we also refinanced with a new lender and repaid the initial purchase and development loans as well as our £3m CBIL facility. 

Principal risks and uncertainties
 
There continue to be many continuing and new risks both in the 2024 year and beyond. The booking trends continue to be late on the whole. The increase in future bookings that we secured into the 2025 year were down to the team rather than a change in booking trends. The change in government in the summer has caused increasing uncertainty to trading businesses as increased staff and related costs impact profitability directly and generally business confidence.  Increases in Business rates or the discontinuation of discounted rates has also had impact in 2025.
Employee turnover
The Senior Management team is stable and continues to grow.  KPIs remain in place and are reviewed and targeted quarterly with realistic and achievable targets to ensure fairness and to focus the efforts of the whole team.  Junior level staffing and recruitment is still an issue due to location but our reputation as a committed employer with good prospects allows us to retain and recruit efficiently.  

Financial key performance indicators
 
2024 continues our own trend of achieving the highest revenue and EBITDA for the hotel since trading began. Actuals year to date and management information available at the time of approving these financial statements indicate a continued improvement in turnover and operating profit in the year to 31 December 2025 with record revenues and profits expected again.
Financial KPIs for the period are as follows:
- Turnover: £9,272,799 (2023 - £8,050,006)
- Operating profit: £1,937,080 (2023 - £1,584,260)

Page 1

 
ZIZ ENTERPRISES LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Other key performance indicators
 
Management monitor and review financial and non-financial KPIs such as: occupancy rates, average daily rates, revenue per room, average values of weddings and conferences which have continued to grow into 2024.  We have successfully retained most of the senior management team who continue to be inspired by the new calibre of clients and agents that have visited Horwood House and been impressed by the new product. The team has grown to support the increased business levels and to provide more control in back of house functions in line with the business growth. This ensures that we continue to drive the same standards and service levels throughout the operation.
The overall improvement of performance continues into 2025 and the hotel continues to overachieve revenue and profitability despite the changes to employers national insurance and increased national minimum wage.  The team is stable and settled due to the continued support of the management and Directors to focus on them and their development. Regular strategy reviews with the Directors and key Senior Management are highly effective as can be seen from the continued trading and performance levels. 


This report was approved by the board and signed on its behalf.



K S Kassam
Director

Date: 19 August 2025

Page 2

 
ZIZ ENTERPRISES LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The Director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Director is required to:


select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £737,983 (2023 - £391,491).

Director

The Director who served during the year was:

K S Kassam 

Future developments

As set out in the Strategic Report, the Group continues to deliver on the growth and success of the hotel following the investment into the product and the stabilisation of the team and its belief in the future of Horwood House. 

Disclosure of information to auditors

The Director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3

 
ZIZ ENTERPRISES LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsAdler Shine LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





K S Kassam
Director

Date: 19 August 2025

Page 4

 
ZIZ ENTERPRISES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZIZ ENTERPRISES LIMITED
 

Opinion


We have audited the financial statements of ZIZ Enterprises Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated Statement of Cash Flows, the Consolidated and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 5

 
ZIZ ENTERPRISES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZIZ ENTERPRISES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Director is responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 6

 
ZIZ ENTERPRISES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZIZ ENTERPRISES LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have 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 an Auditors' Report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquiries of management about their own identification and assessment of the risk of irregularities;
• performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non compliance;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 7

 
ZIZ ENTERPRISES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZIZ ENTERPRISES LIMITED (CONTINUED)


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 2006Our 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 an Auditors' Report 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.





Alexander Chrysaphiades FCA (Senior Statutory Auditor)
for and on behalf of
Adler Shine LLP
Chartered Accountants & Statutory Auditor
Aston House
Cornwall Avenue
London
N3 1LF

19 August 2025
Page 8

 
ZIZ ENTERPRISES LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
9,272,799
8,050,006

Cost of sales
  
(4,056,035)
(3,566,869)

Gross profit
  
5,216,764
4,483,137

Administrative expenses
  
(3,281,334)
(2,899,877)

Other operating income
 5 
1,650
1,000

Operating profit
 6 
1,937,080
1,584,260

Interest payable and similar expenses
 9 
(1,199,097)
(1,192,769)

Profit before taxation
  
737,983
391,491

Profit for the financial year
  
737,983
391,491

Profit for the year attributable to:
  

Owners of the parent Company
  
737,983
391,491

  
737,983
391,491

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 16 to 33 form part of these financial statements.

Page 9

 
ZIZ ENTERPRISES LIMITED
REGISTERED NUMBER: 11783643

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
(40,316)
(48,955)

Tangible assets
 12 
28,722,975
28,363,750

  
28,682,659
28,314,795

Current assets
  

Stocks
 14 
50,343
52,044

Debtors: amounts falling due within one year
 15 
610,434
498,683

Cash at bank and in hand
 16 
1,056,965
464,348

  
1,717,742
1,015,075

Creditors: amounts falling due within one year
 17 
(6,385,963)
(19,406,731)

Net current liabilities
  
 
 
(4,668,221)
 
 
(18,391,656)

Total assets less current liabilities
  
24,014,438
9,923,139

Creditors: amounts falling due after more than one year
 18 
(16,053,531)
(2,700,215)

Provisions for liabilities
  

Net assets
  
7,960,907
7,222,924


Capital and reserves
  

Called up share capital 
 22 
100
100

Revaluation reserve
 23 
8,194,557
8,194,557

Profit and loss account
 23 
(233,750)
(971,733)

Equity attributable to owners of the parent Company
  
7,960,907
7,222,924


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 16 to 33 form part of these financial statements.

Page 10

 
ZIZ ENTERPRISES LIMITED
REGISTERED NUMBER: 11783643

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
200
200

  
200
200

Current assets
  

Debtors: amounts falling due within one year
 15 
1,366,581
4,534,835

Cash at bank and in hand
 16 
42,344
10,221

  
1,408,925
4,545,056

Creditors: amounts falling due within one year
 17 
(1,310,011)
(4,437,408)

Net current assets
  
 
 
98,914
 
 
107,648

Total assets less current liabilities
  
99,114
107,848

  

  

Net assets
  
99,114
107,848


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account brought forward
  
107,748
116,358

Loss for the year
  
(8,734)
(8,610)

Profit and loss account carried forward
  
99,014
107,748

  
99,114
107,848


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 16 to 33 form part of these financial statements.

Page 11

 
ZIZ ENTERPRISES LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
100
3,601,761
(1,363,224)
2,238,637


Comprehensive income for the year

Profit for the year
-
-
391,491
391,491

Surplus on revaluation of freehold property
-
4,592,796
-
4,592,796



At 1 January 2024
100
8,194,557
(971,733)
7,222,924


Comprehensive income for the year

Profit for the year
-
-
737,983
737,983


At 31 December 2024
100
8,194,557
(233,750)
7,960,907


The notes on pages 16 to 33 form part of these financial statements.

Page 12

 
ZIZ ENTERPRISES LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
100
116,358
116,458


Comprehensive income for the year

Loss for the year
-
(8,610)
(8,610)



At 1 January 2024
100
107,748
107,848


Comprehensive income for the year

Loss for the year
-
(8,734)
(8,734)


At 31 December 2024
100
99,014
99,114


The notes on pages 16 to 33 form part of these financial statements.

Page 13

 
ZIZ ENTERPRISES LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
737,983
391,491

Adjustments for:

Amortisation of intangible assets
(8,639)
(8,639)

Depreciation of tangible assets
177,146
213,284

Interest paid
1,199,097
1,192,769

Decrease/(increase) in stocks
1,700
(4,519)

(Increase) in debtors
(111,750)
(114,362)

(Increase)/decrease in amounts owed by groups
(31,026)
-

(Decrease)/increase in creditors
(2,845,003)
404,894

Increase in amounts owed to groups
31,026
-

Net cash generated from operating activities

(849,466)
2,074,918

Cash flows from investing activities

Purchase of intangible fixed assets
-
(256,249)

Purchase of tangible fixed assets
(536,371)
-

HP interest paid
(14,810)
(13,987)

Net cash from investing activities

(551,181)
(270,236)

Cash flows from financing activities

New secured loans
3,221,241
-

Repayment of loans
-
(343,354)

Repayment of/new finance leases
(43,690)
1,851

Interest paid
(1,184,287)
(1,178,782)

Net cash used in financing activities
1,993,264
(1,520,285)

Net increase in cash and cash equivalents
592,617
284,397

Cash and cash equivalents at beginning of year
464,348
179,951

Cash and cash equivalents at the end of year
1,056,965
464,348


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,056,965
464,348

1,056,965
464,348


The notes on pages 16 to 33 form part of these financial statements.

Page 14

 
ZIZ ENTERPRISES LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

464,348

592,617

1,056,965

Debt due after 1 year

(2,604,620)

(13,395,380)

(16,000,000)

Debt due within 1 year

(17,605,256)

13,216,825

(4,388,431)

Finance leases

(147,563)

43,690

(103,873)


(19,893,091)
457,752
(19,435,339)

The notes on pages 16 to 33 form part of these financial statements.

Page 15

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

1.


General information

ZIZ Enterprises Limited is a private company limited by shares. The Company is incorporated in England and Wales and its registered office address is Aston House, Cornwall Avenue, London, United Kingdom, N3 1LF. The registered number is 11783643. 
The Company's principal activity is that of a holding company. The Group's principal activity is that of hotel and leisure.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in Pound Sterling, rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 23 January 2019.

Page 16

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

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Group will be able to continue trading for the foreseeable future. The Group has net current liabilities of £4,668,221 (2023 - £18,391,656) and net assets of £7,960,907 (2023 - £7,222,924) at the Balance Sheet date. The main form of funding for the Group’s operations is through bank loans and loans from the Director, the Group's controlling party. Loans from the controlling party totalling £4,388,431 (2023 - £7,430,584) are included in current liabilities. The Director has stated that he intends, without creating a contractual obligation, to provide such support as may be necessary to the Group and confirmed his commitment to provide funds to meet ongoing expenses for at least 12 months from the date of approval of the financial statements.
In considering the above, the Director is therefore satisfied that the going concern basis is appropriate for the preparation of these financial statements.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

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.

Page 17

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

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18

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

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
4%
Property improvements
-
20%
Plant and machinery
-
15%
Fixtures and fittings
-
15%
Office equipment
-
33%
Other fixed assets
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 19

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

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

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.

 
2.17

Financial instruments

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

The Group 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 Group's Balance Sheet when the Group 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Page 20

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

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement
Page 21

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

2.Accounting policies (continued)


2.17
Financial instruments (continued)

would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, set out in note 2 above, the Director 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 associated assumptions are based on historical experiences and other factors that are considered 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, 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 assumptions and other key sources of uncertainty that have a significant effect of the amounts recognised in the financial statements are described below:
Intangible and tangible fixed assets
Judgements have been made in relation to the lives of intangible and tangible fixed assets, in particular the valuation, the useful economic life and residual value of assets. The Director is also required to consider the carrying value of assets and whether any impairment is required, or reversal of previously recognised impairments.
The Director has concluded that the asset values and residual values are appropriate and is satisfied that assets are fairly stated at the balance sheet date.
Stock
Key judgements are made by management in estimating the level of provisioning required for slow moving inventory. In arriving at its conclusion, the Director considers stock ageing and stock turn analysis.
The Director has concluded that the stock values are fairly stated at the balance sheet date.

Page 22

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

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Accomodation
3,848,661
3,528,677

Food
2,461,477
2,124,213

Beverage
937,679
811,001

Other
2,024,982
1,586,115

9,272,799
8,050,006


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Insurance claims receivable
1,650
1,000

1,650
1,000



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Tangible fixed assets - depreciation
177,146
213,284

Intangible fixed assets - amortisation
(8,639)
(8,639)

Auditors' remuneration
24,344
23,346


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
24,600
23,500

Page 23

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

8.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,053,440
2,679,257
-
-

Social security costs
252,185
200,645
-
-

Cost of defined contribution scheme
46,563
38,216
-
-

3,352,188
2,918,118
-
-


The average monthly number of employees, including the Director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Director
1
1
1
1



Hotel staff
140
133
-
-

141
134
1
1


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,183,924
1,178,446

Other loan interest payable
363
336

Finance leases and hire purchase contracts
14,810
13,987

1,199,097
1,192,769


10.


Taxation


2024
2023
£
£



Total current tax
-
-
Page 24

 
ZIZ ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
737,983
391,491


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
184,496
97,873

Effects of:


Non-tax deductible amortisation of goodwill and impairment
(2,160)
(2,160)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(16,107)
1,786

Capital allowances for year in excess of depreciation
(37,657)
(17,228)

Utilisation of tax losses
(397,900)
(367,761)

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
(57)
(647)

Unrelieved tax losses carried forward
269,385
296,448

Other differences leading to an increase (decrease) in the tax charge
-
(16,391)

Marginal relief
-
8,080

Total tax charge for the year
-
-

Page 25

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

11.


Intangible assets

Group





Negative goodwill

£





At 1 January 2024
(86,390)



At 31 December 2024

(86,390)





At 1 January 2024
(37,435)


Charge for the year on owned assets
(8,639)



At 31 December 2024

(46,074)



Net book value



At 31 December 2024
(40,316)



At 31 December 2023
(48,955)



Page 26

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

12.


Tangible fixed assets

Group






Freehold property
Property improve-  ments
Plant and machinery
Office equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
28,000,000
730,619
379,737
14,816
71,289
29,196,461


Additions
514,458
12,534
1,250
8,129
-
536,371



At 31 December 2024

28,514,458
743,153
380,987
22,945
71,289
29,732,832



Depreciation


At 1 January 2024
-
624,063
154,363
9,761
44,524
832,711


Charge for the year on owned assets
-
101,820
22,141
4,141
5,353
133,455


Charge for the year on financed assets
-
-
43,691
-
-
43,691



At 31 December 2024

-
725,883
220,195
13,902
49,877
1,009,857



Net book value



At 31 December 2024
28,514,458
17,270
160,792
9,043
21,412
28,722,975



At 31 December 2023
28,000,000
106,556
225,374
5,055
26,765
28,363,750

Page 27

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

           12.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
28,514,458
28,000,000

Property improvements
17,270
106,556

28,531,728
28,106,556


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
95,595
139,285

95,595
139,285


13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
200



At 31 December 2024
200






Net book value



At 31 December 2024
200



At 31 December 2023
200

Page 28

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

Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Class of shares

Holding

ZIZ Properties Limited
Ordinary
100%
Horwood House Hotel Limited
Ordinary
100%


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Class of shares

Holding

Horwood House Properties Limited
Ordinary
100%


14.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
50,343
52,044

50,343
52,044


The difference between purchase price or production cost of stocks and their replacement cost is not material.


15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
109,495
245,982
-
-

Amounts owed by group undertakings
-
-
1,305,672
4,473,926

Other debtors
72,083
72,795
60,909
60,909

Prepayments and accrued income
428,856
179,906
-
-

610,434
498,683
1,366,581
4,534,835


Page 29

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

16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,056,965
464,348
42,344
10,221

1,056,965
464,348
42,344
10,221



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
10,174,139
-
-

Trade creditors
410,316
423,139
-
-

Other taxation and social security
363,659
312,147
-
-

Obligations under finance lease and hire purchase contracts
50,342
51,968
-
-

Other creditors
4,513,813
7,498,010
1,304,511
4,431,908

Accruals and deferred income
1,047,833
947,328
5,500
5,500

6,385,963
19,406,731
1,310,011
4,437,408


Page 30

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

18.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

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

Net obligations under finance leases and hire purchase contracts
53,531
95,595

16,053,531
2,700,215



The following liabilities were secured:
Group
Group
2024
2023
£
£


Bank loans
-
2,604,620

-
2,604,620

Details of security provided:

The Group is 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.

Please provide details of the terms of payment or repayment and the rates of any interest payable on the amounts repayable more than five years after the balance sheet date.


19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
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 31

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

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
42,064
43,691

Between 1-5 years
53,531
95,595

95,595
139,286


21.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,056,965
464,348
42,344
10,221




Financial assets measured at fair value through profit or loss comprise cash in hand and at bank.


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary Shares shares of £1.00 each
100
100



23.


Reserves

Revaluation reserve

The revaluation reserve is the amount arising on the revaluation of property, being the difference between the amount of the asset determined under the historical cost convention and the amount determined by the fair value of the asset, net of associated deferred tax. The revaluation reserve is a non-distributable reserve and forms part of the Group's retained earnings.

Profit and loss account

The profit and loss account represents cumulative net gains and losses less distributions made.

Page 32

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

24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £46,563 (2023 - £38,216).  Contributions of £Nil were payable to the fund at the balance sheet date (2023 - £533).


25.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
650,000
975,000

Later than 1 year and not later than 5 years
-
650,000

650,000
1,625,000

26.Director's personal guarantees

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


27.


Related party transactions

The Group has taken advantage of the exemption available in FRS102 from disclosing transactions between wholly owned subsidiaries of the Group.
During the period, the Group was charged £230,000 (2023 - £230,000) in respect of management charges from ZIZ Hospitality Limited, a company under the control of the Director, the ultimate controlling party. At the balance sheet date, £60,909 (2023 - £60,909) was due to the Company by ZIZ Hospitality Limited.
At the balance sheet date, £4,388,431 (2023 - £7,430,584) was due to the Director. This amount is interest free and repayable on demand.


28.


Controlling party

At the balance sheet date, the controlling party was K S Kassam, the Director.

 
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