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Registered number: 12803053
Azy Venture Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
SQK Accountancy Ltd
Colony
Jactin House
Manchester
Greater Manchester
M4 6WX
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
In accordance with our engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this 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 director for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 August 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
09/07/2025
SQK Accountancy Ltd
Colony
Jactin House
Manchester
Greater Manchester
M4 6WX
Page 1
Page 2
Balance Sheet
Registered number: 12803053
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 730 -
Investment Properties 5 802,001 714,453
802,731 714,453
CURRENT ASSETS
Debtors 6 1,043 7,094
Cash at bank and in hand 1,707 7,782
2,750 14,876
Creditors: Amounts Falling Due Within One Year 7 (101,730 ) (74,709 )
NET CURRENT ASSETS (LIABILITIES) (98,980 ) (59,833 )
TOTAL ASSETS LESS CURRENT LIABILITIES 703,751 654,620
Creditors: Amounts Falling Due After More Than One Year 8 (586,784 ) (627,212 )
NET ASSETS 116,967 27,408
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 116,966 27,407
SHAREHOLDERS' FUNDS 116,967 27,408
Page 2
Page 3
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss A Ibhawoh
Director
09/07/2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Azy Venture Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12803053 . The registered office is 35 Hillside Road, Bromley, BR2 0TL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Straight line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 4
Page 5
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Plant & Machinery
£
Cost or Valuation
As at 1 September 2023 -
Additions 974
As at 31 August 2024 974
Depreciation
As at 1 September 2023 -
Provided during the period 244
As at 31 August 2024 244
Net Book Value
As at 31 August 2024 730
As at 1 September 2023 -
5. Investment Property
2024
£
Fair Value
As at 1 September 2023 714,453
Disposals (11,235 )
Revaluations 98,783
As at 31 August 2024 802,001
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,043 -
Other debtors - 7,094
1,043 7,094
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 448 -
Bank loans and overdrafts 10,853 -
Other creditors 77,289 68,280
Taxation and social security 13,140 6,429
101,730 74,709
Page 5
Page 6
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 500,412 495,159
Other creditors 86,372 132,053
586,784 627,212
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 6