REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1 JANUARY 2021 TO 29 DECEMBER 2021 |
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AZ LUXE LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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1 JANUARY 2021 TO 29 DECEMBER 2021 |
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FOR |
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AZ LUXE LTD |
AZ LUXE LTD (REGISTERED NUMBER: 10836839) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2021 TO 29 DECEMBER 2021 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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AZ LUXE LTD |
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COMPANY INFORMATION |
FOR THE PERIOD 1 JANUARY 2021 TO 29 DECEMBER 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
869 High Road |
London |
N12 8QA |
AZ LUXE LTD (REGISTERED NUMBER: 10836839) |
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STATEMENT OF FINANCIAL POSITION |
29 DECEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Non-distributable reserves |
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Retained earnings | ( |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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AZ LUXE LTD (REGISTERED NUMBER: 10836839) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2021 TO 29 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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AZ Luxe Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis as the director is satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due. |
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The Covid-19 pandemic has not significantly affected the company after the balance sheet date, and management has determined that there is no material uncertainty that casts doubt on the entity's ability to continue as a going concern. |
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Turnover |
Turnover represents net invoiced provision of services, excluding value added tax. |
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Tangible fixed assets |
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Motor vehicles | - |
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Computer equipment | - |
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The revaluation model was used to value the motor vehicles held at the reporting date. The net book value of this asset class is made up of the cost plus revaluation adjustments less accumulated depreciation. |
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Government grants |
The company received Covid-19 related grants throughout the year, amounting to £47,997 (2020: £47,042). The accrual model was used to account for these grants, and were recognised in 'other income' when becoming receivable. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in income statement.Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in income statement. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
AZ LUXE LTD (REGISTERED NUMBER: 10836839) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2021 TO 29 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2021 |
and 29 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for period |
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Revaluation adjustments | ( |
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At 29 December 2021 |
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NET BOOK VALUE |
At 29 December 2021 |
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At 31 December 2020 |
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Motor vehicles held on the reporting date, were valued on a fair value basis by independent valuers. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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AZ LUXE LTD (REGISTERED NUMBER: 10836839) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2021 TO 29 DECEMBER 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
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Hire purchase contracts | 514,769 | 607,687 |
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The hire purchase agreements are secured by way of floating charge on the assets of the company. |
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9. | RELATED PARTY DISCLOSURES |
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Included in creditors, amounts falling due within one year, is an interest free amount of £472,296 (2020: £510,628) due to the director, Mr A Zadeh. |
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10. | ULTIMATE CONTROLLING PARTY |
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During the year under review, the company was under the control of Mr A Zadeh by virtue of his majority shareholding. |