Ziv Holding and Investments Limited - Accounts to registrar (filleted) - small 23.1
Ziv Holding and Investments Limited - Accounts to registrar (filleted) - small 23.1
| REGISTERED NUMBER: |
| ZIV HOLDING AND INVESTMENTS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| ZIV HOLDING AND INVESTMENTS LIMITED (REGISTERED NUMBER: 05523981) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 7 |
| ZIV HOLDING AND INVESTMENTS LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Ashbourne House |
| The Guildway |
| Old Portsmouth Road |
| Guildford |
| Surrey |
| GU3 1LR |
| ZIV HOLDING AND INVESTMENTS LIMITED (REGISTERED NUMBER: 05523981) |
| BALANCE SHEET |
| 31 December 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Non - distributable reserves | 8 |
| Capital redemption reserve |
| Other reserves |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| ZIV HOLDING AND INVESTMENTS LIMITED (REGISTERED NUMBER: 05523981) |
| BALANCE SHEET - continued |
| 31 December 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ZIV HOLDING AND INVESTMENTS LIMITED (REGISTERED NUMBER: 05523981) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2023 |
| 1. | STATUTORY INFORMATION |
| Ziv Holding and Investments Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| The director has made key assumptions in the determination of the fair value of an investment property. The valuation method is further described in note 'Investment Property' together with the valuation of the property at the reporting date. Key judgements have also been made regarding the effective rate of interest on a loan below market value. |
| Turnover |
| Turnover represents net receivable rental income and is measured as the fair value of the consideration received or receivable, excluding value added tax. |
| Rentals receivable under operating leases are charged to income on a straight line basis over the lease term. |
| Investment property |
| Investment properties are properties held to earn rentals and/or for capital appreciation and are accounted for in accordance with FRS 102 Section 16 "Investment Property." Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. |
| During the prior year a property was transferred from tangible fixed assets to Investment Property following a change in group ownership. FRS 102 Section 17 was applied up to the date of change in use and a revaluation reserve was created for the difference between carrying value and its fair value and any gain arising is recognised through other comprehensive income. Subsequently the revaluation reserve was transferred into a non-distributable reserve and gain and losses arising from changes in the fair value of investment properties are included in the income statement in the period which they arise. Any gains are subsequently transferred to a non-distributable reserve. Any losses are only transferred to the non-distributable reserve as far as they can be matched against previous net unrealised gains. |
| Taxation |
| Current tax is the amount of corporation tax payable in respect of taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end. |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements. |
| Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
| ZIV HOLDING AND INVESTMENTS LIMITED (REGISTERED NUMBER: 05523981) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Transactions denominated in foreign currencies are recorded in the local currency at actual exchange rates as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date (or, where appropriate, at the date of exchange in a related forward exchange contract). Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss in the profit and loss account. |
| Financial instruments |
| Financial instruments are classified as basic or non-basic following the conditions in FRS 102 Section 11. Basic financial instruments are initially measured at transaction price and subsequently recognised at amortised cost using the effective interest method. |
| Loans provided by the parent company which are considered to be below market rate are deemed to include a capital contribution received from the parent company. Upon receipt of the loan, the initial loan balance is recognised at the present value of the expected cashflows discounted at the effective rate of interest. The difference between the present value and the loan amount is recognised as a capital contribution within other reserves in equity. Subsequently the loan is measured at amortised cost at the effective rate of interest. Each subsequent year a transfer is made between other reserves and retained earnings equivalent to the effective interest charge. |
| The company does not have any financial non-basic instruments. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2023 |
| Additions |
| At 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| A commercial investment property was valued on an open market basis on 31 December 2023 by the directors. The directors have confirmed that, in their opinion, the current valuation is in line with that provided by Colliers during the previous financial period. The directors valued the residential investment properties at 31 December 2023 at £2,381,910 (2022: £817,040); this is deemed by the directors to represent an appropriate fair value at the year end and be equivalent to the open market value. |
| Fair value at 31 December 2023 is represented by: |
| £ |
| Valuation in 2021 | 4,190,634 |
| Valuation in 2022 | (2,690,000 | ) |
| Cost | 5,941,276 |
| 7,441,910 |
| ZIV HOLDING AND INVESTMENTS LIMITED (REGISTERED NUMBER: 05523981) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Amounts owed to parent company |
| Included within amounts owed to parent company is a loan with the parent company. This loan is interest free and repayable on 31 December 2025. As the terms of the loan are not at market rate the loan has been discounted to reflect the present value of the loan as at 31 December 2023 and a capital contribution has been recognised within other reserves. |
| 8. | RESERVES |
| Non - |
| distributable |
| reserves |
| £ |
| At 1 January 2023 |
| and 31 December 2023 |
| The non-distributable reserve represents net unrealised gains on fair value adjustments arising on investment properties which have previously been taken to the income statement in the period they arose. The carrying value is after a provision has been made for deferred tax where relevant. |
| 9. | CONTROLLING PARTY |
| The company is wholly owned by ZIV Holdings and Investments S.A. SPF (formerly known as International Holdings & Investments S.A.), a company incorporated in Luxembourg and registered at 8 Rue de la Grève L-1643 Luxembourg. The financial statements of ZIV Holdings and Investments S.A. SPF are published on public record in Luxembourg. |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| ZIV HOLDING AND INVESTMENTS LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ziv Holding and Investments Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Ziv Holding and Investments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ziv Holding and Investments Limited and state those matters that we have agreed to state to the Board of Directors of Ziv Holding and Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ziv Holding and Investments Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Ziv Holding and Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ziv Holding and Investments Limited. You consider that Ziv Holding and Investments Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Ziv Holding and Investments Limited. 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 statutory financial statements. |
| This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk. |
| Chartered Accountants |
| Ashbourne House |
| The Guildway |
| Old Portsmouth Road |
| Guildford |
| Surrey |
| GU3 1LR |