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REGISTERED NUMBER: 10249643 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

ZINC G LIMITED

ZINC G LIMITED (REGISTERED NUMBER: 10249643)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ZINC G LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: Mr P M Domb
Mrs M Domb





REGISTERED OFFICE: 869 High Road
London
N12 8QA





REGISTERED NUMBER: 10249643 (England and Wales)





ACCOUNTANTS: EA
Chartered Accountants
869 High Road
London
N12 8QA

ZINC G LIMITED (REGISTERED NUMBER: 10249643)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,250,000 1,260,365

CURRENT ASSETS
Debtors 5 955,295 954,607
Cash at bank 303,350 263,962
1,258,645 1,218,569
CREDITORS
Amounts falling due within one year 6 2,607,561 2,612,235
NET CURRENT LIABILITIES (1,348,916 ) (1,393,666 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

901,084

(133,301

)

CREDITORS
Amounts falling due after more than one year 7 (332,280 ) (328,479 )

PROVISIONS FOR LIABILITIES (45,500 ) -
NET ASSETS/(LIABILITIES) 523,304 (461,780 )

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserves 194,135 -
Retained earnings 329,069 (461,880 )
523,304 (461,780 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

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.

ZINC G LIMITED (REGISTERED NUMBER: 10249643)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2022


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

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 2 September 2022 and were signed on its behalf by:





Mr P M Domb - Director


ZINC G LIMITED (REGISTERED NUMBER: 10249643)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Zinc G Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statement has been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due. The directors will finance the company as and when required.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced rental income.

Investment property
Investment properties are carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 (Section 1A). The directors consider that, because these properties are not held for consumption but for their investment potential, to depreciate them would no give a true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give a true and fair view. If this departure from the Act had not been made, the loss for the financial year would have been increased by the amount of depreciation.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it's liabilities.

Taxation
Taxation for the year 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

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.

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 year end and that are expected to apply to the reversal of the timing difference.

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.

ZINC G LIMITED (REGISTERED NUMBER: 10249643)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021 1,260,365
Revaluations 989,635
At 31 March 2022 2,250,000
NET BOOK VALUE
At 31 March 2022 2,250,000
At 31 March 2021 1,260,365

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2022 2,250,000

If the investment property had not been revalued it would have been included at the following historical cost:

2022 2021
£    £   
Cost 2,010,365 2,010,365

Investment property was valued on a fair value basis on 31 March 2022 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 31,858 43,889
Amounts owed by group undertakings 384,083 384,083
Amounts owed by participating interests 533,124 525,995
Other debtors 6,230 640
955,295 954,607

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 10,000 23,801
Trade creditors 3,612 -
Amounts owed to group undertakings 2,545,841 2,535,968
Taxation and social security 18,296 24,280
Other creditors 29,812 28,186
2,607,561 2,612,235

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 332,280 328,479

ZINC G LIMITED (REGISTERED NUMBER: 10249643)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 342,280 352,280

Bank loan is secured by way of a fixed charge on the leasehold property known as 5-19 Botwell Lane, Hayes.

9. RELATED PARTY DISCLOSURES

Included in debtors is an interest free amount of £126,097 (2021: £125,670) due from Zinc MD Limited, a company with common directors.

Included in debtors is an amount of £407,027 (2021: £400,325) due from Pershing Properties Limited, a company with common directors. In the period under review, interest amounting to £7,122 was charged on this loan.

Included in creditors, amounts falling due within one year, is an interest free amount of £3,685 (2021: £2,788) owed to the director, Mr P Domb.