Company registration number 00981043 (England and Wales)
ZILLWOODS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
ZILLWOODS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ZILLWOODS LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
195,956
182,180
Current assets
Stocks
134,082
131,280
Debtors
4
683,013
522,258
Cash at bank and in hand
273,951
621,287
1,091,046
1,274,825
Creditors: amounts falling due within one year
5
(637,015)
(708,987)
Net current assets
454,031
565,838
Total assets less current liabilities
649,987
748,018
Creditors: amounts falling due after more than one year
6
(127,783)
(172,013)
Provisions for liabilities
8
(28,764)
(32,445)
Net assets
493,440
543,560
Capital and reserves
Called up share capital
8
490
490
Profit and loss reserves
492,950
543,070
Total equity
493,440
543,560

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ZILLWOODS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 October 2023 and are signed on its behalf by:
Mr B Pearce
Director
Company Registration No. 00981043
ZILLWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Zillwoods Limited is a private company limited by shares incorporated in England and Wales. The registered office is Zillwoods House, Second Avenue, Southampton, SO15 0LP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover, which is stated net of value added tax, represents amounts invoiced to third parties, except in respect of contracts for goods or services where turnover is also recognised when the company obtains the right to consideration for its performance on those contracts. The right to consideration is based on the fair value of the performance of the contractual obligations, net of discounts and value added tax and allowance for any significant risk of default payment. Amounts recoverable on contracts, not invoiced at the year end, being the excess of turnover over amounts invoiced on account, are included within stocks.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
over the life of the lease
Plant and machinery
straight line over 3 - 15 years
Fixtures, fittings & equipment
straight line over 3 years
Computer equipment
straight line over 3 years
Motor vehicles
straight line over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

ZILLWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, loans from group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ZILLWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

ZILLWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 6 -
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
27
31
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
173,535
510,836
684,371
Additions
-
0
90,161
90,161
Disposals
(105,547)
(47,390)
(152,937)
At 31 May 2023
67,988
553,607
621,595
Depreciation and impairment
At 1 June 2022
117,484
384,707
502,191
Depreciation charged in the year
5,748
50,477
56,225
Eliminated in respect of disposals
(105,547)
(27,230)
(132,777)
At 31 May 2023
17,685
407,954
425,639
Carrying amount
At 31 May 2023
50,303
145,653
195,956
At 31 May 2022
56,051
126,129
182,180

Motor vehicles with a total carrying amount of £44,435 (2022: £15,786) are held under hire purchase agreements. The agreements are secured against the assets to which they relate.

ZILLWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
631,785
449,494
Other debtors
51,228
72,764
683,013
522,258
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
62,500
63,567
Trade creditors
317,986
369,968
Corporation tax
19,586
2,704
Other taxation and social security
132,302
98,383
Other creditors
104,641
174,365
637,015
708,987

Bank loans are secured via a fixed and floating charge over the assets of the company.

 

Other creditors contains secured creditors of £11,130 (2022: £3,918), which are secured against the assets to which they relate.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
109,375
170,808
Other creditors
18,408
1,205
127,783
172,013

Bank loans are secured via a fixed and floating charge over the assets of the company.

 

Other creditors contains secured creditors of £18,408 (2022: £1,205), which are secured against the assets to which they relate.

ZILLWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liability/ (Asset)
Liability/ (Asset)
2023
2022
Balances:
£
£
Accelerated capital allowances
29,305
32,917
Retirement benefit obligations
(541)
(472)
28,764
32,445
2023
Movements in the year:
£
Liability at 1 June 2022
32,445
Credit to profit or loss
(3,681)
Liability at 31 May 2023
28,764

 

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
490
490
490
490
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
355,000
450,000
10
Prior period adjustment
Adjustments to equity
The prior period adjustments do not give rise to any effect upon equity.
ZILLWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
10
Prior period adjustment
(Continued)
- 9 -
Notes to adjustments
Restatement of costs

During the year it was identified that Administrative expenses totalling £158,164 should have been classified as Cost of sales. Accordingly these have been reallocated from Administrative expenses to Cost of sales in the comparative year.

 

This has a £Nil impact on the profit for the comparative period.

2023-05-312022-06-01false05 October 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr B PearceMrs M A PearceMr N PearceMrs M A Pearce009810432022-06-012023-05-31009810432023-05-31009810432022-05-3100981043core:LandBuildings2023-05-3100981043core:OtherPropertyPlantEquipment2023-05-3100981043core:LandBuildings2022-05-3100981043core:OtherPropertyPlantEquipment2022-05-3100981043core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3100981043core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3100981043core:CurrentFinancialInstruments2023-05-3100981043core:CurrentFinancialInstruments2022-05-3100981043core:Non-currentFinancialInstruments2023-05-3100981043core:Non-currentFinancialInstruments2022-05-3100981043core:ShareCapital2023-05-3100981043core:ShareCapital2022-05-3100981043core:RetainedEarningsAccumulatedLosses2023-05-3100981043core:RetainedEarningsAccumulatedLosses2022-05-3100981043bus:Director12022-06-012023-05-3100981043core:LandBuildingscore:LongLeaseholdAssets2022-06-012023-05-3100981043core:PlantMachinery2022-06-012023-05-3100981043core:FurnitureFittings2022-06-012023-05-3100981043core:ComputerEquipment2022-06-012023-05-3100981043core:MotorVehicles2022-06-012023-05-31009810432021-06-012022-05-3100981043core:LandBuildings2022-05-3100981043core:OtherPropertyPlantEquipment2022-05-31009810432022-05-3100981043core:LandBuildings2022-06-012023-05-3100981043core:OtherPropertyPlantEquipment2022-06-012023-05-3100981043core:WithinOneYear2023-05-3100981043core:WithinOneYear2022-05-3100981043bus:PrivateLimitedCompanyLtd2022-06-012023-05-3100981043bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3100981043bus:FRS1022022-06-012023-05-3100981043bus:AuditExemptWithAccountantsReport2022-06-012023-05-3100981043bus:Director22022-06-012023-05-3100981043bus:Director32022-06-012023-05-3100981043bus:CompanySecretary12022-06-012023-05-3100981043bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP