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COMPANY REGISTRATION NUMBER: 08609113
Zweena Properties Limited
Filleted Unaudited Financial Statements
31 March 2023
Zweena Properties Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Zweena Properties Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
361,323
360,803
Current assets
Debtors
6
5,585
10,261
Cash at bank and in hand
108,751
87,544
---------
--------
114,336
97,805
Creditors: amounts falling due within one year
7
304,205
303,607
---------
---------
Net current liabilities
189,869
205,802
---------
---------
Total assets less current liabilities
171,454
155,001
---------
---------
Net assets
171,454
155,001
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
171,452
154,999
---------
---------
Shareholders funds
171,454
155,001
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Zweena Properties Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 6 October 2023 , and are signed on behalf of the board by:
Mrs R J West
Director
Company registration number: 08609113
Zweena Properties Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bradstowe House, 35 Middle Wall, Whistable, Kent, CT5 1BJ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Freehold Property
Equipment
Total
£
£
£
Cost or Valuation
At 1 April 2022
360,616
2,791
363,407
Additions
883
883
---------
-------
---------
At 31 March 2023
360,616
3,674
364,290
---------
-------
---------
Depreciation
At 1 April 2022
2,604
2,604
Charge for the year
363
363
---------
-------
---------
At 31 March 2023
2,967
2,967
---------
-------
---------
Carrying amount
At 31 March 2023
360,616
707
361,323
---------
-------
---------
At 31 March 2022
360,616
187
360,803
---------
-------
---------
Freehold property relates to investment property and is held at fair value and is not depreciated on this basis. The historical cost of the property is £360,616. The Directors believe the fair value was not materially different at the year end.
6. Debtors
2023
2022
£
£
Trade debtors
3,500
5,773
Other debtors
2,085
4,488
-------
--------
5,585
10,261
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,475
159
Corporation tax
3,675
3,810
Other creditors
299,055
299,638
---------
---------
304,205
303,607
---------
---------
8. Director's advances, credits and guarantees
At the year end, the company owed £268,884 (2022: £268,389) to the Director.