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Registration number: 13004431

Zeast Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

Zeast Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Zeast Ltd

Company Information

Director

Mr Edward McLachlan

Registered office

c/o Easterbrook Eaton Ltd
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

Accountants

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

 

Zeast Ltd

(Registration number: 13004431)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

22,737

23,295

Tangible assets

5

5,730

7,431

 

28,467

30,726

Current assets

 

Stocks

6

4,212

1,185

Debtors

7

597

5,957

Cash at bank and in hand

 

-

91

 

4,809

7,233

Creditors: Amounts falling due within one year

(8,048)

(5,422)

Net current (liabilities)/assets

 

(3,239)

1,811

Total assets less current liabilities

 

25,228

32,537

Creditors: Amounts falling due after more than one year

(44,383)

(44,333)

Accruals and deferred income

 

(990)

(800)

Net liabilities

 

(20,145)

(12,596)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(20,245)

(12,696)

Shareholders' deficit

 

(20,145)

(12,596)

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Zeast Ltd

(Registration number: 13004431)
Abridged Balance Sheet as at 31 March 2023

Approved and authorised by the director on 10 October 2023
 

.........................................
Mr Edward McLachlan
Director

 

Zeast Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o Easterbrook Eaton Ltd
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

These financial statements were authorised for issue by the director on 10 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Zeast Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Brand and website development

20% straightline method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Zeast Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Zeast Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

27,468

Additions acquired separately

6,170

At 31 March 2023

33,638

Amortisation

At 1 April 2022

4,173

Amortisation charge

6,728

At 31 March 2023

10,901

Carrying amount

At 31 March 2023

22,737

At 31 March 2022

23,295

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

8,107

8,107

Additions

210

210

At 31 March 2023

8,317

8,317

Depreciation

At 1 April 2022

676

676

Charge for the year

1,911

1,911

At 31 March 2023

2,587

2,587

Carrying amount

At 31 March 2023

5,730

5,730

At 31 March 2022

7,431

7,431

6

Stocks

2023
£

2022
£

Other inventories

4,212

1,185

 

Zeast Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary B of £1 each

50

50

50

50

 

100

100

100

100

9

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

Other payments made to company by director
£

At 31 March 2023
£

Mr Edward McLachlan

5,380

(24)

17

5,373

         
       

 

2022

At 1 December 2021
£

Other payments made to company by director
£

At 31 March 2022
£

Mr Edward McLachlan

(100)

5,480

5,380

       
     

 

Loans to related parties

2023

Associates
£

Total
£

At start of period

44,333

44,333

Advanced

6,200

6,200

Repaid

(6,150)

(6,150)

At end of period

44,383

44,383

 

Zeast Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

2022

Associates
£

Total
£

At start of period

13,284

13,284

Advanced

31,049

31,049

At end of period

44,333

44,333