Company registration number:
03557956
Ziggus Holdings Limited
Unaudited filleted financial statements
31 May 2023
ZIGGUS HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MAY 2023
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2023 |
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2022 |
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Note |
£ |
|
£ |
|
£ |
|
£ |
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|
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|
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|
|
|
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Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
1,702,487 |
|
|
|
1,032,989 |
|
|
Investments |
|
6 |
2 |
|
|
|
2 |
|
|
|
|
|
_______ |
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|
_______ |
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|
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1,702,489 |
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|
|
1,032,991 |
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|
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|
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Current assets |
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|
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Debtors |
|
7 |
61,412 |
|
|
|
62,524 |
|
|
Investments |
|
8 |
32,574 |
|
|
|
39,138 |
|
|
Cash at bank and in hand |
|
|
173,922 |
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|
|
185,806 |
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|
|
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|
_______ |
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|
_______ |
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267,908 |
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|
287,468 |
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|
Creditors: amounts falling due |
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|
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|
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within one year |
|
9 |
(
18,837) |
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|
(
24,066) |
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|
|
|
|
_______ |
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_______ |
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Net current assets |
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249,071 |
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263,402 |
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|
_______ |
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_______ |
Total assets less current liabilities |
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1,951,560 |
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1,296,393 |
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Provisions for liabilities |
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(
167,115) |
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- |
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|
|
|
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_______ |
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_______ |
Net assets |
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1,784,445 |
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1,296,393 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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2 |
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|
|
2 |
Profit and loss account |
|
10 |
|
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1,784,443 |
|
|
|
1,296,391 |
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|
|
|
|
_______ |
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|
_______ |
Shareholders funds |
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1,784,445 |
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1,296,393 |
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_______ |
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_______ |
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For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
17 October 2023
, and are signed on behalf of the board by:
Mrs J L Vernon
Director
Company registration number:
03557956
ZIGGUS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 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 Lower Quarry, Moortown, Tavistock, Devon, PL19 9JZ.
Principal activity
The principal activity of the company in the year under review was that of the maintenance and leasing of farm land and buildings.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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. 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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
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Freehold property |
- |
25 Years Straight line |
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Plant and machinery |
- |
25 % |
straight line |
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Motor vehicles |
- |
25 % |
straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Motor vehicles |
Total |
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|
£ |
£ |
£ |
£ |
|
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Cost or valuation |
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At 1 June 2022 |
1,051,932 |
51,754 |
29,037 |
1,132,723 |
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Disposals |
- |
(
3,936) |
- |
(
3,936) |
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Revaluation |
648,068 |
- |
- |
648,068 |
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_______ |
_______ |
_______ |
_______ |
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At 31 May 2023 |
1,700,000 |
47,818 |
29,037 |
1,776,855 |
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_______ |
_______ |
_______ |
_______ |
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Depreciation |
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At 1 June 2022 |
26,946 |
45,633 |
27,155 |
99,734 |
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Charge for the year |
- |
3,635 |
1,881 |
5,516 |
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Disposals |
- |
(
3,936) |
- |
(
3,936) |
|
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Revaluations |
(
26,946) |
- |
- |
(
26,946) |
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|
_______ |
_______ |
_______ |
_______ |
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At 31 May 2023 |
- |
45,332 |
29,036 |
74,368 |
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_______ |
_______ |
_______ |
_______ |
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Carrying amount |
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At 31 May 2023 |
1,700,000 |
2,486 |
1 |
1,702,487 |
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_______ |
_______ |
_______ |
_______ |
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At 31 May 2022 |
1,024,986 |
6,121 |
1,882 |
1,032,989 |
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|
_______ |
_______ |
_______ |
_______ |
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Investment property
Included within the above is investment property measured at fair value as follows:
|
|
£ |
|
Fair value adjustments |
675,014 |
|
Transfers from tangible assets |
1,024,986 |
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|
_______ |
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At 31 May 2023 |
1,700,000 |
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|
_______ |
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The market value of the investment property has been determined by the directors as at 31 May 2023.
6.
Investments
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Shares in group undertakings and participating interests |
Total |
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£ |
£ |
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Cost |
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At 1 June 2022 and 31 May 2023 |
2 |
2 |
|
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|
_______ |
_______ |
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|
Impairment |
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At 1 June 2022 and 31 May 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
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|
Carrying amount |
|
|
|
|
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|
|
At 31 May 2023 |
2 |
2 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 May 2022 |
2 |
2 |
|
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|
_______ |
_______ |
|
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|
|
|
|
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|
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7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other debtors |
|
61,412 |
62,524 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Investments
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other investments |
|
32,574 |
39,138 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
223 |
531 |
|
Accruals and deferred income |
|
4,868 |
6,246 |
|
Social security and other taxes |
|
(-) |
3,855 |
|
Other creditors |
|
13,746 |
13,434 |
|
|
|
_______ |
_______ |
|
|
|
18,837 |
24,066 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Reserves
Profit and loss account:This reserve records retained earnings, accumulated losses and fair value movement on both current asset investments and investment properties.As at 31 May 2023, the distributable retained earnings amounted to £1,283,005 (2022: £1,296,391) and the un-distributable fair value gains amounted to £501,438 (2022: £nil).
11.
Directors advances, credits and guarantees
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During the year the directors entered into the following advances and credits with the company: |
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2023 |
|
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Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Directors |
(1,031) |
(312) |
(1,343) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
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|
|
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2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Directors |
(760) |
(271) |
(1,031) |
|
|
|
|
|
_______ |
_______ |
_______ |
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The loan account from the director to the company is interest free and repayable on demand.