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Registration number: 07242693

Zetmet Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Zetmet Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Zetmet Limited

Company Information

Director

P McMahon

Registered office

Unit 6
Grosvenor Grange
Woolston
Warrington
Cheshire
WA1 4GD

Accountants

Davidson Stant Limited
The Glen
Knutsford Old Road
Stockton Heath
Warrington
Cheshire
WA4 2LD

 

Zetmet Limited

(Registration number: 07242693)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

19,182

21,133

Current assets

 

Stocks

4

15,000

50,000

Debtors

5

330,556

265,520

Cash at bank and in hand

 

70,742

7,760

 

416,298

323,280

Creditors: Amounts falling due within one year

6

(293,726)

(233,998)

Net current assets

 

122,572

89,282

Total assets less current liabilities

 

141,754

110,415

Creditors: Amounts falling due after more than one year

6

-

(63,355)

Net assets

 

141,754

47,060

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

141,654

46,960

Shareholders' funds

 

141,754

47,060

For the financial 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.

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.

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.

Approved and authorised by the director on 2 November 2023
 

.........................................

P McMahon

Director

 

Zetmet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

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

Fixtures & fittings

20% reducing balance

Motor Vehicles

25% reducing balance

 

Zetmet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

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.

Borrowings

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.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Zetmet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

 

Zetmet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

5,474

39,390

44,864

Additions

3,114

-

3,114

At 31 May 2023

8,588

39,390

47,978

Depreciation

At 1 June 2022

4,299

19,432

23,731

Charge for the year

1,073

3,992

5,065

At 31 May 2023

5,372

23,424

28,796

Carrying amount

At 31 May 2023

3,216

15,966

19,182

At 31 May 2022

1,175

19,958

21,133

4

Stocks

2023
£

2022
£

Finished goods and goods for resale

15,000

50,000

5

Debtors

Current

2023
£

2022
£

Trade debtors

232,426

185,603

Prepayments

11,750

9,917

Other debtors

86,380

70,000

 

330,556

265,520

6

Creditors

Creditors: amounts falling due within one year

 

Zetmet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

27,343

Trade creditors

 

167,253

69,956

Taxation and social security

 

98,513

89,008

Accruals and deferred income

 

27,960

27,691

Other creditors

 

-

20,000

 

293,726

233,998

 

Zetmet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

-

63,355

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

40,303

Hire purchase contracts

-

23,052

-

63,355

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

23,122

Hire purchase contracts

-

4,221

-

27,343

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £800.00 (2022 - £700.00) per each Ordinary shares

 

80,000

 

70,000

         

10

Related party transactions

 

Zetmet Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,570

12,570