Caseware UK (AP4) 2022.0.179 2022.0.179 2023-10-312023-10-312022-11-01false76truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11017575 2022-11-01 2023-10-31 11017575 2021-11-01 2022-10-31 11017575 2023-10-31 11017575 2022-10-31 11017575 c:Director1 2022-11-01 2023-10-31 11017575 c:Director2 2022-11-01 2023-10-31 11017575 c:Director3 2022-11-01 2023-10-31 11017575 c:Director3 2023-10-31 11017575 c:RegisteredOffice 2022-11-01 2023-10-31 11017575 d:FurnitureFittings 2022-11-01 2023-10-31 11017575 d:FurnitureFittings 2023-10-31 11017575 d:FurnitureFittings 2022-10-31 11017575 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 11017575 d:OfficeEquipment 2022-11-01 2023-10-31 11017575 d:OfficeEquipment 2023-10-31 11017575 d:OfficeEquipment 2022-10-31 11017575 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 11017575 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 11017575 d:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 11017575 d:PatentsTrademarksLicencesConcessionsSimilar 2022-10-31 11017575 d:CurrentFinancialInstruments 2023-10-31 11017575 d:CurrentFinancialInstruments 2022-10-31 11017575 d:Non-currentFinancialInstruments 2023-10-31 11017575 d:Non-currentFinancialInstruments 2022-10-31 11017575 c:FRS102 2022-11-01 2023-10-31 11017575 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 11017575 c:FullAccounts 2022-11-01 2023-10-31 11017575 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 11017575 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 11017575









ZENITH AUDIT LTD







UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
ZENITH AUDIT LTD
 
 
COMPANY INFORMATION


Directors
Filip Lyapov 
Radostina Paine 
Milena Mitova (appointed 5 November 2022)




Registered number
11017575



Registered office
1st Floor
18 Devonshire Row

London

EC2M 4RH





 
ZENITH AUDIT LTD
 

CONTENTS



Page
Directors' Report
Profit and Loss Account
2
Balance Sheet
3 - 4
Notes to the Financial Statements
5 - 10

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is that of provision of audit and related assurance services.

Directors

The directors who served during the year were:

Filip Lyapov 
Radostina Paine 
Milena Mitova (appointed 5 November 2022)

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.


 
ZENITH AUDIT LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023

This report was approved by the board on 27 November 2023 and signed on its behalf.
 





Filip Lyapov
Director

Page 1

 
ZENITH AUDIT LTD
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
Note
£
£

  

Turnover
  
1,160,405
698,300

Cost of sales
  
(188,166)
(146,147)

Gross profit
  
972,239
552,153

Distribution costs
  
(400)
(186)

Administrative expenses
  
(619,288)
(400,763)

Other operating income
  
88
-

Operating profit
  
352,639
151,204

Interest payable and similar expenses
  
(16,007)
(17,290)

Profit before tax
  
336,632
133,914

Tax on profit
  
(86,630)
(29,021)

Profit for the financial year
  
250,002
104,893

There are no items of other comprehensive income for 2023 or 2022 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 5 to 10 form part of these financial statements.

Page 2

 
ZENITH AUDIT LTD
REGISTERED NUMBER: 11017575

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Intangible assets
 4 
251,563
295,313

Tangible assets
 5 
7,219
11,413

  
258,782
306,726

Current assets
  

Debtors: amounts falling due within one year
 6 
154,068
46,883

Cash at bank and in hand
  
76,231
50,481

  
230,299
97,364

Creditors: amounts falling due within one year
 7 
(280,662)
(362,773)

Net current liabilities
  
 
 
(50,363)
 
 
(265,409)

Total assets less current liabilities
  
208,419
41,317

  

Creditors: amounts falling due after more than one year
  
(60,000)
-

  
148,419
41,317

  

  

Net assets
  
148,419
41,317


Capital and reserves
  

Called up share capital 
  
198
100

Profit and loss account
  
148,221
41,217

  
148,419
41,317


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Page 3

 
ZENITH AUDIT LTD
REGISTERED NUMBER: 11017575
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2023.




Filip Lyapov
Director

The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
ZENITH AUDIT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Zenith Audit Ltd is a private limited company, incorporated in England & Wales.  The Company's registered office and the registered office number are shown on the Company information page.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
ZENITH AUDIT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
ZENITH AUDIT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2023
2022
£
£

Wages and salaries
314,787
189,865

Social security costs
20,985
18,959

Cost of defined contribution scheme
16,206
11,276

351,978
220,100


The average monthly number of employees, including directors, during the year was 7 (2022 - 6).

Page 7

 
ZENITH AUDIT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Intangible assets




Contract Rights

£



Cost


At 1 November 2022
350,000



At 31 October 2023

350,000



Amortisation


At 1 November 2022
54,688


Charge for the year on owned assets
43,750



At 31 October 2023

98,438



Net book value



At 31 October 2023
251,562



At 31 October 2022
295,313



Page 8

 
ZENITH AUDIT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 November 2022
4,815
8,971
13,786



At 31 October 2023

4,815
8,971
13,786



Depreciation


At 1 November 2022
414
1,959
2,373


Charge for the year on owned assets
1,204
2,990
4,194



At 31 October 2023

1,618
4,949
6,567



Net book value



At 31 October 2023
3,197
4,022
7,219



At 31 October 2022
4,401
7,012
11,413


6.


Debtors

2023
2022
£
£


Trade debtors
150,138
28,829

Other debtors
30
-

Prepayments and accrued income
3,900
18,054

154,068
46,883


Page 9

 
ZENITH AUDIT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
40,086
85,639

Corporation tax
86,629
29,021

Other taxation and social security
47,318
38,053

Other creditors
4,629
204,260

Accruals and deferred income
102,000
5,800

280,662
362,773



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
60,000
-

60,000
-



9.


Related party transactions

During the year, the Company repaid loans to the directors as below :
Filip Lyapov             - £90,552
Radostina Paine      - £50,552
During the year, interest of £8,800 and £7,200 was paid to Radostina Paine and Filip Lyapov respectively, both directors of the Company in respect of the loans outstanding. 
As at the year end, the Company owed £60,000 to Radostina Paine in respect of loan outstanding.


10.


Controlling party

The ultimate controlling party until the end of the reporting period was Filip Lyapov, the director and shareholder of the Company. After the end of the reporting period there is no single controlling party.

Page 10