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COMPANY REGISTRATION NUMBER: 00158096
Zan Limited
Filleted Unaudited Financial Statements
30 June 2023
Zan Limited
Financial Statements
Year ended 30 June 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Zan Limited
Balance Sheet
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
853,707
853,702
Current assets
Debtors
6
135,046
85,300
Cash at bank and in hand
65,154
80,390
---------
---------
200,200
165,690
Creditors: amounts falling due within one year
7
66,946
64,366
---------
---------
Net current assets
133,254
101,324
---------
---------
Total assets less current liabilities
986,961
955,026
Provisions
Taxation including deferred tax
75,000
75,000
---------
---------
Net assets
911,961
880,026
---------
---------
Capital and reserves
Called up share capital
13,497
13,497
Share premium account
1,345
1,345
Non-distributable reserve
407,083
407,083
Capital redemption reserve
16,503
16,503
Profit and loss account
473,533
441,598
---------
---------
Shareholders funds
911,961
880,026
---------
---------
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 profit and loss account has not been delivered.
For the year ending 30 June 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 .
Zan Limited
Balance Sheet (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 5 February 2024 , and are signed on behalf of the board by:
Mr R G Hovey
Director
Company registration number: 00158096
Zan Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 00158096 . The address of the registered office is Wheelock Mills, Wheelock, Nr Sandbach, Cheshire, CW11 4QH.
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. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
The turnover shown in the profit and loss account represents rental income and recharged expenses receivable during the year, exclusive of Value Added Tax. Turnover is recognised when the company obtains the right to receive consideration for services provided.
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. 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 material 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 subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures and Fittings
-
25% straight line
Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost and subsequently remeasured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit and loss in the period in which they arise.
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Investment Properties
Fixtures and fittings
Development land
Total
£
£
£
£
Cost
At 1 July 2022
400,000
1,396
453,609
855,005
Additions
128
128
Disposals
( 250)
( 250)
---------
-------
---------
---------
At 30 June 2023
400,000
1,274
453,609
854,883
---------
-------
---------
---------
Depreciation
At 1 July 2022
1,303
1,303
Charge for the year
123
123
Disposals
( 250)
( 250)
---------
-------
---------
---------
At 30 June 2023
1,176
1,176
---------
-------
---------
---------
Carrying amount
At 30 June 2023
400,000
98
453,609
853,707
---------
-------
---------
---------
At 30 June 2022
400,000
93
453,609
853,702
---------
-------
---------
---------
The director has valued the investment property at fair value based on judgement and experience.
6. Debtors
2023
2022
£
£
Trade debtors
64,177
51,183
Amounts owed by group undertakings and undertakings in which the company has a participating interest
54,747
31,102
Other debtors
16,122
3,015
---------
--------
135,046
85,300
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,586
580
Corporation tax
16,367
15,500
Social security and other taxes
13,451
15,060
Other creditors
31,542
33,226
--------
--------
66,946
64,366
--------
--------
8. Director's advances, credits and guarantees
There is a legal charge dated 22/3/04 in respect of R G Hovey for the amount of £70,000 due or to become due from the company to the chargee, secured by the freehold property of Zan Industrial Park.
9. Controlling party
The ultimate parent company is Zan Holdings Limited, a company registered in England and Wales. The registered office address is Main Office, Zan Industrial Park, Crewe Road, Wheelock, Sandbach, CW11 4QH.