Registered number
07290764
ZAY LTD
Filleted Accounts
31 December 2023
ZAY LTD
Registered number: 07290764
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 57,791 75,534
Current assets
Stocks 220,137 220,841
Debtors 5 34,835 35,348
Cash at bank and in hand 476,446 410,750
731,418 666,939
Creditors: amounts falling due within one year 6 (111,021) (48,068)
Net current assets 620,397 618,871
Total assets less current liabilities 678,188 694,405
Creditors: amounts falling due after more than one year 7 (172,205) (156,543)
Net assets 505,983 537,862
Capital and reserves
Called up share capital 100 100
Profit and loss account 505,883 537,762
Shareholder's funds 505,983 537,862
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
ZAHIDA PATEL
Director
Approved by the board on 8 February 2024
ZAY LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 31 31
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 82,897
At 31 December 2023 82,897
Amortisation
At 1 January 2023 82,897
At 31 December 2023 82,897
Net book value
At 31 December 2023 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 427,885
Additions 3,843
At 31 December 2023 431,728
Depreciation
At 1 January 2023 352,351
Charge for the year 21,586
At 31 December 2023 373,937
Net book value
At 31 December 2023 57,791
At 31 December 2022 75,534
5 Debtors 2023 2022
£ £
Trade debtors 27,046 17,559
Other debtors 7,789 17,789
34,835 35,348
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 33,270 (9,384)
Taxation and social security costs 4,744 6,272
Other creditors 73,007 51,180
111,021 48,068
7 Creditors: amounts falling due after one year 2023 2022
£ £
Trade Vouchers Balance 172,205 156,543
8 Controlling party
The Director Miss Zahida Patel has ultimate control by virtue of her holding 100% of the issued share capital
9 Other information
ZAY LTD is a private company limited by shares and incorporated in England. Its registered office is:
24-26 PRINCESS PARADE
BURY
BL9 0QL
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