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Registration number: 09837063

ZKY Foods (UK) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

ZKY Foods (UK) Ltd

Company Information

Director

Mr PD Poonjiaji

Registered office

9 Berners Place
London
W1T 3AD

Accountants

Mehta & Tengra
9 Berners Place
London
W1T 3AD

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
ZKY Foods (UK) Ltd
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of ZKY Foods (UK) Ltd for the year ended 30 September 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of ZKY Foods (UK) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of ZKY Foods (UK) Ltd and state those matters that we have agreed to state to the Board of Directors of ZKY Foods (UK) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ZKY Foods (UK) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that ZKY Foods (UK) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of ZKY Foods (UK) Ltd. You consider that ZKY Foods (UK) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of ZKY Foods (UK) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Mehta & Tengra
9 Berners Place
London
W1T 3AD

16 April 2024

 

ZKY Foods (UK) Ltd

(Registration number: 09837063)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

3,126

2,533

Current assets

 

Stocks

388,997

266,840

Debtors

432,823

596,070

Cash at bank and in hand

 

172,859

82,585

 

994,679

945,495

Creditors: Amounts falling due within one year

(500,019)

(446,173)

Net current assets

 

494,660

499,322

Total assets less current liabilities

 

497,786

501,855

Provisions for liabilities

(594)

(481)

Net assets

 

497,192

501,374

Capital and reserves

 

Called up share capital

6

1,000

1,000

Retained earnings

496,192

500,374

Shareholders' funds

 

497,192

501,374

For the financial year ending 30 September 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 16 April 2024
 

.........................................
Mr PD Poonjiaji
Director

 

ZKY Foods (UK) Ltd

Statement of Changes in Equity for the Year Ended 30 September 2023

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

1,000

500,374

501,374

Profit for the year

-

9,318

9,318

Dividends

-

(13,500)

(13,500)

At 30 September 2023

1,000

496,192

497,192

Share capital
£

Retained earnings
£

Total
£

At 1 October 2021

1,000

561,426

562,426

Loss for the year

-

(28,052)

(28,052)

Dividends

-

(33,000)

(33,000)

At 30 September 2022

1,000

500,374

501,374

 

ZKY Foods (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the director on 16 April 2024.

2

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' 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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

 

ZKY Foods (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

15% on cost

Office Equipment

33% on cost

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

ZKY Foods (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax adjustment to prior periods

4,717

(3,834)

Deferred taxation

Arising from changes in tax rates and laws

113

(107)

Tax expense/(receipt) in the income statement

4,830

(3,941)

Deferred tax

 

ZKY Foods (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2022

4,046

13,964

18,010

Additions

1,411

-

1,411

At 30 September 2023

5,457

13,964

19,421

Depreciation

At 1 October 2022

1,514

13,963

15,477

Charge for the year

818

-

818

At 30 September 2023

2,332

13,963

16,295

Carrying amount

At 30 September 2023

3,125

1

3,126

At 30 September 2022

2,532

1

2,533

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

7

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £13.5 (2022 - 33.00) per each Ordinary share

 

13,500

 

33,000

         
 

ZKY Foods (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Related party transactions

The rate of interest charged on the debit balance on directors loan account is 2.5%.

Transactions with the director

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr PD Poonjiaji

14,183

13,035

(13,500)

13,718

         
       

 

Dividends paid to the director

   

2023
£

 

2022
£

Mr PD Poonjiaji

       

 

13,500

 

33,000

         

Summary of transactions with entities with joint control or significant interest

The director had a 50% shareholding in another company
 

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

2,815

2,815

At end of period

2,815

2,815

2022

Entities with joint control or significant influence
£

Total
£

At start of period

2,815

2,815

At end of period

2,815

2,815

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

164,429

164,429

Repaid

(3,018)

(3,018)

At end of period

161,411

161,411

 

ZKY Foods (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

2022

Entities with joint control or significant influence
£

Total
£

At start of period

167,167

167,167

Repaid

(2,738)

(2,738)

At end of period

164,429

164,429

12. Ultimate controlling party

The ultimate controlling party is Mr P Poonjiaji.