Registered number
05077230
Zero One Airsoft Ltd
Filleted Accounts
31 May 2023
Zero One Airsoft Ltd
Registered number: 05077230
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 10,000 10,000
Tangible assets 4 17,837 20,172
27,837 30,172
Current assets
Stocks 181,042 259,603
Debtors 5 - -
Cash at bank and in hand 334,046 117,274
515,088 376,877
Creditors: amounts falling due within one year 6 (233,760) (151,839)
Net current assets 281,328 225,038
Total assets less current liabilities 309,165 255,210
Creditors: amounts falling due after more than one year 7 (283,613) (243,722)
Net assets 25,552 11,488
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 20,552 6,488
Shareholders' funds 25,552 11,488
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
D Collins
Director
Approved by the board on 20 February 2024
Zero One Airsoft Ltd
Notes to the Accounts
for the year ended 31 May 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 20% Reducing balance
Motor vehicles 20% Reducing balance
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 10,000
At 31 May 2023 10,000
Amortisation
At 1 June 2022 -
Provided during the year -
At 31 May 2023 -
Net book value
At 31 May 2023 10,000
At 31 May 2022 10,000
4 Tangible fixed assets
Work on leasehold premises Office and computer equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 8,500 44,535 31,023 84,058
Additions - - - -
At 31 May 2023 8,500 44,535 31,023 84,058
Depreciation
At 1 June 2022 - 39,196 24,690 63,886
Charge for the year - 1,068 1,267 2,335
At 31 May 2023 - 40,264 25,957 66,221
Net book value
At 31 May 2023 8,500 4,271 5,066 17,837
At 31 May 2022 8,500 5,339 6,333 20,172
5 Debtors 2023 2022
£ £
Trade debtors - -
Other debtors - -
- -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Loans and overdrafts 56,446 48,658
Directors loan account 40,479 43,542
Taxation and social security costs 52,785 58,139
Trade creditors 84,050 1,500
233,760 151,839
7 Creditors: amounts falling due after one year 2023 2022
£ £
Long term loan 238,499 159,005
Bank Loan 45,114 84,717
283,613 243,722
8 Controlling party
The company is controlled by the Director.
9 Other information
Zero One Airsoft Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8 Branksome Business Park
Bourne Valley Road
Poole
Dorset
BH12 1DW
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