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Company No: 04544957 (England and Wales)

ZENON PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

ZENON PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

ZENON PROPERTIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 July 2023
ZENON PROPERTIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2023
DIRECTORS Kevin Paul Mccarthy
Michaela Mccarthy
SECRETARY Kevin Paul Mccarthy
REGISTERED OFFICE Lion Barn Industrial Estate
Needham Market
Ipswich
IP6 8NZ
United Kingdom
COMPANY NUMBER 04544957 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
ZENON PROPERTIES LIMITED

BALANCE SHEET

As at 31 July 2023
ZENON PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 950,000 950,000
Investments 4 102 102
950,102 950,102
Current assets
Debtors 5 40,105 16,458
Cash at bank and in hand 204,199 186,032
244,304 202,490
Creditors: amounts falling due within one year 6 ( 37,031) ( 58,208)
Net current assets 207,273 144,282
Total assets less current liabilities 1,157,375 1,094,384
Provision for liabilities 7 ( 94,844) ( 94,844)
Net assets 1,062,531 999,540
Capital and reserves
Called-up share capital 8 6 6
Revaluation reserve 666,252 666,252
Profit and loss account 396,273 333,282
Total shareholders' funds 1,062,531 999,540

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Zenon Properties Limited (registered number: 04544957) were approved and authorised for issue by the Board of Directors on 11 March 2024. They were signed on its behalf by:

Kevin Paul Mccarthy
Director
ZENON PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
ZENON PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Zenon Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lion Barn Industrial Estate, Needham Market, Ipswich, IP6 8NZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 August 2022 950,000 950,000
At 31 July 2023 950,000 950,000
Accumulated depreciation
At 01 August 2022 0 0
At 31 July 2023 0 0
Net book value
At 31 July 2023 950,000 950,000
At 31 July 2022 950,000 950,000

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 August 2022 102 102
At 31 July 2023 102 102
Carrying value at 31 July 2023 102 102
Carrying value at 31 July 2022 102 102

5. Debtors

2023 2022
£ £
Amounts owed by related parties 38,789 15,789
Other debtors 1,316 669
40,105 16,458

6. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to related parties 19,233 42,233
Taxation and social security 16,728 14,956
Other creditors 1,070 1,019
37,031 58,208

7. Provision for liabilities

2023 2022
£ £
Deferred tax 94,844 94,844

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
4 Ordinary A shares of £ 1.00 each 4 4
2 Ordinary B shares of £ 1.00 each 2 2
6 6

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amounts owed by Needham Fabrications Limited 38,789 15,789
Amounts owed to Claydon Precision Machining Limited (19,233) (42,233)

During the year the company entered into transactions with Needham Fabrications Limited.

Rent of £36,000 (2022 - £36,000) was received from Needham Fabrications Limited during the year.

Management charges of £23,000 (2022 - £23,000) were received from Needham Fabrications Limited during the year.

Management charges of £23,000 (2022 - £23,000) were received from Claydon Precision Machining Limited during the year.

Dividends of £54,000 (2022 - £51,000) were received from Needham Fabrications Limited during the year.

Dividends of £54,000 (2022 - £51,000) were received from Claydon Precision Machining Limited during the year.

The company was under the control of Mr K P McCarthy and Mrs M McCarthy throughout the current and previous year. Mr and Mrs McCarthy hold all of the issued share capital of the company. Mr K P McCarthy and Mrs M McCarthy are the only directors of Needham Fabrications Limited and Claydon Precision Machining Limited.