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Registration number: 13408120

ZipYard Concessions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

ZipYard Concessions Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

ZipYard Concessions Limited

(Registration number: 13408120)
Balance Sheet as at 30 April 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

22,222

 

55,539

Current assets

   

 

Debtors

5

30,938

 

8,824

 

Cash at bank and in hand

 

9,304

 

8,008

 

 

40,242

 

16,832

 

Creditors: Amounts falling due within one year

6

(111,862)

 

(108,849)

 

Net current liabilities

   

(71,620)

 

(92,017)

Total assets less current liabilities

   

(49,398)

 

(36,478)

Provisions for liabilities

 

(6,000)

 

(14,000)

Net liabilities

   

(55,398)

 

(50,478)

Capital and reserves

   

 

Called up share capital

7

100

 

100

 

Profit and loss account

(55,498)

 

(50,578)

 

Total equity

   

(55,398)

 

(50,478)

For the financial year ending 30 April 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 29 July 2024
 

.........................................
Mr N Dunning
Director

 

ZipYard Concessions Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
114A Harrogate Road
Chapel Allerton
Leeds
LS7 4NY

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Going concern

During the year the company made a loss of £4,920, and at the year end had net liabilities of £55,398, including loans to group companies of £101,470. The group companies have indicated that they will continue to support the company, and therefore 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 and provision of services 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.

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 corporation 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.

 

ZipYard Concessions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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

Office Equipment

33% Straight Line

Plant and Machinery

20% Reducing Balance

Land and Buildings

25% Reducing Balance

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.

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.

 

ZipYard Concessions Limited

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

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

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

 

ZipYard Concessions Limited

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

4

Tangible assets

Land and buildings
£

Plant and machinery
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 May 2022

55,013

3,500

3,194

61,707

Disposals

(27,692)

-

-

(27,692)

At 30 April 2023

27,321

3,500

3,194

34,015

Depreciation

At 1 May 2022

5,146

444

578

6,168

Charge for the year

12,599

611

1,054

14,264

Eliminated on disposal

(8,639)

-

-

(8,639)

At 30 April 2023

9,106

1,055

1,632

11,793

Carrying amount

At 30 April 2023

18,215

2,445

1,562

22,222

At 30 April 2022

49,867

3,056

2,616

55,539

Included within the net book value of land and buildings above is £18,215 (2022 - £49,867) in respect of short leasehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Amounts owed by related parties

9,134

6,996

Prepayments

242

1,828

Other debtors

21,562

-

30,938

8,824

6

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

3,844

2,800

Trade creditors

-

7,108

Amounts owed to group undertakings and undertakings in which the company has a participating interest

101,470

91,470

Taxation and social security

4,265

1,795

Accruals and deferred income

2,205

2,215

Other creditors

78

3,461

111,862

108,849

 

ZipYard Concessions Limited

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Related party transactions

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

3,844

2022

Key management
£

Amounts payable to related party

2,800

9

Parent and ultimate parent undertaking

The company's immediate parent is The Zip Yard Franchising (GB) Limited, incorporated in Northern Ireland.

 The ultimate parent is NDPS (Yorkshire) Limited, incorporated in England and Wales.