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Registration number: 03198717

Zink-It (Norwich) Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Zink-It (Norwich) Ltd.

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Zink-It (Norwich) Ltd.

Registration number: 03198717

Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

28,451

46,709

Current assets

 

Stocks

5

16,000

26,000

Debtors

6

159,211

189,328

Cash at bank and in hand

 

14,049

-

 

189,260

215,328

Creditors: Amounts falling due within one year

7

(178,124)

(203,000)

Net current assets

 

11,136

12,328

Total assets less current liabilities

 

39,587

59,037

Creditors: Amounts falling due after more than one year

7

(34,644)

(51,205)

Provisions for liabilities

(86)

(3,219)

Net assets

 

4,857

4,613

Capital and reserves

 

Called up share capital

8

90

90

Retained earnings

4,767

4,523

Shareholders' funds

 

4,857

4,613



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Zink-It (Norwich) Ltd.

Registration number: 03198717

Balance Sheet as at 31 October 2023 (continued)

For the financial year ending 31 October 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 30 July 2024
 

C M Bream
Company secretary and director

   
     

 

Zink-It (Norwich) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Wymondham Business Centre
1 Town Green
Wymondham
Norfolk
NR18 0PN
England

The principal place of business is:
Unit 4
Station Road Industrial Estate
Lenwade
Norfolk
NR9 5LY

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.

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

 

Zink-It (Norwich) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

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.

Government grants

Government grants in relation to tangible assets are credited to profit and loss accouont over the useful lives of the related assets. Government grants in relation to expenditure are credited to the profit and loss account when the expenditure has been charged.

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.

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.

 

Zink-It (Norwich) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

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

Leasehold improvements

20% reducing balance

Fixtures and fittings

20% reducing balance

Plant and equipment

20% reducing balance

Motor vehicles

25% reducing balance

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Zink-It (Norwich) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 7).

4

Tangible assets

Property improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

107

4,717

75,747

31,395

111,966

Disposals

-

-

(16,954)

(31,208)

(48,162)

At 31 October 2023

107

4,717

58,793

187

63,804

Depreciation

At 1 November 2022

98

4,313

37,815

23,031

65,257

Charge for the year

2

81

7,348

4

7,435

Eliminated on disposal

-

-

(14,475)

(22,864)

(37,339)

At 31 October 2023

100

4,394

30,688

171

35,353

Carrying amount

At 31 October 2023

7

323

28,105

16

28,451

At 31 October 2022

9

404

37,932

8,364

46,709

 

Zink-It (Norwich) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

5

Stocks

2023
£

2022
£

Other inventories

16,000

26,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

51,398

81,799

Prepayments

3,942

3,730

Other debtors

103,871

103,799

 

159,211

189,328

The amounts owed to the company at the year-end in respect of the directors' loans was £78,269 (2022 - £78,269) and is included in other debtors. It is company policy to charge interest on all overdrawn loan accounts over £10,000 at HM Revenue & Customs official rate of interest.

 

Zink-It (Norwich) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

13,492

42,066

Trade creditors

 

5,516

50,926

Taxation and social security

 

139,859

85,887

Other creditors

 

19,257

24,121

 

178,124

203,000

Due after one year

 

Loans and borrowings

9

34,644

51,205

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

34,644

51,205

 

Zink-It (Norwich) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

90

90

90

90

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

16,722

25,833

HP and finance lease liabilities

17,922

25,372

34,644

51,205

 

Zink-It (Norwich) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

9

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

-

18,400

HP and finance lease liabilities

3,492

13,666

13,492

42,066

10

Related party transactions

Summary of transactions with other related parties

During the year, the company incurred and suffered costs and expenses on behalf of a UK registered company which the owner has a participating interest and is director. At the balance sheet date the amount owed and included in other creditors was £14,937 (2022- £20,694).