Zone Technology Ltd 13696446 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is wholesale of IT equipment. Digita Accounts Production Advanced 6.30.9574.0 true true 13696446 2022-11-01 2023-10-31 13696446 2023-10-31 13696446 core:RetainedEarningsAccumulatedLosses 2023-10-31 13696446 core:ShareCapital 2023-10-31 13696446 core:CurrentFinancialInstruments 2023-10-31 13696446 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 13696446 core:Goodwill 2023-10-31 13696446 core:MotorVehicles 2023-10-31 13696446 core:OfficeEquipment 2023-10-31 13696446 core:PlantMachinery 2023-10-31 13696446 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-10-31 13696446 bus:SmallEntities 2022-11-01 2023-10-31 13696446 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 13696446 bus:FilletedAccounts 2022-11-01 2023-10-31 13696446 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 13696446 bus:RegisteredOffice 2022-11-01 2023-10-31 13696446 bus:CompanySecretary1 2022-11-01 2023-10-31 13696446 bus:Director1 2022-11-01 2023-10-31 13696446 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 13696446 core:Goodwill 2022-11-01 2023-10-31 13696446 core:MotorVehicles 2022-11-01 2023-10-31 13696446 core:OfficeEquipment 2022-11-01 2023-10-31 13696446 core:PlantMachinery 2022-11-01 2023-10-31 13696446 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-11-01 2023-10-31 13696446 countries:EnglandWales 2022-11-01 2023-10-31 13696446 2022-10-31 13696446 core:Goodwill 2022-10-31 13696446 core:MotorVehicles 2022-10-31 13696446 core:OfficeEquipment 2022-10-31 13696446 core:PlantMachinery 2022-10-31 13696446 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-10-31 13696446 2021-11-01 2022-10-31 13696446 2022-10-31 13696446 core:RetainedEarningsAccumulatedLosses 2022-10-31 13696446 core:ShareCapital 2022-10-31 13696446 core:CurrentFinancialInstruments 2022-10-31 13696446 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 13696446 core:Goodwill 2022-10-31 13696446 core:MotorVehicles 2022-10-31 13696446 core:OfficeEquipment 2022-10-31 13696446 core:PlantMachinery 2022-10-31 13696446 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-10-31 13696446 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure

Registration number: 13696446

Zone Technology Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Zone Technology Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Zone Technology Ltd

Company Information

Director

Mr NB Tyler

Company secretary

Mrs C Tyler

Registered office

Unit 1-2
Caesars Way
Folkestone
CT19 4AH

 

Zone Technology Ltd

(Registration number: 13696446)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

159,150

212,200

Tangible assets

5

33,830

28,220

 

192,980

240,420

Current assets

 

Stocks

6

35,000

35,000

Debtors

7

123,937

207,447

Cash at bank and in hand

 

160,448

63,393

 

319,385

305,840

Creditors: Amounts falling due within one year

8

(461,918)

(562,973)

Net current liabilities

 

(142,533)

(257,133)

Total assets less current liabilities

 

50,447

(16,713)

Provisions for liabilities

(6,428)

(5,362)

Net assets/(liabilities)

 

44,019

(22,075)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

44,017

(22,077)

Shareholders' funds/(deficit)

 

44,019

(22,075)

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
 

 

Zone Technology Ltd

(Registration number: 13696446)
Balance Sheet as at 31 October 2023 (continued)

.........................................
Mr NB Tyler
Director

   
     
 

Zone Technology 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:
Unit 1-2
Caesars Way
Folkestone
CT19 4AH
England

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 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.

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.

 

Zone Technology Ltd

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

2

Accounting policies (continued)

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.

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

Plant & machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangiable assets so as to write off the cost, less any residual value, over their useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

5 year straight line

 

Zone Technology Ltd

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

2

Accounting policies (continued)

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Zone Technology Ltd

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

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

 

Zone Technology Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

265,250

265,250

At 31 October 2023

265,250

265,250

Amortisation

At 1 November 2022

53,050

53,050

Amortisation charge

53,050

53,050

At 31 October 2023

106,100

106,100

Carrying amount

At 31 October 2023

159,150

159,150

At 31 October 2022

212,200

212,200

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

22,105

7,636

5,500

35,241

Additions

-

2,476

13,083

15,559

At 31 October 2023

22,105

10,112

18,583

50,800

Depreciation

At 1 November 2022

5,132

858

1,031

7,021

Charge for the year

4,243

2,136

3,570

9,949

At 31 October 2023

9,375

2,994

4,601

16,970

Carrying amount

At 31 October 2023

12,730

7,118

13,982

33,830

At 31 October 2022

16,973

6,778

4,469

28,220

 

Zone Technology Ltd

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

6

Stocks

2023
£

2022
£

Raw materials and consumables

35,000

35,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

122,324

204,175

Prepayments

1,613

3,272

 

123,937

207,447

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

131,625

130,490

Trade creditors

 

53,817

39,469

Taxation and social security

 

45,301

55,032

Accruals and deferred income

 

12,381

31,204

Other creditors

 

218,794

306,778

 

461,918

562,973

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Directors current account

131,625

130,490

 

Zone Technology Ltd

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

10

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

130,490

130,490

Advanced

1,134

1,134

At end of period

131,624

131,624

2022

Key management
£

Total
£

Advanced

130,490

130,490

At end of period

130,490

130,490