Company registration number 12760284 (England and Wales)
ZIRO FOODS LTD (PREVIOUSLY ZIRO FIBRE LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
ZIRO FOODS LTD (PREVIOUSLY ZIRO FIBRE LTD)
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
ZIRO FOODS LTD (PREVIOUSLY ZIRO FIBRE LTD)
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
462,525
101,873
Current assets
Debtors
4
16,194
-
0
Cash at bank and in hand
41,350
10,100
57,544
10,100
Creditors: amounts falling due within one year
5
(245,786)
(138,250)
Net current liabilities
(188,242)
(128,150)
Net assets/(liabilities)
274,283
(26,277)
Capital and reserves
Called up share capital
6
112,907
100
Profit and loss reserves
161,376
(26,377)
Total equity
274,283
(26,277)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 30 July 2024
Mr M R Al-Qaisi
Director
Company registration number 12760284 (England and Wales)
ZIRO FOODS LTD (PREVIOUSLY ZIRO FIBRE LTD)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2021
100
(6,260)
(6,160)
Year ended 31 July 2022:
Loss and total comprehensive income
-
(20,117)
(20,117)
Balance at 31 July 2022
100
(26,377)
(26,277)
Year ended 31 July 2023:
Profit and total comprehensive income
-
187,753
187,753
Issue of share capital
6
112,807
-
112,807
Balance at 31 July 2023
112,907
161,376
274,283
ZIRO FOODS LTD (PREVIOUSLY ZIRO FIBRE LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Ziro Foods Ltd (previously Ziro Fibre Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is The Bristol Office, 2nd Floor, 5 High Street, Westbury-on-Trym, Bristol, England, BS9 3BY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
10 years straight line
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at bank only.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

ZIRO FOODS LTD (PREVIOUSLY ZIRO FIBRE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including trade creditors, taxation and social security and other creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of fixed assets.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
1
ZIRO FOODS LTD (PREVIOUSLY ZIRO FIBRE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
3
Intangible fixed assets
Development costs
£
Cost
At 1 August 2022
101,873
Additions
360,652
At 31 July 2023
462,525
Amortisation and impairment
At 1 August 2022 and 31 July 2023
-
0
Carrying amount
At 31 July 2023
462,525
At 31 July 2022
101,873
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
16,194
-
0
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
37,044
-
0
Taxation and social security
-
0
4,367
Other creditors
208,742
133,883
245,786
138,250
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
112,907
100
112,907
100

During the year, the company issued 112,807 Ordinary £1.00 shares at par by way of conversion of a director's loan account.

7
Related party transactions

Included within creditors falling due within one year is a balance of £205,578 (2022: £112,807) that is due to a company director. This loan is interest free and repayable on demand.

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