Acorah Software Products - Accounts Production 15.0.500 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 09972870 Mr Nassir Ghanchi Mr Harun Salah iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09972870 2023-03-31 09972870 2024-03-31 09972870 2023-04-01 2024-03-31 09972870 frs-core:CurrentFinancialInstruments 2024-03-31 09972870 frs-core:Non-currentFinancialInstruments 2024-03-31 09972870 frs-core:FurnitureFittings 2024-03-31 09972870 frs-core:FurnitureFittings 2023-04-01 2024-03-31 09972870 frs-core:FurnitureFittings 2023-03-31 09972870 frs-core:InvestmentPropertyIncludedWithinPPE 2024-03-31 09972870 frs-core:InvestmentPropertyIncludedWithinPPE 2023-03-31 09972870 frs-core:ShareCapital 2024-03-31 09972870 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 09972870 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09972870 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 09972870 frs-bus:SmallEntities 2023-04-01 2024-03-31 09972870 frs-bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09972870 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09972870 frs-core:ProvisionsDeferredTax 2024-03-31 09972870 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 09972870 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 09972870 frs-bus:Director1 2023-04-01 2024-03-31 09972870 frs-bus:Director2 2023-04-01 2024-03-31 09972870 frs-core:CurrentFinancialInstruments 1 2024-03-31 09972870 frs-core:CurrentFinancialInstruments 2 2024-03-31 09972870 frs-core:CurrentFinancialInstruments 3 2024-03-31 09972870 frs-countries:EnglandWales 2023-04-01 2024-03-31 09972870 2022-03-31 09972870 2023-03-31 09972870 2022-04-01 2023-03-31 09972870 frs-core:CurrentFinancialInstruments 2023-03-31 09972870 frs-core:Non-currentFinancialInstruments 2023-03-31 09972870 frs-core:ShareCapital 2023-03-31 09972870 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 09972870 frs-core:ProvisionsDeferredTax 2023-03-31 09972870 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 09972870 frs-core:CurrentFinancialInstruments 1 2023-03-31 09972870 frs-core:CurrentFinancialInstruments 2 2023-03-31 09972870 frs-core:CurrentFinancialInstruments 3 2023-03-31
Registered number: 09972870
ZYN Properties Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Synergy Accountancy Services LLP
Chartered Certified Accountants
378 Walsall Road
Perry Barr
Birmingham
B42 2LX
Unaudited Financial Statements
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountants' Report
Report to the directors on the preparation of the unaudited statutory accounts of ZYN Properties Limited For The Year Ended 31 March 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of ZYN Properties Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of ZYN Properties Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of ZYN Properties Limited and state those matters that we have agreed to state to the directors of ZYN Properties Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ZYN Properties Limited and its directors as a body for our work or for this report.
It is your duty to ensure that ZYN Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of ZYN Properties Limited . You consider that ZYN Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of ZYN Properties Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
2 August 2024
Synergy Accountancy Services LLP
Chartered Certified Accountants
378 Walsall Road
Perry Barr
Birmingham
B42 2LX
Page 1
Page 2
Balance Sheet
Registered number: 09972870
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 1,200,444 1,200,522
1,200,444 1,200,522
CURRENT ASSETS
Debtors 4 11,081 9,779
Cash at bank and in hand 819 3,423
11,900 13,202
Creditors: Amounts Falling Due Within One Year 5 (490,257 ) (489,606 )
NET CURRENT ASSETS (LIABILITIES) (478,357 ) (476,404 )
TOTAL ASSETS LESS CURRENT LIABILITIES 722,087 724,118
Creditors: Amounts Falling Due After More Than One Year 6 (475,727 ) (498,894 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (32,013 ) (32,013 )
NET ASSETS 214,347 193,211
CAPITAL AND RESERVES
Called up share capital 9 200 200
Fair Value Reserve 10 136,057 136,057
Profit and Loss Account 78,090 56,954
SHAREHOLDERS' FUNDS 214,347 193,211
Page 2
Page 3
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Harun Salah
Director
2 August 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 15% Reducing Balance
1.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5. Taxation
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
Page 4
Page 5
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 1 1
1 1
3. Tangible Assets
Investment Properties Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 1,200,000 1,000 1,201,000
As at 31 March 2024 1,200,000 1,000 1,201,000
Depreciation
As at 1 April 2023 - 478 478
Provided during the period - 78 78
As at 31 March 2024 - 556 556
Net Book Value
As at 31 March 2024 1,200,000 444 1,200,444
As at 1 April 2023 1,200,000 522 1,200,522
The analysis of the cost or valuation of the above assets is as follows:
Investment Properties Fixtures & Fittings Total
£ £ £
As at 31 March 2024
At cost 1,200,000 1,000 1,201,000
1,200,000 1,000 1,201,000
As at 1 April 2023
At cost 1,200,000 1,000 1,201,000
1,200,000 1,000 1,201,000
The investment property was valued on a fair value basis on 20 October 2017 by Shortland Penn and Moore Limited.The investment property has not been revalued at year end as the director believes this to be an appropriate value for the rental market in the area where the property is situated.
Page 5
Page 6
4. Debtors
2024 2023
£ £
Due within one year
Trade debtors 11,081 9,779
11,081 9,779
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 23,733 22,097
Corporation tax 6,040 8,647
Other creditors - HNZ Investments 330,450 330,150
Other creditors - HNSG Properties 31,070 27,918
Other creditors - Prime Production Ltd 5,000 -
Accruals and deferred income 8,181 15,800
Directors' loan accounts 85,783 84,994
490,257 489,606
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 475,727 498,894
475,727 498,894
7. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured with a fixed and floating charge on all the property or undertaking of the company.
2024 2023
£ £
Bank loans and overdrafts 499,460 520,991
8. Deferred Taxation
The provision for deferred taxation is due to the the revaluation of the investment property at fair value.
2024 2023
£ £
Deferred Tax 32,013 32,013
Page 6
Page 7
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
10. Reserves
Fair Value Reserve
£
As at 1 April 2023 136,057
As at 31 March 2024 136,057
11. Related Party Transactions
Included in Other Creditors is an interest-free loan, repayable on demand, amounting to £330,150 (2023 - £330,150) to a company which has a shareholding in the company.
Included in Other Creditors is an interest-free loan, repayable on demand, amounting to £27,870 (2023 - £27,870) to acompany which has a shareholding in the company.
The opening balance on the directors' current account was £84,994. The total debits and credits in the director's loan account were £1,450 (2023 - £61,500) and £2,240 (2023 - £32,328) respectively. The balance at 31 March 2024 was £85,784.
12. General Information
ZYN Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09972870 . The registered office is Lalita Buildings, 378 Walsall Road, Perry Barr, Birmingham, B42 2LX.
Page 7