Company registration number 09995351 (England and Wales)
ZFA PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
ZFA PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ZFA PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
2,518,000
2,518,000
Current assets
Debtors
5
164,590
74,747
Cash at bank and in hand
21,598
14,282
186,188
89,029
Creditors: amounts falling due within one year
6
(417,314)
(382,535)
Net current liabilities
(231,126)
(293,506)
Total assets less current liabilities
2,286,874
2,224,494
Creditors: amounts falling due after more than one year
7
(1,441,879)
(1,450,325)
Provisions for liabilities
(41,700)
(41,700)
Net assets
803,295
732,469
Capital and reserves
Called up share capital
100
100
Other reserves
125,101
125,101
Profit and loss reserves
9
678,094
607,268
Total equity
803,295
732,469

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

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 by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mr A H Anwar
Director
Company registration number 09995351 (England and Wales)
ZFA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information

ZFA Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Anderson Road, Woodford Green, England IG8 8ET

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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The financial statements of the company are consolidated in the financial statements of ZFA Group Limited. These consolidated financial statements are available from its registered office Unit 7 Anderson Road, Woodford Green, England IG8 8ET

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rents receivable from tenants and is recognised in the profit and loss account in the period it relates to.

 

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the

normal course of business.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Motor vehicles
20% on Straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

ZFA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

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

2023
2022
Number
Number
Total
2
1
ZFA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 and 31 May 2023
23,500
Depreciation and impairment
At 1 June 2022 and 31 May 2023
23,500
Carrying amount
At 31 May 2023
-
0
At 31 May 2022
-
0
4
Investment property
2023
£
Fair value
At 1 June 2022 and 31 May 2023
2,518,000

Investment property comprises residential properties. The valuation was made by the director on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
164,590
74,747
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
119,192
119,121
Amounts owed to group undertakings
22,000
-
0
Corporation tax
38,809
20,849
Other creditors
237,313
242,565
417,314
382,535
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,441,879
1,450,325
ZFA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 5 -

Loans are secured by fixed charge over the assets of the company.

8
Other reserves
2023
2022
£
£
At the beginning of the year
125,101
452,170
Other movements
-
(327,069)
At the end of the year
125,101
125,101

Other reserves represents fair value gains net of deferred tax on revaluation of investment property.

9
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
607,268
724,766
Profit/(loss) for the year
70,826
(444,567)
Other
-
327,069
At the end of the year
678,094
607,268
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ghulam Alahi
Statutory Auditor:
Vision Consulting Accountants Limited
Date of audit report:
28 August 2024
2023-05-312022-06-01false28 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr A H AnwarZ H Anwarfalsefalse099953512022-06-012023-05-31099953512023-05-31099953512022-05-3109995351core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3109995351core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3109995351core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3109995351core:Non-currentFinancialInstrumentscore:AfterOneYear2022-05-3109995351core:CurrentFinancialInstruments2023-05-3109995351core:CurrentFinancialInstruments2022-05-3109995351core:ShareCapital2023-05-3109995351core:ShareCapital2022-05-3109995351core:OtherMiscellaneousReserve2023-05-3109995351core:OtherMiscellaneousReserve2022-05-3109995351core:RetainedEarningsAccumulatedLosses2023-05-3109995351core:RetainedEarningsAccumulatedLosses2022-05-3109995351core:RetainedEarningsAccumulatedLosses2022-05-3109995351core:RetainedEarningsAccumulatedLosses2021-05-3109995351bus:Director12022-06-012023-05-3109995351core:MotorVehicles2022-06-012023-05-31099953512021-06-012022-05-3109995351core:OtherPropertyPlantEquipment2022-05-3109995351core:OtherPropertyPlantEquipment2023-05-3109995351core:OtherPropertyPlantEquipment2022-05-31099953512022-05-3109995351core:WithinOneYear2023-05-3109995351core:WithinOneYear2022-05-3109995351core:Non-currentFinancialInstruments2023-05-3109995351core:Non-currentFinancialInstruments2022-05-3109995351bus:PrivateLimitedCompanyLtd2022-06-012023-05-3109995351bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3109995351bus:FRS1022022-06-012023-05-3109995351bus:Audited2022-06-012023-05-3109995351bus:Director22022-06-012023-05-3109995351bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP