Zelination Ltd 11537252 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is property rental Digita Accounts Production Advanced 6.30.9574.0 true true 11537252 2023-02-01 2024-01-31 11537252 2024-01-31 11537252 core:RevaluationInvestmentPropertyDeferredTax 2024-01-31 11537252 core:CurrentFinancialInstruments 2024-01-31 11537252 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 11537252 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 11537252 core:MoreThanFiveYears 2 2024-01-31 11537252 core:FurnitureFittingsToolsEquipment 2024-01-31 11537252 bus:SmallEntities 2023-02-01 2024-01-31 11537252 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 11537252 bus:FullAccounts 2023-02-01 2024-01-31 11537252 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 11537252 bus:RegisteredOffice 2023-02-01 2024-01-31 11537252 bus:Director1 2023-02-01 2024-01-31 11537252 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 11537252 core:FurnitureFittings 2023-02-01 2024-01-31 11537252 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 11537252 countries:EnglandWales 2023-02-01 2024-01-31 11537252 2023-01-31 11537252 core:FurnitureFittingsToolsEquipment 2023-01-31 11537252 2022-02-01 2023-01-31 11537252 2023-01-31 11537252 core:RevaluationInvestmentPropertyDeferredTax 2023-01-31 11537252 core:CurrentFinancialInstruments 2023-01-31 11537252 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 11537252 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 11537252 core:MoreThanFiveYears 2 2023-01-31 11537252 core:FurnitureFittingsToolsEquipment 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 11537252

Prepared for the registrar

Zelination Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Zelination Ltd

(Registration number: 11537252)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,290

1,667

Investment property

5

350,000

375,000

Investments

50

-

 

351,340

376,667

Current assets

 

Debtors

6

901

1,301

Cash at bank and in hand

 

3,227

1,413

 

4,128

2,714

Creditors: Amounts falling due within one year

7

(135,133)

(130,427)

Net current liabilities

 

(131,005)

(127,713)

Total assets less current liabilities

 

220,335

248,954

Creditors: Amounts falling due after more than one year

7

(263,988)

(263,716)

Deferred tax liabilities

8

-

(1,187)

Net liabilities

 

(43,653)

(15,949)

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

-

3,561

Profit and loss account

(43,753)

(19,610)

Shareholders' deficit

 

(43,653)

(15,949)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 September 2024 and signed on its behalf by:
 


L V De Silva
Director

 

Zelination Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

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:
20-22 Wenlock Road
London
N1 7GU

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value received for gross rental income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Zelination Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

Fixtures and fittings

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

 

Zelination Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

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

The carrying value of the investment property is based on the market value as estimated by the directors. The carrying amount at historical cost is £370,252 (2023 - £370,252).

 

Zelination Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

 

6

Debtors

2024
 £

2023
 £

Prepayments

901

1,301

 

901

1,301

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Directors' loan account

9

130,600

128,417

Trade creditors

 

673

-

Accrued expenses

 

2,210

2,010

Deferred income

 

1,650

-

 

135,133

130,427

2024
£

2023
£

Due after one year

Loans and borrowings (secured)

263,988

263,716

2024
£

2023
£

After more than five years not by instalments

263,988

263,716

-

-

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Revaluation of investment property

-

2023

Liability
£

Revaluation of investment property

1,187

 

9

Related party transactions

At 31 January 2024 the company owed £130,600 (2023 - £128,417) to the directors in the form of a directors' loan account. The loan is unsecured, repayable on demand and no interest is payable.