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Registration number: 07242693

Zetmet Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Zetmet Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Zetmet Limited

Company Information

Director

P McMahon

Registered office

Unit 6
Grosvenor Grange
Woolston
Warrington
Cheshire
WA1 4GD

Accountants

Davidson Stant Limited
The Glen
Knutsford Old Road
Stockton Heath
Warrington
Cheshire
WA4 2LD

 

Zetmet Limited

(Registration number: 07242693)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

2,939

19,182

Current assets

 

Stocks

4

5,000

15,000

Debtors

5

326,609

330,556

Cash at bank and in hand

 

688,121

70,742

 

1,019,730

416,298

Creditors: Amounts falling due within one year

6

(690,103)

(293,726)

Net current assets

 

329,627

122,572

Net assets

 

332,566

141,754

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

332,466

141,654

Shareholders' funds

 

332,566

141,754

For the financial year ending 31 May 2024 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 23 September 2024
 

.........................................

P McMahon

Director

 

Zetmet Limited

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

1

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

Tax

The tax expense for the period comprises current 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.

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

Fixtures & fittings

20% reducing balance

Motor Vehicles

25% reducing balance

 

Zetmet Limited

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

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 4).

 

Zetmet Limited

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

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

8,588

39,390

47,978

Additions

458

-

458

Disposals

-

(39,390)

(39,390)

At 31 May 2024

9,046

-

9,046

Depreciation

At 1 June 2023

5,372

23,424

28,796

Charge for the year

735

-

735

Eliminated on disposal

-

(23,424)

(23,424)

At 31 May 2024

6,107

-

6,107

Carrying amount

At 31 May 2024

2,939

-

2,939

At 31 May 2023

3,216

15,966

19,182

4

Stocks

2024
£

2023
£

Finished goods and goods for resale

5,000

15,000

5

Debtors

Current

2024
£

2023
£

Trade debtors

329,415

232,426

Prepayments

1,964

11,750

Other debtors

(4,770)

86,380

 

326,609

330,556

6

Creditors

Creditors: amounts falling due within one year

 

Zetmet Limited

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

2024
£

2023
£

Due within one year

Trade creditors

421,564

167,253

Taxation and social security

236,150

98,513

Accruals and deferred income

32,367

27,960

Other creditors

22

-

690,103

293,726

Creditors: amounts falling due after more than one year

2024
£

2023
£

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £764.00 (2023 - £800.00) per each Ordinary shares

76,400

80,000

 

 

9

Related party transactions

 

Zetmet Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

12,570