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REGISTERED NUMBER: 00951407 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ZEPHYR RACING PENNANTS LIMITED

ZEPHYR RACING PENNANTS LIMITED (REGISTERED NUMBER: 00951407)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ZEPHYR RACING PENNANTS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: Mr S C C Skey
Mrs C Skey
Mrs P B Baynham





REGISTERED OFFICE: 64 MIDLAND ROAD
THRAPSTON
KETTERING
Northamptonshire
NN14 4LX





REGISTERED NUMBER: 00951407 (England and Wales)





ACCOUNTANTS: K S Goring & Co Chartered Accountants
222 Upper Richmond Road West
London
SW14 8AH

ZEPHYR RACING PENNANTS LIMITED (REGISTERED NUMBER: 00951407)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 585,225 564,453
Investment property 5 170,000 170,000
755,225 734,453

CURRENT ASSETS
Stocks 290,877 345,744
Debtors 6 175,138 192,222
Cash at bank and in hand 1,024,633 1,058,891
1,490,648 1,596,857
CREDITORS
Amounts falling due within one year 7 628,687 606,545
NET CURRENT ASSETS 861,961 990,312
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,617,186

1,724,765

CREDITORS
Amounts falling due after more than one
year

8

(35,351

)

(75,331

)

PROVISIONS FOR LIABILITIES 10 (164,068 ) (168,836 )
NET ASSETS 1,417,767 1,480,598

CAPITAL AND RESERVES
Called up share capital 5,954 5,954
Share premium 7,200 7,200
Profit and loss - non
distributable reserve 179,033 179,033
Capital redemption reserve 22,846 22,846
Retained earnings 1,202,734 1,265,565
SHAREHOLDERS' FUNDS 1,417,767 1,480,598

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ZEPHYR RACING PENNANTS LIMITED (REGISTERED NUMBER: 00951407)

BALANCE SHEET - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





Mr S C C Skey - Director


ZEPHYR RACING PENNANTS LIMITED (REGISTERED NUMBER: 00951407)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

ZEPHYR RACING PENNANTS LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on a straight line basis
Plant and machinery - 6 to 7 years
Motor vehicles - 4 years
Computer equipment - Computers over 3 years

Land is not depreciated.

Fixed Asset Revaluation
Any surplus or deficit arising on revaluation is transferred to the revaluation reserve, unless a deficit is expected to be permanent, in which case it is charged (or credited) to the profit and loss account for the year.
When a revalued asset is sold, any surplus or deficit on revaluation on that asset is transferred to the disposal account to arrive at the profit/(loss) on disposal.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress
No provision was made for work in progress. In the opinion of the directors, work in progress has no value until completed.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ZEPHYR RACING PENNANTS LIMITED (REGISTERED NUMBER: 00951407)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs
The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to the profit and loss account in the period to which they relate.

The company also operates a workplace pension scheme for its employees and is provided through automatic enrolment pension scheme in line with Government legislation.Under the terms of this scheme, employees make pension contributions out of their salaries, and the company also makes additional contributions.

Contributions payable for the year are charged to the profit and loss account in the period to which they relate. Staff contribution are charged to wages and salaries and company contribution are charged to pension cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 15 ) .

ZEPHYR RACING PENNANTS LIMITED (REGISTERED NUMBER: 00951407)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 257,417 369,157 401,868 750,658 1,779,100
Additions - 9,691 134,492 11,344 155,527
At 31 December 2023 257,417 378,848 536,360 762,002 1,934,627
DEPRECIATION
At 1 January 2023 59,172 218,323 197,891 739,261 1,214,647
Charge for year 3,435 24,079 95,828 11,413 134,755
At 31 December 2023 62,607 242,402 293,719 750,674 1,349,402
NET BOOK VALUE
At 31 December 2023 194,810 136,446 242,641 11,328 585,225
At 31 December 2022 198,245 150,834 203,977 11,397 564,453

Included in cost of land and buildings is freehold land of £ 134,439 (2022 - £ 134,439 ) which is not depreciated.


Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 227,444
Additions 134,492
At 31 December 2023 361,936
DEPRECIATION
At 1 January 2023 112,072
Charge for year 70,911
At 31 December 2023 182,983
NET BOOK VALUE
At 31 December 2023 178,953
At 31 December 2022 115,372

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 170,000
NET BOOK VALUE
At 31 December 2023 170,000
At 31 December 2022 170,000

ZEPHYR RACING PENNANTS LIMITED (REGISTERED NUMBER: 00951407)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 17,631
Cost 152,369
170,000

If Investment Property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 152,369 152,369

Investment property was valued on open market basis on 31 December 2023 by the directors .

If investment property had been sold at balance sheet date, a £Nil tax liability would have arisen, as any gain is covered by indexation allowance.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 158,364 174,223
Other debtors 16,774 17,999
175,138 192,222

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 41,121 41,121
Trade creditors 176,026 253,708
Taxation and social security 125,526 65,748
Other creditors 286,014 245,968
628,687 606,545

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 35,351 75,331

ZEPHYR RACING PENNANTS LIMITED (REGISTERED NUMBER: 00951407)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 76,472 116,452

The company has an overdraft facility which is secured by the following:-

A Mortgage Debenture dated 7th June 1983 including Mortgage on the company's freehold property and a specific equitable charge over all properties owned by or leased by the company, together with a specific charge over debtors and fixed specific and floating charges over all other assets

The legal charge on the company's freehold property at 64 Midland Road, Thrapston was satisfied and released on 8th October 2015.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 59,256 64,024
Property 104,812 104,812
164,068 168,836

Deferred
tax Property
£    £   
Balance at 1 January 2023 64,024 104,812
Charge (credit) for the year (4,768 ) -
Balance at 31 December 2023 59,256 104,812

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S C C Skey.