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REGISTERED NUMBER: 05270273 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Zig Zag Cars Limited

Zig Zag Cars Limited (Registered number: 05270273)






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


Zig Zag Cars Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: W Robson
G Ellis
N A Gibson





SECRETARY: N A Gibson





REGISTERED OFFICE: C/O Tees Valley Motors
McMullen Road
DARLINGTON
County Durham
DL1 1XP





REGISTERED NUMBER: 05270273 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT

Zig Zag Cars Limited (Registered number: 05270273)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,374 23,635

CURRENT ASSETS
Stocks 5 1,419,758 1,278,466
Debtors 6 165,212 142,235
Cash at bank and in hand 209,785 386,897
1,794,755 1,807,598
CREDITORS
Amounts falling due within one year 7 1,066,538 1,102,636
NET CURRENT ASSETS 728,217 704,962
TOTAL ASSETS LESS CURRENT
LIABILITIES

742,591

728,597

PROVISIONS FOR LIABILITIES 10 22,246 24,996
NET ASSETS 720,345 703,601

CAPITAL AND RESERVES
Called up share capital 11 30,000 30,000
Retained earnings 690,345 673,601
SHAREHOLDERS' FUNDS 720,345 703,601

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.

Zig Zag Cars Limited (Registered number: 05270273)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





W Robson - Director


Zig Zag Cars Limited (Registered number: 05270273)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Zig Zag Cars 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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

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

Income recognition
New vehicle sales are recognised upon registration of the vehicle and used vehicle sales are recognised upon completion of financing.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - not provided
Improvements to property - 20% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost and 25% on cost
Computer software - 20% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and impairments.

The directors consider that the long leasehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews in accordance with FRS 102 to ensure that the carrying value is not lower than the recoverable amount.

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

Consignment stock is not included as an asset or liability.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.


Zig Zag Cars Limited (Registered number: 05270273)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 23 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST
At 1 January 2023 1,126 3,820 3,770
Additions - - -
At 31 December 2023 1,126 3,820 3,770
DEPRECIATION
At 1 January 2023 - 3,056 2,883
Charge for year - 764 380
At 31 December 2023 - 3,820 3,263
NET BOOK VALUE
At 31 December 2023 1,126 - 507
At 31 December 2022 1,126 764 887

Zig Zag Cars Limited (Registered number: 05270273)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Computer
fittings software Totals
£    £    £   
COST
At 1 January 2023 89,061 13,195 110,972
Additions 780 - 780
At 31 December 2023 89,841 13,195 111,752
DEPRECIATION
At 1 January 2023 68,203 13,195 87,337
Charge for year 8,897 - 10,041
At 31 December 2023 77,100 13,195 97,378
NET BOOK VALUE
At 31 December 2023 12,741 - 14,374
At 31 December 2022 20,858 - 23,635

5. STOCKS
2023 2022
£    £   
Stocks 1,404,125 1,269,160
Work in progress 15,633 9,306
1,419,758 1,278,466

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 139,465 111,396
Other debtors 11,422 7,181
Prepayments 14,325 23,658
165,212 142,235

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 566,086 485,585
Taxation and social security 53,210 50,596
Stocking loan 419,186 503,194
Accruals and deferred income 25,805 60,434
Other creditors 2,251 2,827
1,066,538 1,102,636

Zig Zag Cars Limited (Registered number: 05270273)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 68,960 65,000
Between one and five years 29,973 75,833
In more than five years 1,980 -
100,913 140,833

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Stocking loan 419,186 503,194

The stocking loan is secured on the assets to which it relates.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,246 4,996
Other provisions 20,000 20,000
22,246 24,996

Deferred
tax
£   
Balance at 1 January 2023 4,996
Accelerated capital allowances (2,041 )
Under provision in prior year (709 )
Balance at 31 December 2023 2,246

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
30,000 Ordinary £1 30,000 30,000