Retail Zoo Limited
Registered number: NI042874
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 240,688 146,762
240,688 146,762
Current assets
Stocks 287,784 277,374
Debtors 5 189,237 110,332
Investments held as current assets 12,488 9,558
Cash at bank and in hand 211,782 117,232
701,291 514,496
Creditors: amounts falling due within one year 6 (706,885) (672,782)
Net current liabilities (5,594) (158,286)
Total assets less current liabilities 235,094 (11,524)
Creditors: amounts falling due after more than one year 7 (11,667) (21,667)
Provisions for liabilities (30,440) (4,397)
Net assets/(liabilities) 192,987 (37,588)
Capital and reserves
Called up share capital 1 1
Profit and loss account 192,986 (37,589)
Shareholder's funds 192,987 (37,588)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A.
The profit and loss account has not been delivered to the Registrar of Companies.
Mr G Adair
Director
Approved by the board on 30 September 2024
Retail Zoo Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
Consolidation
In the opinion of the director, the company and its parent comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
Cash flow statement
The director has taken advantage of the exemption in FRS 102 from including a cash flow statement in the financial statements on the grounds that the company is small.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets consist of goodwill as well as premiums paid for Post Office licence fees and are measured at cost less accumulative amortisation and any accumulative impairment losses.
Goodwill is amortised over a period of five years. Post Office licence fees are amortised over a period of five - ten years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
1 Accounting policies ctd
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
1 Accounting policies ctd
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 90 86
3 Taxation 2024 2023
£ £
Tax charge for the year 87,265 125,638
Deferred tax charge/(credit) for the year 26,043 (5,942)
113,308 119,696
4 Tangible fixed assets
Land and buildings Plant and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 146,351 312,197 100,710 559,258
Additions 40,805 106,003 - 146,808
Disposals - (275,361) - (275,361)
At 31 March 2024 187,156 142,839 100,710 430,705
Depreciation
At 1 April 2023 83,107 293,868 35,521 412,496
Charge for the year 15,744 16,530 20,608 52,882
On disposals - (275,361) - (275,361)
At 31 March 2024 98,851 35,037 56,129 190,017
Net book value
At 31 March 2024 88,305 107,802 44,581 240,688
At 31 March 2023 63,244 18,329 65,189 146,762
5 Debtors 2024 2023
£ £
Trade debtors 118,508 43,237
Other debtors 70,729 67,095
189,237 110,332
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 380,145 297,319
Amounts owed to group undertakings and undertakings in which the company has a participating interest 33 -
Corporation tax 87,265 125,638
Other taxes and social security costs 67,957 60,969
Other creditors 161,485 178,856
706,885 672,782
7 Creditors: amounts falling due after one year 2024 2023
£ £
Unsecured bank loans 11,667 21,667
8 Loans to directors
Description and conditions
The director's current account was overdrawn by £29,502 during the current financial year. However, the director made loan repayments of £164,546 during the year. As a result, the director's current account was in credit by the Balance Sheet date and has been included in Other Creditors (note 6 above).
Interest of £161 has been charged on the overdrawn director's current account, based on HM Revenue & Customs official rate of interest for beneficial loans.
B/fwd Paid Repaid C/fwd
Mr G Adair £ £ £ £
Balance on current account (688) 164,746 (164,546) (488)
Loan interest charge - 161 161
(688) 164,907 (164,546) (327)
9 Related party transactions
Property Zoo Ltd acquired 100% of the issued share capital of Retail Zoo Limited as part of a company reorganisation in order to implement a HMRC approved share incentive scheme in the year ended 31 March 2019. Farset Retail Limited subsequently acquired 100% of the issued share capital of Retail Zoo Limited from Proprty Zoo Ltd, also as part of the company reorganisation. Dividend payments of £1,700,178 were made to Property Zoo Limited as part of the company reorganisation.
Retail Zoo Limited was under the control of Mr G Adair throughout the current and previous year as Mr G Adair is the majority shareholder in Farset Retail Limited.
Property Zoo Ltd was also under the ultimate control of Mr G Adair throughout the current and previous year.
10 Ultimate parent company
The ultimate parent company is Farset Retail Limited, a limited company registered in Northern Ireland
11 Other information
Retail Zoo Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
Unit 25, Mace, Park Centre
Donegall Road
Belfast
BT12 6HN
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