Registered number
NI653050
Property Zoo Ltd
Unaudited Filleted Accounts
31 March 2024
Property Zoo Ltd
Registered number: NI653050
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Tangible fixed assets
Investment properties 3 3,313,253 3,201,066
Current assets
Debtors 4 889 313,863
Cash at bank and in hand 311,547 150,971
312,436 464,834
Creditors: amounts falling due within one year 5 (47,361) (24,773)
Net current assets 265,075 440,061
Net assets 3,578,328 3,641,127
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 3,577,328 3,640,127
Shareholder's funds 3,578,328 3,641,127
The director is 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 director acknowledges his 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. 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
Property Zoo Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Consolidation
In the opinion of the director, the company and its subsidiary undertakings 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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets - investment properties
Investment properties are properties that are held for their investment potential and not for use by the company and so their current value is of prime importance. Changes in the current values of investment properties are recognised in the income statement. Deferred tax is provided on the changes in current values at the rate expected to apply when the property is sold.
In the opinion of the director, investment properties are all valued at open market value.
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.
1 Accounting policies ctd.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Investment properties
£
Cost
At 1 April 2023 3,201,066
Additions 315,783
At 31 March 2024 3,313,253
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 3,313,253
At 31 March 2023 3,201,066
4 Debtors 2024 2023
£ £
Other debtors 889 313,863
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 18,572 20,943
Other creditors 28,789 3,830
47,361 24,773
6 Loans to directors
Description and conditions
The director's current account was overdrawn by £6,920 during the current financial year. However, the director made loan repayments of £119,000 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 5 above).
Interest of £66 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 (150) 119,068 (119,000) (82)
Loan interest charge - 66 - 66
(150) 119,134 (119,000) (16)
7 Related party transactions
Adair Homes Ltd
Adair Homes Ltd acquired 100% of the issued share capital of Property Zoo Ltd on 28 September 2018.
Mr G Adair is the majority shareholder in Adair Homes Ltd. As a result, Property Zoo Ltd was under the ultimate control of Mr G Adair throughout the current and previous period.
Farset Retail Limited
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. As part of the company reorganisation, Property Zoo Ltd received dividend income of £1,700,178 from Retail Zoo Limited.
Property Zoo Ltd subsequently transferred 100% of the issued share capital of Retail Zoo Limited to Farset Retail Limited for £2,000,000 on 13 March 2019, also as part of the company reorganisation.
The acquisition was financed by way of an interest bearing loan between Property Zoo Ltd and Farset Retail Limited.
The loan has been repaid in full by 31 March 2024. As a result of loan repayments of £341,386 by Farset Retail Limited to Property Zoo Ltd this year (last year, £532,500), overpayments of £25,121 were made by Farset Retail Limited.
Interest of £4,227 has been received on the loan in the current year, based on an arms length commercial rate of the Bank of England base rate plus 4.50% (last year, £39,942).
Interest of £369 has been charged on the over payments of £25,121 in the current year, based on an arms length commercial rate of the Bank of England base rate plus 4.50% (last year, £Nil).
Both Property Zoo Ltd and Farset Retail Limited are ultimately controlled by Mr G Adair.
8 Ultimate parent company
The ultimate parent company is Adair Homes Ltd, a limited company registered in Northern Ireland.
9 Other information
Property Zoo Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
42 Old Belfast Road
Saintfield
County Down
BT 24 7DG
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