Registration number:
Zenotech Ltd
for the Year Ended 31 January 2024
Pages for filing with Registrar
Zenotech Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Zenotech Ltd
Company Information
Directors |
Mr J Appa Dr D W F Standingford |
Registered office |
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Registered number |
07926926 |
Accountant |
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Zenotech Ltd
(Registration number: 07926926)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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- |
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Profit and loss account |
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Total equity |
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Zenotech Ltd
(Registration number: 07926926)
Balance Sheet as at 31 January 2024
For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
Director
Zenotech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The company's financial statements have been prepared on a going concern basis. The directors have considered a period of 12 months from the date of approval of the financial statements and believe that the company will hold sufficient funds to meet liabilities as they fall due.
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.
Government grants
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
Zenotech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred 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.
Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible fixed assets
Tangible assets are stated in the statement of financial position 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 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:
Fixtures and fittings |
25% on cost |
Equipment |
25% on cost |
Zenotech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Research and development costs
Research and development costs are written off to profit or loss in the year incurred.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Zenotech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Zenotech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Tangible fixed assets |
Furniture, fittings and equipment |
Computer equipment |
Total |
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Cost |
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At 1 February 2023 |
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Additions |
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Disposals |
( |
( |
( |
At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
- |
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Charge for the year |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Zenotech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Investments |
2024 |
2023 |
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Investments |
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- |
Investments represent a 2.5% holding in Aero Design Labs LLC, a company incorporated in the USA.
The company also has an interest in Fluid Dynamic Sciences LLC, a company incorporated in the USA, which is a joint venture with Aero Design Labs LLC. No value has been prescribed to this interest since the likelihood of future profits was completely unknown and remote when the interest was established.
Debtors: amounts falling due within one year |
2024 |
2023 |
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Prepayments |
112,372 |
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Other debtors |
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Corporation tax |
20,892 |
- |
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Zenotech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Creditors |
2024 |
2023 |
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Amounts falling due within one year |
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Taxation and social security |
- |
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Other creditors |
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Accruals |
2,750 |
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Corporation tax |
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21,890 |
Directors' loan accounts |
3,027 |
4,027 |
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2024 |
2023 |
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Due after one year |
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Unsecured debentures |
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137,672 |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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18.00 |
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18.00 |
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8.00 |
- |
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On 28 September 2023, 800 B Ordinary Shares having an aggregate nominal value of £8 were allotted for an aggregate consideration of £800, resulting in £792 of share premium.
Zenotech Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Dividends |
2024 |
2023 |
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£ |
£ |
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Final dividend of £Nil (2023 - £ |
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98,000 |
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Share-based payments |
Scheme details and movements
Included within administrative expenses is a share based payments expense of £Nil (2023: £Nil).
The movements in the number of share options during the year were as follows:
2024 |
2023 |
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Outstanding, start of period |
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Exercised during the period |
( |
- |
Outstanding, end of period |
- |
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The movements in the weighted average exercise price of share options during the year were as follows:
2024 |
2023 |
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Granted during the period |
- |
- |
Outstanding, end of period |
- |
- |
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