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Registration number: 07926926

Zenotech Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

Pages for filing with Registrar

 

Zenotech Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Zenotech Ltd

Company Information

Directors

Mr J Appa

Dr D W F Standingford

Registered office

Bristol and Bath Science Park
Dirac Crescent
Emersons Green
Bristol
BS16 7FR

Registered number

07926926

Accountant

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Zenotech Ltd

(Registration number: 07926926)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

92,839

31,957

Investments

5

1,670

-

 

94,509

31,957

Current assets

 

Debtors

6

298,591

276,927

Cash at bank and in hand

 

212,716

47,939

 

511,307

324,866

Creditors: Amounts falling due within one year

7

(13,823)

(51,340)

Net current assets

 

497,484

273,526

Total assets less current liabilities

 

591,993

305,483

Creditors: Amounts falling due after more than one year

7

-

(137,672)

Provisions for liabilities

(12,200)

-

Net assets

 

579,793

167,811

Capital and reserves

 

Called up share capital

8

26

18

Share premium reserve

792

-

Profit and loss account

578,975

167,793

Total equity

 

579,793

167,811

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 21 October 2024 and signed on its behalf by:
 

.........................................

Dr D W F Standingford
Director

 

Zenotech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bristol and Bath Science Park
Dirac Crescent
Emersons Green
Bristol
BS16 7FR

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 11).

 

Zenotech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible fixed assets

Furniture, fittings and equipment
 £

Computer equipment
£

Total
£

Cost

At 1 February 2023

4,927

83,091

88,018

Additions

842

94,512

95,354

Disposals

(1,952)

(2,366)

(4,318)

At 31 January 2024

3,817

175,237

179,054

Depreciation

At 1 February 2023

-

56,061

56,061

Charge for the year

929

29,225

30,154

At 31 January 2024

929

85,286

86,215

Carrying amount

At 31 January 2024

2,888

89,951

92,839

At 31 January 2023

4,927

27,030

31,957

 

Zenotech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Investments

2024
£

2023
£

Investments

1,670

-


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.

6

Debtors: amounts falling due within one year

2024
£

2023
£

Prepayments

112,372

-

Other debtors

165,327

276,927

Corporation tax

20,892

-

298,591

276,927

 

Zenotech Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

2024
£

2023
£

Amounts falling due within one year

Taxation and social security

-

16,629

Other creditors

8,046

8,794

Accruals

2,750

-

Corporation tax

-

21,890

Directors' loan accounts

3,027

4,027

13,823

51,340

2024
£

2023
£

Due after one year

Unsecured debentures

-

137,672

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each

1,800

18.00

1,800

18.00

Ordinary B shares of £0.01 each

800

8.00

-

-

 

2,600

26

1,800

18

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

9

Dividends

   

2024

 

2023

   

£

 

£

Final dividend of £Nil (2023 - £54.44) per ordinary share

 

-

 

98,000

 

 

   

 

         

10

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
Number

2023
Number

Outstanding, start of period

800

800

Exercised during the period

(800)

-

Outstanding, end of period

-

800

The movements in the weighted average exercise price of share options during the year were as follows:

2024
£

2023
£

Granted during the period

-

-

Outstanding, end of period

-

-