BrightAccountsProduction v1.0.0 v1.0.0 2023-02-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is that of a licensed restaurant. 1 October 2024 37 43 NI635901 2024-01-31 NI635901 2023-01-31 NI635901 2022-01-31 NI635901 2023-02-01 2024-01-31 NI635901 2022-02-01 2023-01-31 NI635901 uk-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI635901 uk-curr:PoundSterling 2023-02-01 2024-01-31 NI635901 uk-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI635901 uk-bus:FullAccounts 2023-02-01 2024-01-31 NI635901 uk-bus:Director1 2023-02-01 2024-01-31 NI635901 uk-bus:Director2 2023-02-01 2024-01-31 NI635901 uk-bus:Director3 2023-02-01 2024-01-31 NI635901 uk-bus:RegisteredOffice 2023-02-01 2024-01-31 NI635901 uk-bus:Agent1 2023-02-01 2024-01-31 NI635901 uk-bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NI635901 uk-core:ShareCapital 2024-01-31 NI635901 uk-core:ShareCapital 2023-01-31 NI635901 uk-core:RetainedEarningsAccumulatedLosses 2024-01-31 NI635901 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI635901 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-01-31 NI635901 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI635901 uk-bus:FRS102 2023-02-01 2024-01-31 NI635901 uk-core:Land 2023-02-01 2024-01-31 NI635901 uk-core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 NI635901 uk-core:MotorVehicles 2023-02-01 2024-01-31 NI635901 uk-core:CostValuation 2024-01-31 NI635901 uk-core:Associate1 2023-02-01 2024-01-31 NI635901 uk-core:Associate2 2023-02-01 2024-01-31 NI635901 uk-core:CurrentFinancialInstruments 2024-01-31 NI635901 uk-core:CurrentFinancialInstruments 2023-01-31 NI635901 uk-core:CurrentFinancialInstruments 2024-01-31 NI635901 uk-core:CurrentFinancialInstruments 2023-01-31 NI635901 uk-core:WithinOneYear 2024-01-31 NI635901 uk-core:WithinOneYear 2023-01-31 NI635901 uk-core:AfterOneYear 2024-01-31 NI635901 uk-core:AfterOneYear 2023-01-31 NI635901 uk-core:WithinOneYear 2024-01-31 NI635901 uk-core:WithinOneYear 2023-01-31 NI635901 uk-core:BetweenOneTwoYears 2024-01-31 NI635901 uk-core:BetweenOneTwoYears 2023-01-31 NI635901 uk-core:BetweenTwoFiveYears 2024-01-31 NI635901 uk-core:BetweenTwoFiveYears 2023-01-31 NI635901 uk-core:OtherMiscellaneousReserve 2023-01-31 NI635901 uk-core:OtherMiscellaneousReserve 2023-02-01 2024-01-31 NI635901 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 NI635901 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-01-31 NI635901 uk-core:OtherDeferredTax 2024-01-31 NI635901 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-01-31 NI635901 uk-core:OtherMiscellaneousReserve 2024-01-31 NI635901 2023-02-01 2024-01-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI635901
 
 
House of Zen (Belfast) Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 January 2024
House of Zen (Belfast) Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Chun Kit Chu
Eddie Fung
Cony Fung
 
 
Company Registration Number NI635901
 
 
Registered Office 15 Millbank
Bangor
Down
BT19 7PL
United Kingdom
 
 
Business Address 3 St Annes Square
Cathedral Quarter
Belfast
Antrim
BT1 2LR
Northern Ireland
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
 
Bankers Danske Bank
  Donegall Square West
  Belfast
  Co Antrim
  BT1 6JS
  Belfast



House of Zen (Belfast) Limited

CHARTERED ACCOUNTANTS REPORT
to the Board of Directors on the Compilation of the unaudited financial statements of House of Zen (Belfast) Limited
for the financial year ended 31 January 2024
 
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 January 2024 as set out on pages  to 16 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the Board of Directors of House of Zen (Belfast) Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 31 January 2024 your duty to ensure that House of Zen (Belfast) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of House of Zen (Belfast) Limited. You consider that House of Zen (Belfast) Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of House of Zen (Belfast) Limited. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
1 October 2024



House of Zen (Belfast) Limited
Company Registration Number: NI635901
STATEMENT OF FINANCIAL POSITION
as at 31 January 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 5 599,507 231,329
Financial assets 6 135 135
───────── ─────────
Non-Current Assets 599,642 231,464
───────── ─────────
 
Current Assets
Inventories 7 15,201 16,078
Receivables 8 84,237 105,810
Cash and cash equivalents 1,436,397 1,468,563
───────── ─────────
1,535,835 1,590,451
───────── ─────────
Payables: amounts falling due within one year 9 (711,201) (698,612)
───────── ─────────
Net Current Assets 824,634 891,839
───────── ─────────
Total Assets less Current Liabilities 1,424,276 1,123,303
 
Payables:
amounts falling due after more than one year 10 (21,499) (31,562)
 
Provisions for liabilities 12 (13,390) (13,709)
───────── ─────────
Net Assets 1,389,387 1,078,032
═════════ ═════════
 
Equity
Called up share capital 100 100
Retained earnings 1,389,287 1,077,932
───────── ─────────
Equity attributable to owners of the company 1,389,387 1,078,032
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 1 October 2024 and signed on its behalf by
           
           
________________________________          
Chun Kit Chu          
Director          
           



House of Zen (Belfast) Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2024

   
1. General Information
 
House of Zen (Belfast) Limited is a company limited by shares incorporated in Northern Ireland. 15 Millbank, Bangor, Down, BT19 7PL, United Kingdom is the registered office. 3 St Anne's Square, Cathedral Quarter, Belfast, BT1 2LR is the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the period ended 31 January 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Long leasehold property - 5% Reducing Balance
  Fixtures, fittings and equipment - 20% Reducing Balance
  Motor vehicles - 25% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Income Statement as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Income Statement.
 
Financial assets
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Income Statement in the year in which it is receivable.
 
Inventories
Inventories are valued at the lower of cost and net realisable value. Inventories are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Group Company Exemptions Claimed
 
The company is entitled to the exemption in Section 399 of the Companies Act 2006 from the obligation to prepare consolidated group accounts.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was 37, (2023 - 43).
 
  2024 2023
  Number Number
 
Employees 37 43
  ═════════ ═════════
             
5. Property, plant and equipment
  Investment Long Fixtures, Motor Total
  properties leasehold fittings and vehicles  
    property equipment    
  £ £ £ £ £
Cost
At 1 February 2023 - 250,533 146,929 - 397,462
Additions 362,096 - 12,944 19,399 394,439
  ───────── ───────── ───────── ───────── ─────────
At 31 January 2024 362,096 250,533 159,873 19,399 791,901
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 February 2023 - 74,042 92,091 - 166,133
Charge for the financial year - 8,825 13,556 3,880 26,261
  ───────── ───────── ───────── ───────── ─────────
At 31 January 2024 - 82,867 105,647 3,880 192,394
  ───────── ───────── ───────── ───────── ─────────
Carrying amount
At 31 January 2024 362,096 167,666 54,226 15,519 599,507
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 January 2023 - 176,491 54,838 - 231,329
  ═════════ ═════════ ═════════ ═════════ ═════════
       
6. Financial fixed assets
  Group and Total
  participating  
  interests/  
  joint ventures  
Investments £ £
Cost
 
At 31 January 2024 135 135
  ───────── ─────────
Carrying amount
At 31 January 2024 135 135
  ═════════ ═════════
At 31 January 2023 135 135
  ═════════ ═════════
             
6.1. Holdings of 20% or more
The company holds 20% or more of the share capital of the following companies:
 
  Country Nature   Details Proportion
  of of   of held by
Name incorporation and address of Registered Office business   investment company
 
Participating interests and
joint ventures
House of Zen (Sunderland) Limited Northern Ireland Licensed Restaurant   Ordinary Shares 55%
Dim Sum Library Limited Northern Ireland Licensed Restaurant   Ordinary Shares 80%
 
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
 
  Year ended Capital and     Profit for
    reserves     the year
    £     £
 
House of Zen (Sunderland) Limited 28 February 2024 582,202     48,068
Dim Sum Library Limited 31 December 2023 760,055     168,686
    ═════════     ═════════
 
In the opinion of the directors, the value to the company of the unlisted investments is not less than the book amount shown above.
       
7. Inventories 2024 2023
  £ £
 
Finished goods and goods for resale 15,201 16,078
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
8. Receivables 2024 2023
  £ £
 
Trade receivables 8,744 9,995
Amounts owed by group undertakings (Note 14) 5,923 -
Amounts owed by connected parties (Note 14) 67,564 92,564
Prepayments and accrued income 2,006 3,251
  ───────── ─────────
  84,237 105,810
  ═════════ ═════════
       
9. Payables 2024 2023
Amounts falling due within one year £ £
 
Bank loan 9,977 9,730
Trade payables 90,040 165,844
Amounts owed to group undertakings (Note 14) - 15,654
Amounts owed to connected parties (Note 14) 269,117 164,117
Taxation  (Note 11) 192,565 180,142
Directors' current accounts 12,377 12,186
Other creditors 86,873 101,215
Accruals:
Pension accrual 1,252 724
Other accruals 49,000 49,000
  ───────── ─────────
  711,201 698,612
  ═════════ ═════════
       
10. Payables 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 21,499 31,562
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 9) 9,977 9,730
Repayable between one and two years 9,977 9,730
Repayable between two and five years 11,522 21,832
  ───────── ─────────
  31,476 41,292
  ═════════ ═════════
 
       
11. Taxation 2024 2023
  £ £
 
Payables:
VAT 87,730 86,837
Corporation tax 98,206 84,394
PAYE / NI 6,629 8,911
  ───────── ─────────
  192,565 180,142
  ═════════ ═════════
         
12. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 13,709 13,709 10,779
Charged to profit and loss (319) (319) 2,930
  ───────── ───────── ─────────
At financial year end 13,390 13,390 13,709
  ═════════ ═════════ ═════════
       
13. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 January 2024.
           
14. Related party transactions
 
Transactions with group companies include ...
 
  Balance Movement Balance Maximum
  2024 in year 2023 in year
  £ £ £ £
 
House of Zen (Sunderland) Limited 67,564 (25,000) 92,564 92,564
  ───────── ───────── ───────── ═════════
 
The following amounts are due to other connected parties:
      2024 2023
      £ £
 
Zen Restaurant (NI) Limited     269,117 164,117
      ═════════ ═════════
 
Net balances with other connected parties:
      2024 2023
      £ £
 
Zen Restaurant (NI) Limited     (269,117) (164,117)
House of Zen (Sunderland) Limited     67,564 92,564
      ───────── ─────────
      (201,553) (71,553)
      ═════════ ═════════
 
Zen Restaurant (NI) Limited
Eddie Fung is a director in both House of Zen (Belfast) Limited and Zen Restaurant (NI) Limited. As at 1 February 2023 House of Zen (Belfast) Limited owed Zen Restaurant (NI) Limited a balance of £164,117. During the year there was movement of £105,000. As at 31 January 2024 House of Zen (Belfast) Limited owed Zen Restaurant (NI) Limited £269,117.

House of Zen (Sunderland) Limited
Eddie Fung and Chun Kit Chu are both directors in both House of Zen (Belfast) Limited and House of Zen (Sunderland) Limited. House of Zen (Belfast) Limited own 55% of House of Zen (Sunderland) Limited. As at 1 February 2023 House of Zen (Sunderland) Limited owed House of Zen (Belfast) Limited a balance of £92,564. During the year there was movement of £25,000. As at 31 January 2024 House of Zen (Belfast) Limited was owed £67,564 by House of Zen (Sunderland) Limited.

 
In the opinion of the directors these amounts arise in the ordinary course of business and the terms of the amounts due are in accordance with the terms ordinarily offered by the company.
         
Transactions and balances with group company:
 
    2024 2023
    £ £
 
Dim Sum Library Limited
 
Dim Sum Library Limited
Eddie Fung is a director in both House of Zen (Belfast) Limited and Dim Sum Library Limited.  House of Zen (Belfast) Limited own 80% of Dim Sum Library Limited. As at 1 February 2023  Dim Sum Library Limited was owed by House of Zen (Belfast) Limited a balance of £15,654. During the year there was net movement of £21,577. As at 31 January 2024 Dim Sum Library Limited owed House of Zen (Belfast) Limited a balance of £5,923.
 
Amount due from/(owed to) Dim Sum Library Limited   5,923 (15,654)
    ═════════ ═════════