Zero-G Limited 02652162 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the sale, marketing and distribution of music software. Digita Accounts Production Advanced 6.30.9574.0 true true false 02652162 2023-02-01 2024-01-31 02652162 2024-01-31 02652162 core:RetainedEarningsAccumulatedLosses 2024-01-31 02652162 core:ShareCapital 2024-01-31 02652162 core:CurrentFinancialInstruments 2024-01-31 02652162 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 02652162 core:Non-currentFinancialInstruments 2024-01-31 02652162 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 02652162 core:OtherPropertyPlantEquipment 2024-01-31 02652162 1 2024-01-31 02652162 bus:SmallEntities 2023-02-01 2024-01-31 02652162 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 02652162 bus:FullAccounts 2023-02-01 2024-01-31 02652162 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 02652162 bus:RegisteredOffice 2023-02-01 2024-01-31 02652162 bus:Director1 2023-02-01 2024-01-31 02652162 bus:Director4 2023-02-01 2024-01-31 02652162 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 02652162 core:LandBuildings 2023-02-01 2024-01-31 02652162 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 02652162 core:PlantMachinery 2023-02-01 2024-01-31 02652162 1 2023-02-01 2024-01-31 02652162 countries:UnitedKingdom 2023-02-01 2024-01-31 02652162 1 2023-02-01 2024-01-31 02652162 2023-01-31 02652162 core:OtherPropertyPlantEquipment 2023-01-31 02652162 1 2023-01-31 02652162 2022-02-01 2023-01-31 02652162 2023-01-31 02652162 core:RetainedEarningsAccumulatedLosses 2023-01-31 02652162 core:ShareCapital 2023-01-31 02652162 core:CurrentFinancialInstruments 2023-01-31 02652162 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 02652162 core:Non-currentFinancialInstruments 2023-01-31 02652162 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 02652162 core:OtherPropertyPlantEquipment 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 02652162

Zero-G Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Zero-G Limited
(Registration number: 02652162)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Zero-G Limited
(Registration number: 02652162)

Company Information

Directors

Ms Z M R Mckie

Mr C L Mckie

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Zero-G Limited
(Registration number: 02652162)

Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

533

432

Current assets

 

Debtors

5

60,547

12,750

Cash at bank and in hand

 

2,031

3,214

 

62,578

15,964

Creditors: Amounts falling due within one year

6

(176,658)

(187,468)

Net current liabilities

 

(114,080)

(171,504)

Total assets less current liabilities

 

(113,547)

(171,072)

Creditors: Amounts falling due after more than one year

6

(34,614)

(47,286)

Provisions for liabilities

(164)

(265)

Net liabilities

 

(148,325)

(218,623)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(148,425)

(218,723)

Total equity

 

(148,325)

(218,623)

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.

 

Zero-G Limited
(Registration number: 02652162)

Balance Sheet as at 31 January 2024

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.

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 

.........................................
Ms Z M R Mckie
Director

 

Zero-G Limited
(Registration number: 02652162)

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company has net liabilities and net current liabilities. The directors have reviewed future projections and are confident all liabilities will be met as they fall due. For this reason the directors believe the company to be a going concern and the accounts have been prepared on this basis

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.

 

Zero-G Limited
(Registration number: 02652162)

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 rate on the date when the fair value is re-measured.

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 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 assets

Tangible assets are stated in the balance sheet 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

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:

Asset class

Depreciation method and rate

Freehold Property

Reducing balance 25%

Plant and Machinery

Reducing balance 25%

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.

 

Zero-G Limited
(Registration number: 02652162)

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

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.

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.

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.

 

Zero-G Limited
(Registration number: 02652162)

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 3).

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

656

656

Additions

279

279

At 31 January 2024

935

935

Depreciation

At 1 February 2023

224

224

Charge for the year

178

178

At 31 January 2024

402

402

Carrying amount

At 31 January 2024

533

533

At 31 January 2023

432

432

 

Zero-G Limited
(Registration number: 02652162)

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

5

Debtors

2024
£

2023
£

Trade debtors

8,234

8,553

Other debtors

49,760

3,854

Prepayments and accrued income

2,553

343

Total current trade and other debtors

60,547

12,750

 

Zero-G Limited
(Registration number: 02652162)

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

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

57,839

121,391

Trade creditors

 

97,504

47,960

Taxation and social security

 

10,516

565

Other creditors

 

4,762

11,712

Accrued expenses

 

6,037

5,840

 

176,658

187,468

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

34,614

47,286

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

54,273

89,915

Bank overdrafts

3,566

31,476

57,839

121,391

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

34,614

47,286

8

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Interest free loan

-

54,060

(4,301)

49,759

         
       

 

 

Zero-G Limited
(Registration number: 02652162)

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

9

Parent and ultimate parent undertaking

The company's immediate parent is Zerotime Audio Limited, incorporated in the United Kingdom.