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REGISTERED NUMBER: 04115968 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

ZONE ESTATES LIMITED

ZONE ESTATES LIMITED (REGISTERED NUMBER: 04115968)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


ZONE ESTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Rahim Virani
Karim Virani



SECRETARY: Paul Davis



REGISTERED OFFICE: Crown House
North Circular Road
Park Royal
London
NW10 7PN



REGISTERED NUMBER: 04115968 (England and Wales)



AUDITORS: UHY Hacker Young (S.E.) Limited
Chartered Accountants & Statutory Auditor
168 Church Road
Hove
East Sussex
BN3 2DL



BANKERS: Punjab National Bank (International) Ltd
110 South Road
Southall
UB1 1RB

ZONE ESTATES LIMITED (REGISTERED NUMBER: 04115968)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9 12
Investment property 5 1,500,000 1,500,000
1,500,009 1,500,012

CURRENT ASSETS
Debtors 6 324,747 239,684
Cash at bank 25,021 50,449
349,768 290,133
CREDITORS
Amounts falling due within one year 7 226,390 188,749
NET CURRENT ASSETS 123,378 101,384
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,623,387

1,601,396

PROVISIONS FOR LIABILITIES 75,790 75,790
NET ASSETS 1,547,597 1,525,606

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 8 687,908 687,908
Retained earnings 858,689 836,698
SHAREHOLDERS' FUNDS 1,547,597 1,525,606

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





Rahim Virani - Director


ZONE ESTATES LIMITED (REGISTERED NUMBER: 04115968)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Zone Estates Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Crown House, North Circular Road, Park Royal, London NW10 7PN.

2. ACCOUNTING POLICIES

Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements.

The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

Critical accounting judgements and key sources of estimation uncertainty

Significant Judgements
The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Property Valuations
Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.

Turnover
Turnover represents amounts receivable for rent. Rental income is recognised once space is provided to tenants.

ZONE ESTATES LIMITED (REGISTERED NUMBER: 04115968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Fixtures & fittings 25% reducing balance

Investment properties are accounted for as follows:
- Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.
- Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the consolidated income statement and accumulated in the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in retained earnings for the year.

Depreciation is provided only on those investment properties that are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the applicable standard, FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial information to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

ZONE ESTATES LIMITED (REGISTERED NUMBER: 04115968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 5,000
DEPRECIATION
At 1 April 2023 4,988
Charge for year 3
At 31 March 2024 4,991
NET BOOK VALUE
At 31 March 2024 9
At 31 March 2023 12

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,500,000
NET BOOK VALUE
At 31 March 2024 1,500,000
At 31 March 2023 1,500,000

The freehold investment property was valued on 31 March 2024 to a fair value basis as at that date by the directors.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 1,500,000

If freehold investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 736,163 736,163

ZONE ESTATES LIMITED (REGISTERED NUMBER: 04115968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 34,200 16,560
Amounts owed by group undertakings 290,514 221,510
Other debtors 33 1,614
324,747 239,684

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 94,567 93,846
Amounts owed to group undertakings 763 -
Taxation and social security 23,581 22,274
Other creditors 107,479 72,629
226,390 188,749

8. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 687,908

The company has the following reserves, the movements of which in the current and prior years are shown in the statements of changes in equity:

Called-up share capital
Called-up share capital represents the nominal value of shares that have been issued.

Revaluation reserve (non-distributable)
The revaluation reserve is used to record increases in the fair value of investment properties and decreases to the extent that such decreases relates to an increase on the same asset, net of deferred tax.

Retained earnings
The retained earnings represent all current and prior period retained profits and losses.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Guest FCA (Senior Statutory Auditor)
for and on behalf of UHY Hacker Young (S.E.) Limited

10. RELATED PARTY DISCLOSURES

There are no related party transactions requiring disclosure under FRS102.

11. ULTIMATE CONTROLLING PARTY

The parent company is Cygnet Properties & Leisure PLC, a company registered in England and Wales.

The company is controlled by some members of the Virani family, some of whom are directors of the company, through their shareholdings in Virani Net Limited and Virani Net Scheme.