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Registration number: 03557956

Ziggus Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Ziggus Holdings Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Ziggus Holdings Limited

(Registration number: 03557956)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,701,639

1,702,487

Investments

5

-

2

 

1,701,639

1,702,489

Current assets

 

Debtors

7

63,370

61,412

Other financial assets

6

117,761

32,574

Cash at bank and in hand

 

66,729

173,922

 

247,860

267,908

Creditors: Amounts falling due within one year

8

(18,680)

(18,837)

Net current assets

 

229,180

249,071

Total assets less current liabilities

 

1,930,819

1,951,560

Provisions for liabilities

(166,595)

(167,115)

Net assets

 

1,764,224

1,784,445

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

1,764,222

1,784,443

Shareholders' funds

 

1,764,224

1,784,445

For the financial year ending 31 May 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 15 November 2024 and signed on its behalf by:
 

 

Ziggus Holdings Limited

(Registration number: 03557956)
Statement of Financial Position as at 31 May 2024 (continued)


Dr G N Vernon
Director

 

Ziggus Holdings Limited

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

1

General information

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

The address of its registered office is:
Lower Quarry
Moortown
Tavistock
Devon
PL19 9JZ
United Kingdom

Principal activity

The principal activity of the company is that of the maintenance and leasing of farm land and buildings.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertaking comprise a small group..

Going concern

The financial statements have been prepared on a going concern basis.

 

Ziggus Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible 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.

 

Ziggus Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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

25 years straight line

Plant and machinery

25% straight line

Motor vehicles

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

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.

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 at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Ziggus Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

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

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

1,700,000

47,818

29,037

1,776,855

Additions

-

1,886

-

1,886

At 31 May 2024

1,700,000

49,704

29,037

1,778,741

Depreciation

At 1 June 2023

-

45,332

29,036

74,368

Charge for the year

-

2,733

1

2,734

At 31 May 2024

-

48,065

29,037

77,102

Carrying amount

At 31 May 2024

1,700,000

1,639

-

1,701,639

At 31 May 2023

1,700,000

2,486

1

1,702,487

Included within the net book value of land and buildings above is £1,700,000 (2023 - £1,700,000) in respect of investment property measured at fair value.

The market value of the investment property has been determined by the directors as at 31 May 2024.

 

 

Ziggus Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

5

Investments

Subsidiaries

£

Cost or valuation

At 1 June 2023

2

Disposals

(2)

At 31 May 2024

-

Provision

Carrying amount

At 31 May 2024

-

At 31 May 2023

2

 

Ziggus Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 June 2023

32,574

32,574

Fair value adjustments

1,788

1,788

Additions

95,011

95,011

Disposals

(11,612)

(11,612)

At 31 May 2024

117,761

117,761

Impairment

Carrying amount

At 31 May 2024

117,761

117,761

7

Debtors

2024
£

2023
£

Other debtors

63,370

61,412

63,370

61,412

 

Ziggus Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

592

223

Accruals and deferred income

4,030

4,868

Other creditors

14,058

13,746

18,680

18,837

9

Reserves

Profit and loss account:

This reserve records retained earnings, accumulated losses and fair value movement on both current asset investments and investment properties.

As at 31 May 2024, the distributable retained earnings amounted to £1,260,997 (2023: £1,283,005) and the un-distributable fair value gains amounted to £503,225 (2023: £501,438).

10

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

At 31 May 2024
£

Directors

(1,343)

(312)

(1,655)

       
     

 

2023

At 1 June 2022
£

Advances to director
£

At 31 May 2023
£

Directors

(1,031)

(312)

(1,343)