Company registration number 06806509 (England and Wales)
ZAMEERO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ZAMEERO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ZAMEERO LIMITED
BALANCE SHEET
AS AT
27 DECEMBER 2023
27 December 2023
- 1 -
27 December 2023
28 December 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
27,500
37,500
Tangible assets
4
14,905
17,272
42,405
54,772
Current assets
Debtors
5
2,520
2,520
Cash at bank and in hand
24,442
210,394
26,962
212,914
Creditors: amounts falling due within one year
6
(198,857)
(346,487)
Net current liabilities
(171,895)
(133,573)
Total assets less current liabilities
(129,490)
(78,801)
Creditors: amounts falling due after more than one year
7
(34,025)
(39,208)
Net liabilities
(163,515)
(118,009)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(163,615)
(118,109)
Total equity
(163,515)
(118,009)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 27 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ZAMEERO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
27 DECEMBER 2023
27 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 November 2024
Ms Shabnam Nazir
Director
Company registration number 06806509 (England and Wales)
ZAMEERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Zameero Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant upon the financial support of its director and majority shareholder and their associated business interests in order to meet its liabilities as they fall due.true
The director and the majority shareholder have indicated that this support will continue for the foreseeable future and, as a result, the director has continued to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services, net of VAT.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Bitcoins
20% per annum - straight line basis
ZAMEERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
10% per annum - straight line
Fixtures, fittings & equipment
15% per annum - reducing balance
Computer equipment
33.3 per annum - straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ZAMEERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
ZAMEERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 DECEMBER 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2 (2022 - 2).
3
Intangible fixed assets
Bitcoins
£
Cost
At 29 December 2022 and 27 December 2023
50,000
Amortisation and impairment
At 29 December 2022
12,500
Amortisation charged for the period
10,000
At 27 December 2023
22,500
Carrying amount
At 27 December 2023
27,500
At 28 December 2022
37,500
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 29 December 2022
58,481
26,675
85,156
Additions
1,628
1,628
At 27 December 2023
58,481
28,303
86,784
Depreciation and impairment
At 29 December 2022
52,403
15,481
67,884
Depreciation charged in the period
848
3,147
3,995
At 27 December 2023
53,251
18,628
71,879
Carrying amount
At 27 December 2023
5,230
9,675
14,905
At 28 December 2022
6,078
11,194
17,272
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
2,520
2,520
ZAMEERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,180
5,180
Corporation tax
986
8,880
Other taxation and social security
17,472
18,916
Other creditors
175,219
313,511
198,857
346,487
ZAMEERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 DECEMBER 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,025
39,208
The bank loan is unsecured and has a term of ten years.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
15,117
20,300