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Registered number: 13779468
Zeal Tech Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Goldwyns London LLP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 13779468
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 60,592 37,254
60,592 37,254
CURRENT ASSETS
Debtors 5 1,005,177 364,343
Cash at bank and in hand 98,010 465,630
1,103,187 829,973
Creditors: Amounts Falling Due Within One Year 6 (604,154 ) (459,358 )
NET CURRENT ASSETS (LIABILITIES) 499,033 370,615
TOTAL ASSETS LESS CURRENT LIABILITIES 559,625 407,869
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,251 ) (7,078 )
NET ASSETS 545,374 400,791
CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Income Statement 544,374 399,791
SHAREHOLDERS' FUNDS 545,374 400,791
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr T Lu
Director
19/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Zeal Tech Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13779468 . The registered office is 3rd Floor 26 Throgmorton Street, London, EC2N 2AN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the financial currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2. Going Concern Disclosure
The director has considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The director has also pledged their financial support to assist with this if required. On this basis, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, value added taxes and other sales taxes.
2.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & Fittings 25% Straight line
Computer Equipment 25% Straight line
Tangible assets are initially recorded at cost and subsequently stated at cost less accumulated depreciation and impairment losses.
2.5. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Taxation for the year comprises current 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 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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 year when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.9. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.10. Cash and Cash Equivalents
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.
2.11. Critical Accounting Judgements And Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the year end.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 33 (2022: 23)
33 23
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 10,022 39,650 49,672
Additions 615 47,059 47,674
As at 31 December 2023 10,637 86,709 97,346
Depreciation
As at 1 January 2023 2,506 9,912 12,418
Provided during the period 2,659 21,677 24,336
As at 31 December 2023 5,165 31,589 36,754
Net Book Value
As at 31 December 2023 5,472 55,120 60,592
As at 1 January 2023 7,516 29,738 37,254
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5. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Prepayments and accrued income 26,358 907
Other debtors 646,159 313,382
Amounts owed to connected parties 296,352 16,013
VAT recoverable 36,308 27,340
Other taxes and social security - 6,701
1,005,177 364,343
6. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors 60 579
Corporation tax 46,390 15,559
Other taxes and social security 82,777 -
Pension liability 54,541 11,144
Amount owed to connected parties 419,336 431,851
Accruals and deferred income 1,050 225
604,154 459,358
7. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
The nominal value per share is £1 and as at the year end there are 1,000 Ordinary shares in issue.
8. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 December 2023 31 December 2022
£ £
Not later than one year 260,318 260,318
Later than one year and not later than five years 520,636 759,261
780,954 1,019,579
9. Pension Commitments
The company operates a defined contribution pension scheme for directors and staff. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £54,541 were due to the fund. They are included in creditors and shown seperatly.
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10. Related Party Transactions
The amount owed by Zeal Capital Market (Seychelles) Limited, a company related via commercial interdependence, totalled £296,352 as at the year-end, which is a current asset, interest free and repayable on demand.
The amount owed to YCH Blue Digital Ltd, a fully owned subsidiary of Zeal Capital Market (Seychelles) Limited which is related to the company via commercial interdependence, totalled £419,336 as at the year-end. This amount is  is a current liability, interest free and repayable on demand.
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