Z2 Engineering Ltd 07972875 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Plumbing & Heating Engineer Digita Accounts Production Advanced 6.30.9574.0 true true 07972875 2023-04-01 2024-03-31 07972875 2024-03-31 07972875 bus:Director1 1 2024-03-31 07972875 bus:Director2 1 2024-03-31 07972875 bus:OrdinaryShareClass1 2024-03-31 07972875 bus:OrdinaryShareClass2 2024-03-31 07972875 core:FinanceLeases core:CurrentFinancialInstruments 2024-03-31 07972875 core:FinanceLeases core:Non-currentFinancialInstruments 2024-03-31 07972875 core:CurrentFinancialInstruments 2024-03-31 07972875 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07972875 core:Non-currentFinancialInstruments 2024-03-31 07972875 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 07972875 core:FurnitureFittingsToolsEquipment 2024-03-31 07972875 core:MotorVehicles 2024-03-31 07972875 bus:SmallEntities 2023-04-01 2024-03-31 07972875 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07972875 bus:FullAccounts 2023-04-01 2024-03-31 07972875 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07972875 bus:RegisteredOffice 2023-04-01 2024-03-31 07972875 bus:Director1 2023-04-01 2024-03-31 07972875 bus:Director1 1 2023-04-01 2024-03-31 07972875 bus:Director2 2023-04-01 2024-03-31 07972875 bus:Director2 1 2023-04-01 2024-03-31 07972875 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 07972875 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 07972875 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07972875 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 07972875 core:MotorVehicles 2023-04-01 2024-03-31 07972875 core:OfficeEquipment 2023-04-01 2024-03-31 07972875 core:Vehicles 2023-04-01 2024-03-31 07972875 countries:AllCountries 2023-04-01 2024-03-31 07972875 2023-03-31 07972875 bus:Director1 1 2023-03-31 07972875 bus:Director2 1 2023-03-31 07972875 core:FurnitureFittingsToolsEquipment 2023-03-31 07972875 core:MotorVehicles 2023-03-31 07972875 2022-04-01 2023-03-31 07972875 2023-03-31 07972875 bus:OrdinaryShareClass1 2023-03-31 07972875 bus:OrdinaryShareClass2 2023-03-31 07972875 core:FinanceLeases core:CurrentFinancialInstruments 2023-03-31 07972875 core:FinanceLeases core:Non-currentFinancialInstruments 2023-03-31 07972875 core:CurrentFinancialInstruments 2023-03-31 07972875 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07972875 core:Non-currentFinancialInstruments 2023-03-31 07972875 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07972875 core:FurnitureFittingsToolsEquipment 2023-03-31 07972875 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07972875

Z2 Engineering Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Z2 Engineering Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Z2 Engineering Ltd

Company Information

Directors

Mr MS Horner

Mr R Mcleod

Registered office

Unit 6 South Bailey Gate Industrial Estate
Pontefract
WF8 2LN

Accountants

Cameron Alexander Accountants Ltd
Chartered Certified Accountants
2 Western Street
Barnsley
South Yorkshire
S70 2BP

 

Z2 Engineering Ltd

(Registration number: 07972875)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

185,643

132,403

Current assets

 

Stocks

5

8,167

7,600

Debtors

6

141,645

83,984

Cash at bank and in hand

 

45,032

56,614

 

194,844

148,198

Creditors: Amounts falling due within one year

7

(173,840)

(100,462)

Net current assets

 

21,004

47,736

Total assets less current liabilities

 

206,647

180,139

Creditors: Amounts falling due after more than one year

7

(172,494)

(121,791)

Provisions for liabilities

(30,860)

(18,306)

Net assets

 

3,293

40,042

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

3,291

40,040

Shareholders' funds

 

3,293

40,042

For the financial year ending 31 March 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 Profit and Loss Account.

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

 

Z2 Engineering Ltd

(Registration number: 07972875)
Balance Sheet as at 31 March 2024

.........................................
Mr MS Horner
Director

 

Z2 Engineering Ltd

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

1

Accounting policies

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 financial statements have been prepared on a going concern 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.

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 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.

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:

 

Z2 Engineering Ltd

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

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Furniture, fittings, tools and equipment

25% straight line

Office equipment

25% reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Z2 Engineering Ltd

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

Leasing and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line 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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 11).

3

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

43,973

22,414

 

Z2 Engineering Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

14,522

183,194

197,716

Additions

959

122,366

123,325

Disposals

-

(64,837)

(64,837)

At 31 March 2024

15,481

240,723

256,204

Depreciation

At 1 April 2023

8,706

56,607

65,313

Charge for the year

1,430

42,543

43,973

Eliminated on disposal

-

(38,725)

(38,725)

At 31 March 2024

10,136

60,425

70,561

Carrying amount

At 31 March 2024

5,345

180,298

185,643

At 31 March 2023

5,816

126,587

132,403

5

Stocks

2024
£

2023
£

Other inventories

8,167

7,600

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

88,008

71,470

Amounts owed by related parties

10

150

-

Prepayments

 

4,697

6,906

Other debtors

 

48,790

5,608

   

141,645

83,984

 

Z2 Engineering Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

45,330

17,199

Trade creditors

 

53,956

47,286

Taxation and social security

 

19,443

5,071

Other creditors

 

11,452

1,875

HP and finance lease liabilities

 

43,659

29,031

 

173,840

100,462

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

172,494

121,791

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

Ordinary A of £1 each

1

1

1

1

 

2

2

2

2

 

Z2 Engineering Ltd

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

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

11,791

21,740

Finance lease liabilities

160,703

100,051

172,494

121,791

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,648

10,649

Bank overdrafts

34,682

6,550

Finance lease liabilities

43,659

29,031

88,989

46,230

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Repayments by director
£

Other payments made to company by director
£

At 31 March 2024
£

Mr R Mcleod

No interest is charged on the loan and there is no fixed date of repayment

260

-

3,050

3,310

         
       

Mr MS Horner

Interest is charged on the loan at 2.25% and is due to be repaid by 31 December 2024.

260

(28,192)

-

(27,932)