Zest Property Development Limited Filleted Accounts Cover
Zest Property Development Limited
Company No. 06048847
Information for Filing with The Registrar
29 February 2024
Zest Property Development Limited Balance Sheet Registrar
at
29 February 2024
Company No.
06048847
Notes
2024
2023
£
£
Fixed assets
Tangible assets
4
11
Investment property
5
145,000300,000
145,001300,001
Current assets
Debtors
6
525525
Cash at bank and in hand
33,96727,680
34,49228,205
Creditors: Amount falling due within one year
7
(110,753)
(140,170)
Net current liabilities
(76,261)
(111,965)
Total assets less current liabilities
68,740188,036
Creditors: Amounts falling due after more than one year
8
-
(101,450)
Provisions for liabilities
Deferred taxation
(11,104)
(22,973)
Net assets
57,63663,613
Capital and reserves
Called up share capital
22
Profit and loss account
11
57,63463,611
Total equity
57,63663,613
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 23 November 2024 and signed on its behalf by:
R.L. Flanagan
R.W. Flanagan
Director
Director
23 November 2024
23 November 2024
Zest Property Development Limited Notes to the Accounts Registrar
for the year ended 29 February 2024
1
General information
Zest Property Development Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 06048847
Its registered office is:
10 Far Croft, Breaston
Derby
Derbyshire
DE72 3HL
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover represents the aggregate of rents received in the accounting period.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
20% straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
00
4
Tangible fixed assets
Plant and machinery
Total
£
£
Cost or revaluation
At 1 March 2023
739739
At 29 February 2024
739739
Depreciation
At 1 March 2023
738738
At 29 February 2024
738738
Net book values
At 29 February 2024
11
At 28 February 2023
1
1
5
Investment property
Freehold Investment Property
£
Valuation
At 1 March 2023
300,000
Disposals
(155,000)
At 29 February 2024
145,000
The investment property has been valued by the directors on an open-market basis. In their opinion, the property has a fair value based on local prices at February 2024 of £145,000 (2023, two properties, £300,000).
If the property had not been revalued, it would have been included at the following historical cost:
2024
2023
£
£
Cost
100,586
208,109
Aggregate depreciation
(13,754)
(25,296)
6
Debtors
2024
2023
£
£
Other debtors
525525
525525
7
Creditors:
amounts falling due within one year
2024
2023
£
£
Trade creditors
1,2651,265
Taxes and social security
176
-
Other creditors
98,282130,601
Accruals and deferred income
11,0308,304
110,753140,170
8
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-101,450
-101,450
Liabilities repayable in more than five years after the balance sheet date
Amount repayable otherwise than by instalments
-
101,450
-101,450
9
Creditors: secured liabilities
2024
2023
£
£
The aggregate amount of secured liabilities included within creditors
-101,450
10
Share Capital
2 ordinary shares of £1 each
11
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
12
Related party disclosures
Transactions with related parties
The directors have provided an unsecured loan to the company. The balance of the loan at the year end was £98,282 (2023 - £130,601). For the current year, interest on the loan was accrued at 8.4%. The interest charged on the loan for the year was £10,130. Interest previously accrued of £8,304 was paid during the year.
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