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Registration number: 02596583

Zenith Global Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Zenith Global Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Zenith Global Limited

(Registration number: 02596583)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

5

3,068

6,510

Current assets

 

Stocks

6

4,928

-

Debtors

7

166,924

169,109

Cash at bank and in hand

 

47,671

270,855

 

219,523

439,964

Creditors: Amounts falling due within one year

8

(115,790)

(244,173)

Net current assets

 

103,733

195,791

Total assets less current liabilities

 

106,801

202,301

Provisions for liabilities

-

19,123

Net assets

 

106,801

221,424

Capital and reserves

 

Called up share capital

25,176

25,306

Share premium reserve

18,914

18,914

Capital redemption reserve

10,526

10,396

Retained earnings

52,185

166,808

Shareholders' funds

 

106,801

221,424

 

Zenith Global Limited

(Registration number: 02596583)
Balance Sheet as at 31 December 2023

For the financial 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.

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 8 November 2024 and signed on its behalf by:
 

R Hall
Director

   
     
 

Zenith Global Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
8 Kingsmead Square
Bath
BA1 2AB

These financial statements were authorised for issue by the Board on 8 November 2024.

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 company, and rounded to the nearest £.

Going concern

The ongoing cost of living crisis gives rise to uncertainty in relation to the company's future activity and events and the company's longer-term prospects.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

 

Zenith Global Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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:

Asset class

Depreciation method and rate

Plant and machinery

33% straight line

Furniture, fittings and equipment

20% straight line

Office equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks, patents and licences

Straight line over its useful economic life of 117 months

Goodwill

20% straight line

 

Zenith Global Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

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 stocks 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Zenith Global Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 9 (2022 - 19).

 

Zenith Global Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Trademarks, patents and licences
 £

Total
£

Cost or valuation

At 1 January 2023

164,203

203,195

367,398

At 31 December 2023

164,203

203,195

367,398

Amortisation

At 1 January 2023

164,203

203,195

367,398

At 31 December 2023

164,203

203,195

367,398

Carrying amount

At 31 December 2023

-

-

-

5

Tangible assets

Furniture, fittings and equipment
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

149,621

86,105

618,071

853,797

Additions

-

-

650

650

At 31 December 2023

149,621

86,105

618,721

854,447

Depreciation

At 1 January 2023

149,621

86,105

611,561

847,287

Charge for the year

-

-

4,092

4,092

At 31 December 2023

149,621

86,105

615,653

851,379

Carrying amount

At 31 December 2023

-

-

3,068

3,068

At 31 December 2022

-

-

6,510

6,510

6

Stocks

2023
£

2022
£

Work in progress

4,928

-

 

Zenith Global Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

30,798

79,754

Amounts owed by related parties

11

-

34,729

Other debtors

 

32,553

20,974

Prepayments

 

47,561

33,507

Deferred tax assets

56,012

145

 

166,924

169,109

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

9

-

25,000

Trade creditors

 

39,401

97,796

Amounts due to related parties

11

2,432

-

Social security and other taxes

 

5,794

21,618

Other creditors

 

28,738

48,346

Accruals

 

39,425

51,413

 

115,790

244,173

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

-

25,000

 

Zenith Global Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

During the year the company together with a company under common control entered into a lease. The total amount of financial commitments not included in the balance sheet is £382,500 (2022 - £26,875). The amount of the commitment relating to Zenith Global Limited is £191,250.

The prior year lease commitment of £26,875, related solely to Zenith Global Limited and expired in the year.

11

Related party transactions

Summary of transactions with other related parties

During the year management services of £70,791 (2022 - £137,285) were received from and services totalling £12,410 (2022 - £8,947) were purchased from a company under common control. At the year end £2,432 (2022 - was owed from the connected company £34,729) was owed to the connected company. This balance is noted as receivables from related parties within debtors.

During the year consultancy services totalling £24,200 (2022 - £78,808) were purchased from a partnership run by the director. At the end of the year £141 (2022 - £752) was owed to the partnership. This balance is shown in trade creditors.

 

12

Prior period adjustment

The company has adjusted the individual reserves to reflect the correct split of reserves as at 1st January 2022. The adjustment is in relation to the year ended 31st December 2020 and effects all years thereafter. To correct the position the company has increased the capital redemption reserve by £650, Increased the share premium reserve by £13,000, reduced called up share capital by £650 and reduced the retained earnings by £13,000.