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Company No: 07914648 (England and Wales)

ZENITH RESOURCES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ZENITH RESOURCES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ZENITH RESOURCES LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
ZENITH RESOURCES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS N C Gambier
V A Gambier
REGISTERED OFFICE Felsham House
Felsham
Bury St Edmunds
IP30 0QG
United Kingdom
COMPANY NUMBER 07914648 (England and Wales)
ACCOUNTANT Evelyn Partners (East) LLP
Stonecross
Trumpington High Street
Cambridge
CB2 9SU
ZENITH RESOURCES LIMITED

BALANCE SHEET

As at 31 March 2024
ZENITH RESOURCES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 558,579 490,031
558,579 490,031
Current assets
Debtors 4 330,446 823,051
Cash at bank and in hand 162,410 157,365
492,856 980,416
Creditors: amounts falling due within one year 5 ( 295,275) ( 836,852)
Net current assets 197,581 143,564
Total assets less current liabilities 756,160 633,595
Net assets 756,160 633,595
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account 756,159 633,594
Total shareholder's funds 756,160 633,595

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 financial statements of Zenith Resources Limited (registered number: 07914648) were approved and authorised for issue by the Board of Directors on 16 December 2024. They were signed on its behalf by:

N C Gambier
Director
ZENITH RESOURCES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ZENITH RESOURCES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Zenith Resources Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Felsham House, Felsham, Bury St Edmunds, IP30 0QG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Zenith Resources Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Revenue represents the income earned from the investments held by the company. Revenue from LLPs is recognised in the period in which it is earned and revenue from companies is recognised at the point a dividend is declared.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Taxation

Current tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Fixed asset investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

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.

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.
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 490,031 490,031
Additions 68,548 68,548
At 31 March 2024 558,579 558,579
Carrying value at 31 March 2024 558,579 558,579
Carrying value at 31 March 2023 490,031 490,031

4. Debtors

2024 2023
£ £
Other debtors 330,446 823,051

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to connected companies 226,639 781,019
Corporation tax 40,698 28,129
Other creditors 27,938 27,704
295,275 836,852

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

7. Related party transactions

Transactions with the entity's directors

Included within other debtors is a balance of £386 (2023: £567,983) owed from a director. Interest is being charged at 2.25% pa.