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Registered number: 11017575









ZENITH AUDIT LTD







UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
ZENITH AUDIT LTD
 
 
COMPANY INFORMATION


Directors
Filip Lyapov 
Radostina Paine 
Milena Mitova 




Registered number
11017575



Registered office
1st Floor
18 Devonshire Row

London

EC2M 4RH





 
ZENITH AUDIT LTD
 

CONTENTS



Page
Directors' Report
1
Directors' Responsibilities Statement
2
Profit and Loss Account
3
Balance Sheet
4 - 5
Notes to the Financial Statements
6 - 12


 
ZENITH AUDIT LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Principal activity

The principal activity of the Company is that of provision of audit and related assurance services.
The company is regulated by the ICAEW for all statutory audit work except for audits of public interest entities (PIEs) where the practice is supervised by the FRC.

Directors

The directors who served during the year were:

Filip Lyapov 
Radostina Paine 
Milena Mitova 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 20 December 2024 and signed on its behalf.
 





Filip Lyapov
Director

Page 1

 
ZENITH AUDIT LTD
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

 
ZENITH AUDIT LTD
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

  

Turnover
  
1,522,963
1,160,405

Cost of sales
  
(202,975)
(188,166)

Gross profit
  
1,319,988
972,239

Distribution costs
  
(845)
(400)

Administrative expenses
  
(658,433)
(619,288)

Other operating income
  
-
88

Operating profit
 3 
660,710
352,639

Interest receivable and similar income
  
337
-

Interest payable and similar expenses
  
(1,383)
(16,007)

Profit before tax
  
659,664
336,632

Tax on profit
  
(176,003)
(86,630)

Profit for the financial year
  
483,661
250,002

There are no items of other comprehensive income for 2024 or 2023 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 6 to 12 form part of these financial statements.

Page 3

 
ZENITH AUDIT LTD
REGISTERED NUMBER: 11017575

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

  

Fixed assets
  

Intangible assets
 6 
207,813
251,563

Tangible assets
 7 
6,622
7,219

  
214,435
258,782

Current assets
  

Debtors: amounts falling due within one year
 8 
246,001
154,068

Cash at bank and in hand
  
86,015
76,231

  
332,016
230,299

Creditors: amounts falling due within one year
 9 
(250,334)
(280,662)

Net current assets/(liabilities)
  
 
 
81,682
 
 
(50,363)

Total assets less current liabilities
  
296,117
208,419

  

Creditors: amounts falling due after more than one year
  
-
(60,000)

  
296,117
148,419

  

  

Net assets
  
296,117
148,419


Capital and reserves
  

Called up share capital 
  
226
198

Profit and loss account
  
295,891
148,221

  
296,117
148,419


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question 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 financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 December 2024.
Page 4

 
ZENITH AUDIT LTD
REGISTERED NUMBER: 11017575
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024





Filip Lyapov
Director

The notes on pages 6 to 12 form part of these financial statements.

Page 5

 
ZENITH AUDIT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Zenith Audit Ltd is a private limited company, incorporated in England & Wales.  The Company's registered office and the registered office number are shown on the Company information page.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
ZENITH AUDIT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 7

 
ZENITH AUDIT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

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.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation & Amortisation
48,487
47,944

Exchange differences
175
(36)

Other operating lease rentals
23,103
19,291


4.


Employees

2024
2023
£
£

Wages and salaries
264,157
314,787

Social security costs
21,720
20,985

Cost of defined contribution scheme
122,229
16,206

408,106
351,978


The average monthly number of employees, including directors, during the year was 10 (2023 - 7).

Page 8

 
ZENITH AUDIT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Dividends

2024
2023
£
£


Dividends paid
335,992
142,999

335,992
142,999


6.


Intangible assets




Contract Rights

£



Cost


At 1 November 2023
350,000



At 31 October 2024

350,000



Amortisation


At 1 November 2023
98,438


Charge for the year on owned assets
43,750



At 31 October 2024

142,188



Net book value



At 31 October 2024
207,812



At 31 October 2023
251,563



Page 9

 
ZENITH AUDIT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 November 2023
4,815
8,971
13,786


Additions
-
4,139
4,139



At 31 October 2024

4,815
13,110
17,925



Depreciation


At 1 November 2023
1,617
4,949
6,566


Charge for the year on owned assets
1,204
3,533
4,737



At 31 October 2024

2,821
8,482
11,303



Net book value



At 31 October 2024
1,994
4,628
6,622



At 31 October 2023
3,197
4,022
7,219


8.


Debtors

2024
2023
£
£


Trade debtors
141,764
150,138

Other debtors   (Note 12)
100,337
30

Prepayments and accrued income
3,900
3,900

246,001
154,068


Page 10

 
ZENITH AUDIT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
24,607
40,086

Corporation tax
176,067
86,629

Other taxation and social security
48,435
47,318

Other creditors
1,225
4,629

Accruals and deferred income
-
102,000

250,334
280,662



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans  (Note 12)
-
60,000

-
60,000



11.


Commitments under operating leases

At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
21,525
19,274

Later than 1 year and not later than 5 years
10,763
3,212

32,288
22,486


12.


Related party transactions

During the year, the Company advanced loan of £100,000 to Filip Lyapov, director of the Company. The Company charged interest of £337 on the loan advanced. As at the year end, £100,337 is outstanding from Filip Lyapov in respect of the loan advanced.
During the year, the company repaid loan balance oustandting of £60,000 to Radostina Paine, director of the Company. The Company also paid interest of £2,800 to Radostina Paine in respect of the loans outstanding. 

Page 11

 
ZENITH AUDIT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

13.


Controlling party

There is no single controlling party (2023: the ultimate controlling party was Filip Lyapov, director and shareholder of the Company).

 
Page 12