Zelda 23 LTD |
Notes to the Accounts |
for the period from 20 April 2023 to 30 April 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
20% reducing balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Functional and presentation currency |
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The financial statements of the company are measured and presented in the currency of the primary economic environment in which the company operates, the functional currency. The financial statements are presented in Pound sterling (£), which is the company’s functional currency. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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Going concern |
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The financial statements have been prepared on the basis that the company will receive continued financial support from bank and director and has adequate resources to continue in operational existence for the foreseeable future. |
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2 |
Employees |
2024 |
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Number |
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Average number of persons employed by the company |
1 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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Additions |
14,240 |
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At 30 April 2024 |
14,240 |
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Depreciation |
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Charge for the period |
2,848 |
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At 30 April 2024 |
2,848 |
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Net book value |
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At 30 April 2024 |
11,392 |
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4 |
Creditors: amounts falling due within one year |
2024 |
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£ |
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Taxation and social security costs |
1,436 |
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Other creditors |
8,593 |
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10,029 |
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5 |
Related party transactions |
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Included within other creditors is director's loan of £7,593. |
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6 |
Controlling party |
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Tarkan Ozdemir is the ultimate controlling party. |
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7 |
Other information |
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Zelda 23 LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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24 Hallowes Crescent |
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Watford |
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England |
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WD19 7NT |