Registered number
06322154
ZERO SETTE @ EXCEL LTD
Unaudited Filleted Accounts
30 April 2024
ZERO SETTE @ EXCEL LTD
Registered number: 06322154
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 146,832 157,000
Current assets
Stocks 4,690 3,956
Debtors 4 122,288 12,990
Cash at bank and in hand 9,637 26,197
136,615 43,143
Creditors: amounts falling due within one year 5 (286,045) (283,531)
Net current liabilities (149,430) (240,388)
Total assets less current liabilities (2,598) (83,388)
Creditors: amounts falling due after more than one year 6 (160,439) (179,348)
Net liabilities (163,037) (262,736)
Capital and reserves
Called up share capital 7 7
Profit and loss account (163,044) (262,743)
Shareholders' funds (163,037) (262,736)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Gurrieri
Director
Approved by the board on 23 January 2025
ZERO SETTE @ EXCEL LTD
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
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).
Turnover
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
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:
Leasehold property over the lease term
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 13
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 193,019 499,447 692,466
At 30 April 2024 193,019 499,447 692,466
Depreciation
At 1 May 2023 38,604 496,862 535,466
Charge for the year 9,651 517 10,168
At 30 April 2024 48,255 497,379 545,634
Net book value
At 30 April 2024 144,764 2,068 146,832
At 30 April 2023 154,415 2,585 157,000
4 Debtors 2024 2023
£ £
Trade debtors 108,599 -
Other debtors 13,689 12,990
122,288 12,990
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 26,988 39,093
Trade creditors 128,359 131,027
Taxation and social security costs 53,378 56,822
Other creditors 77,320 56,589
286,045 283,531
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 160,439 179,348
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 155,992 164,077
Personal guarantees against the bank loan has been given by the directors of the company.
8 Other information
ZERO SETTE @ EXCEL LTD is a private company limited by shares and incorporated in England. Its registered office is:
Warehouse K 2 Western Gateway
Royal Victoria Dock
London
E16 1DR
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