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Registration number: NI644069

The Zip Yard Franchising (GB) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

The Zip Yard Franchising (GB) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

The Zip Yard Franchising (GB) Limited

(Registration number: NI644069)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

661

 

882

Investments

5

 

100

 

100

   

761

 

982

Current assets

   

 

Debtors

6

29,306

 

6,519

 

Cash at bank and in hand

 

77,178

 

38,326

 

 

106,484

 

44,845

 

Creditors: Amounts falling due within one year

7

(65,300)

 

(39,093)

 

Net current assets

   

41,184

 

5,752

Net assets

   

41,945

 

6,734

Capital and reserves

   

 

Called up share capital

9

100

 

100

 

Retained earnings

41,845

 

6,634

 

Shareholders' funds

   

41,945

 

6,734

For the financial year ending 30 April 2024 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 1 November 2024 and signed on its behalf by:
 

.........................................
Mr N Dunning
Director

 

The Zip Yard Franchising (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
9 Upper Crescent
Belfast
Northern Ireland
BT7 1NT

These financial statements were authorised for issue by the Board on 1 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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 company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Group accounts not prepared

The company is exempt from preparing group accounts as the group is small.

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.

Tax

The tax expense for the period comprises current 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 corporation 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.

 

The Zip Yard Franchising (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

 

The Zip Yard Franchising (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

1,103

1,103

At 30 April 2024

1,103

1,103

Depreciation

At 1 May 2023

221

221

Charge for the year

221

221

At 30 April 2024

442

442

Carrying amount

At 30 April 2024

661

661

At 30 April 2023

882

882

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 May 2023

100

Carrying amount

At 30 April 2024

100

At 30 April 2023

100

6

Debtors

Current

2024
£

2023
£

Trade debtors

10,317

5,240

Prepayments

495

951

Other debtors

18,494

328

 

29,306

6,519

 

The Zip Yard Franchising (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

361

4,581

Trade creditors

 

1,016

-

Amounts owed to group undertakings

 

37,613

26,643

Taxation and social security

 

20,757

4,662

Accruals and deferred income

 

5,553

3,207

 

65,300

39,093

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

361

4,581

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Interest free loan

-

(4,189)

4,550

361

 

2023

At 1 May 2022
£

Repayments by director
£

At 30 April 2023
£

Interest free loan

(9,803)

9,803

-

 

 

The Zip Yard Franchising (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

11

Parent and ultimate parent undertaking

The company's immediate parent is NDPS (Yorkshire) Limited, incorporated in England & Wales.