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Registered number: 10840321
Zagwear Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 December 2024
Pincott Lee (Accountants) Ltd
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—4
Page 1
Abridged Balance Sheet
Registered number: 10840321
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Stocks 9,366 28,038
Debtors 4 389,671 520,318
Investments 200,000 -
Cash at bank and in hand 404,125 300,539
1,003,162 848,895
Creditors: Amounts Falling Due Within One Year (248,689 ) (264,405 )
NET CURRENT ASSETS (LIABILITIES) 754,473 584,490
TOTAL ASSETS LESS CURRENT LIABILITIES 754,473 584,490
NET ASSETS 754,473 584,490
CAPITAL AND RESERVES
Called up share capital 5 2 2
Profit and Loss Account 754,471 584,488
SHAREHOLDERS' FUNDS 754,473 584,490
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For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 31 December 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Toby Zacks
Director
23/01/2025
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Zagwear Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10840321 . The registered office is Suite 7, Bulldog House, London Road, Twyford, Reading, RG10 9EU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.  Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Leasing and Hire Purchase Contracts
Rentals under operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis over the life of the lease.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Exchange differences are taken to profit or loss.
2.6. Taxation
Corporation tax expense represents tax currently payable.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss.
2.7. Pensions
The company pays into defined contribution pension schemes on behalf of employees. Contributions are charged to the profit and loss account as they become payable.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Sales, marketing and distribution 5 4
5 4
4. Debtors
2024 2023
£ £
Due after more than one year
Other debtors 1,125 1,125
5. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Share capital consists of 2 ordinary shares of £1 each.
6. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are:
2024 2023
£ £
Not later than one year 11,812 11,300
Later than one year and not later than five years 10,828 23,300
22,640 34,600
7. Related Party Transactions
The company was charged £47,603 for accountancy services by a company under the control of the directors (2023: £48,300).
The company paid commission on sales of £12,502 to a company under the control of the directors (2023: NIL).
No amounts were outstanding between the companies at year end (2023 £Nil).
8. Ultimate Controlling Party
The company's ultimate controlling party is the directors by virtue of their ownership of 100% of the issued share capital in the company.
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