REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2023 TO 30 APRIL 2024 |
FOR |
ZERLINA LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2023 TO 30 APRIL 2024 |
FOR |
ZERLINA LTD |
ZERLINA LTD (REGISTERED NUMBER: 03515061) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 April 2023 to 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 8 |
ZERLINA LTD |
COMPANY INFORMATION |
for the period 1 April 2023 to 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
10 St Ann Street |
Salisbury |
Wiltshire |
SP1 2DN |
BANKERS: |
Dean Street Branch |
PO Box 2162 |
20 Dean Street |
London |
W1A 1SX |
ZERLINA LTD (REGISTERED NUMBER: 03515061) |
BALANCE SHEET |
30 April 2024 |
30.4.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ZERLINA LTD (REGISTERED NUMBER: 03515061) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 April 2023 to 30 April 2024 |
1. | STATUTORY INFORMATION |
Zerlina Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable for the various income streams associated with running a commercial airfield and industrial park. |
Revenue is recognised on the sale of goods when the goods have been paid for by the customer and removed from site, at which time the significant risk and rewards of ownership have passed to the customer. |
Revenue is recognised on services provided relating to the motor racing circuit and airfield in accordance with the terms of agreed contracts between the company and its customers, at which time the significant risk and rewards of ownership have passed to the customer. |
Revenue is is recognised on rental of industrial units and hangars in accordance with the terms of the tenants leases, at which time the significant risk and rewards of ownership have passed to the tenant. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
Aircraft, included within plant and machinery, are carried at their fair value using a policy of revaluation. The assets are valued at their open market value by the directors at the balance sheet date |
Component accounting has been applied to aircraft as the individual components of an aircraft have separate residual values, useful lives and depreciation methods. |
Freehold property has not been depreciated as a depreciation charge would not be material due to the property having a high residual value and a long economic life. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks of aircraft fuels and oils are not subject to physical obsolescence and is therefore valued at cost. Fuels are oils are issued on a first in first out basis. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
ZERLINA LTD (REGISTERED NUMBER: 03515061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 April 2023 to 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors |
Debtors do not carry and interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. |
Creditors |
Creditors are not interest bearing and are stated at their nominal value. |
Cash and cash equivalents |
These comprise cash at bank and other short term highly liquid deposits. |
Going concern |
As explained in the directors report, the company ceased to trade on 30 April 2024 and the financial statements have been prepared on a basis other than that of the going concern basis. |
This basis includes, where applicable, writing down the company's assets down to net realisable value. No provision has been made for future costs relating to the cessation of the trade unless such costs were committed at the reporting date. |
Reserves |
The movement in the fair value of aircraft to open market value at the balance sheet date is recognised in a non-distributable reserve. This reserve, which also contains appropriate depreciation and deferred tax provisions, may not be distributed to shareholders. |
Any movements in the reserve are not liable to corporation tax and an appropriate deferred tax provision is provided within the reserve. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
ZERLINA LTD (REGISTERED NUMBER: 03515061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 April 2023 to 30 April 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 31 March 2023 |
Cost or valuation at 30 April 2024 is represented by: |
Plant and |
machinery |
£ |
Valuation in 2016 | 221,209 |
Valuation in 2017 | (37,400 | ) |
Valuation in 2019 | 4,635 |
Cost | 252,399 |
440,843 |
If plant and machinery had not been revalued they would have been included at the following historical cost: |
30.4.24 | 31.3.23 |
£ | £ |
Cost | 389,113 | 1,368,581 |
Aggregate depreciation | 258,240 | 1,030,445 |
Plant and machinery were valued on an open market basis on 30 April 2024 by the directors . |
The directors concluded that there was no change in valuation as at 30 April 2024. |
ZERLINA LTD (REGISTERED NUMBER: 03515061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 April 2023 to 30 April 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Disposals | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 April 2023 | 186,831 |
Eliminated on disposal | (186,831 | ) |
At 30 April 2024 | - |
NET BOOK VALUE |
At 30 April 2024 |
At 31 March 2023 |
6. | STOCKS |
30.4.24 | 31.3.23 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 31.3.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | PROVISIONS FOR LIABILITIES |
30.4.24 | 31.3.23 |
£ | £ |
Deferred tax | 25,870 | 105,682 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Accelerated capital allowances | (79,812 | ) |
Balance at 30 April 2024 |
ZERLINA LTD (REGISTERED NUMBER: 03515061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 April 2023 to 30 April 2024 |
10. | RESERVES |
30.4.24 | 31.3.23 |
£ | £ |
Distributable | 5,088,511 | 3,638,729 |
Non - distributable | 6,296 | 8,634 |
5,094,807 | 3,647,363 |
Movement in non-distributable reserve | 30.4.24 | 31.3.23 |
£ | £ |
Balance brought forward at the start of the year | 8,634 | 45,139 |
Asset disposal | - | (80,527 | ) |
Movement in depreciation | (3,117 | ) | 36,312 |
Movement in deferred tax | 779 | 7,710 |
Balance carried forward at the end of the year | 6,296 | 8,634 |
11. | RELATED PARTY DISCLOSURES |
The following advances to Shonleigh Settlement, a shareholder, subsisted during the periods ended 30 April 2024 and 31 March 2023: |
30.4.24 | 31.3.23 |
£ | £ |
Balance outstanding at start of year | - | - |
Amounts advanced | 4,444,359 | - |
Amount repaid | - | - |
Balance outstanding at end of year | 4,444,359 | - |
The loan was repaid within 9 months of the balance sheet date and was liable to interest charged at | commercial rates. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
ZERLINA LTD |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Zerlina Ltd for the period ended 30 April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Zerlina Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Zerlina Ltd and state those matters that we have agreed to state to the Board of Directors of Zerlina Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Zerlina Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Zerlina Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Zerlina Ltd. You consider that Zerlina Ltd is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Zerlina Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
10 St Ann Street |
Salisbury |
Wiltshire |
SP1 2DN |