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REGISTERED NUMBER: 03515061 (England and Wales)















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: Mr H J Pelham
Miss P J Hudson



SECRETARY: Miss P J Hudson



REGISTERED OFFICE: 10 St Ann Street
Salisbury
Wiltshire
SP1 2DN



REGISTERED NUMBER: 03515061 (England and Wales)



ACCOUNTANTS: Rothmans LLP
10 St Ann Street
Salisbury
Wiltshire
SP1 2DN



BANKERS: National Westminster Bank Plc
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 4 131,265 730,379
Investment property 5 - 2,668,811
131,265 3,399,190

CURRENT ASSETS
Stocks 6 - 50,050
Debtors 7 5,232,359 486,036
Cash at bank and in hand 891,852 1,295,268
6,124,211 1,831,354
CREDITORS
Amounts falling due within one year 8 1,134,797 1,477,497
NET CURRENT ASSETS 4,989,414 353,857
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,120,679

3,753,047

PROVISIONS FOR LIABILITIES 9 25,870 105,682
NET ASSETS 5,094,809 3,647,365

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 10 5,094,807 3,647,363
SHAREHOLDERS' FUNDS 5,094,809 3,647,365

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





Mr H J Pelham - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 5% on cost
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 20% on cost

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 7 (2023 - 7 ) .

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 457,292 1,557,025 168,658 15,500 2,198,475
Additions 411,678 22,231 - - 433,909
Disposals (868,970 ) (1,138,413 ) (168,658 ) (15,500 ) (2,191,541 )
At 30 April 2024 - 440,843 - - 440,843
DEPRECIATION
At 1 April 2023 249,685 1,058,670 153,542 6,199 1,468,096
Charge for period - 23,383 - - 23,383
Eliminated on disposal (249,685 ) (772,475 ) (153,542 ) (6,199 ) (1,181,901 )
At 30 April 2024 - 309,578 - - 309,578
NET BOOK VALUE
At 30 April 2024 - 131,265 - - 131,265
At 31 March 2023 207,607 498,355 15,116 9,301 730,379

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 2,855,642
Disposals (2,855,642 )
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 2,668,811

6. STOCKS
30.4.24 31.3.23
£    £   
Stocks - 50,050

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 31.3.23
£    £   
Trade debtors 32,813 377,165
Other debtors 5,199,546 108,871
5,232,359 486,036

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 31.3.23
£    £   
Trade creditors 122,874 125,706
Taxation and social security 179,081 293,608
Other creditors 832,842 1,058,183
1,134,797 1,477,497

9. PROVISIONS FOR LIABILITIES
30.4.24 31.3.23
£    £   
Deferred tax 25,870 105,682

Deferred
tax
£   
Balance at 1 April 2023 105,682
Accelerated capital allowances (79,812 )
Balance at 30 April 2024 25,870

ZERLINA LTD (REGISTERED NUMBER: 03515061)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 30 April 2024

10. RESERVES

30.4.2431.3.23
£ £

Distributable5,088,5113,638,729
Non - distributable6,2968,634
5,094,8073,647,363

Movement in non-distributable reserve 30.4.2431.3.23
£ £

Balance brought forward at the start of the year8,63445,139
Asset disposal-(80,527 )
Movement in depreciation(3,117)36,312
Movement in deferred tax7797,710
Balance carried forward at the end of the year6,2968,634


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.






Rothmans LLP
10 St Ann Street
Salisbury
Wiltshire
SP1 2DN


21 January 2025