ZLC 7Dials Limited
Unaudited Financial Statements
For the year ended 30 April 2024
Pages for Filing with Registrar
Company Registration No. 09803689 (England and Wales)
ZLC 7Dials Limited
Company Information
Directors
Z Paskin
L Paskin
Company number
09803689
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
ZLC 7Dials Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ZLC 7Dials Limited
Balance Sheet
As at 30 April 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
97,698
138,844
Current assets
Stock
19,663
16,520
Debtors
4
274,439
339,197
Cash at bank and in hand
166,249
127,914
460,351
483,631
Creditors: amounts falling due within one year
5
(498,657)
(597,729)
Net current liabilities
(38,306)
(114,098)
Total assets less current liabilities
59,392
24,746
Creditors: amounts falling due after more than one year
6
(29,706)
(83,438)
Provisions for liabilities
-
0
4,127
Net assets/(liabilities)
29,686
(54,565)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
29,586
(54,665)
Total equity
29,686
(54,565)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ZLC 7Dials Limited
Balance Sheet (Continued)
As at 30 April 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
L Paskin
Director
Company Registration No. 09803689
ZLC 7Dials Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Page 3
1
Accounting policies
Company information

ZLC 7Dials Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

The Directors have also considered the impact of the cost of living crisis in the UK and its impact on the restaurant industry. The company currently has a net liability position at the time of approval of these financial statements. However the company continues to be profitable and cash generative during this time. Having made enquiries, the Directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of signing of these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the lease period
Plant and machinery
33% reducing balance
Fixtures, fittings & equipment
33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ZLC 7Dials Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 4
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

ZLC 7Dials Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 5
Basic financial assets

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ZLC 7Dials Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 6
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Restaurant Staff
34
25
Total
34
25
3
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
393,776
190,527
584,303
Additions
-
0
11,133
11,133
At 30 April 2024
393,776
201,660
595,436
Depreciation and impairment
At 1 May 2023
283,343
162,116
445,459
Depreciation charged in the year
41,090
11,189
52,279
At 30 April 2024
324,433
173,305
497,738
Carrying amount
At 30 April 2024
69,343
28,355
97,698
At 30 April 2023
110,433
28,411
138,844
ZLC 7Dials Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 7
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
17,572
Other debtors
260,653
321,625
260,653
339,197
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
13,786
-
0
Total debtors
274,439
339,197
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
47,370
42,317
Trade creditors
106,222
114,768
Corporation tax
46,200
46,838
Other taxation and social security
92,849
80,177
Other creditors
206,016
313,629
498,657
597,729

The bank loan is secured by fixed charges over the company's leasehold property.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
29,706
83,438

The long-term loans are secured by fixed charges over the company's leasehold property.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
ZLC 7Dials Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
7
Called up share capital
(Continued)
Page 8

On the 27 February 2023, the shareholders of ZLC 7Dials Limited passed a written resolution to reduce the issued share capital of the company from £50,000 to £100 by cancelling and extinguishing 49,900 of the issued Ordinary Shares of £1 each. All issued shares were fully paid up and so the amount by which the share capital was reduced by was repaid to the holders of those shares.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
90,000
90,000
Between two and five years
58,685
148,685
148,685
238,685
ZLC 7Dials Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 9
9
Related party transactions

As at the period end the company held the following balances with entities in which shareholders and/or directors had beneficial interests:

 

Amounts due to such entities: £nil (2023: £23,583)

Amounts due from such entities : £241,231 (2023: £227,911)

 

During the year, a management charge of £188,905 (2023: £224,843) has been incurred from an entity in which shareholders and/or directors had beneficial interests.

 

During the year, a dividend of £34,000 (2023: £250,000) was paid to its shareholders.

 

At the period end, a total of £33,278 (2023: £49,729 due from) was due to the directors of the company.

10
Control

In the opinion of the directors there is no one controlling party.

 

Subsequent to the year-end, ZLTB Holding Company Limited acquired all shareholding for the company and became the single controlling party in the opinion of the directors.

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