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Registration number: 08979146

Ziax Ltd
Annual Report and
Unaudited Financial Statements

30 April 2024

 

Ziax Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Ziax Ltd

Balance Sheet
30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

44,923

54,749

Current assets

 

Debtors

5

227,744

247,884

Cash at bank and in hand

 

171,184

451,027

 

398,928

698,911

Creditors: Amounts falling due within one year

6

(164,078)

(124,136)

Net current assets

 

234,850

574,775

Net assets

 

279,773

629,524

Capital and reserves

 

Called up share capital

100

100

Retained earnings

279,673

629,424

Shareholders' funds

 

279,773

629,524

 

Ziax Ltd

Balance Sheet
30 April 2024

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 27 January 2025 and signed on its behalf by:
 

.........................................
Mr Z Spencer-Milnes
Director

Company Registration Number: 08979146

 

Ziax Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 30 Eton Business Park
Eton Hill Road
Radcliffe
Manchester
M26 2ZS
England

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Ziax Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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 income 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33.33% straight line

Office equipment

20% - 25% straight line

 

Ziax Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Ziax Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 18 (2023 - 22).

4

Tangible assets

Office equipment
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

177,509

310,375

487,884

Additions

11,429

-

11,429

At 30 April 2024

188,938

310,375

499,313

Depreciation

At 1 May 2023

123,119

310,375

433,494

Charge for the year

20,896

-

20,896

At 30 April 2024

144,015

310,375

454,390

Carrying amount

At 30 April 2024

44,923

-

44,923

At 30 April 2023

54,749

-

54,749

5

Debtors

Current

2024
£

2023
£

Trade debtors

157,976

140,291

Prepayments

3,555

7,656

Other debtors

66,213

99,937

 

227,744

247,884

 

Ziax Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

91,050

63,799

Taxation and social security

17,668

9,750

Accruals and deferred income

13,380

-

Other creditors

41,980

50,587

164,078

124,136

7

Related party transactions

Key management personnel

Summary of transactions with key management

The amounts owed by the directors were repaid within 9 months of the year-end. Interest will be charged at 2.25%.
 

Transactions with Directors

2024

At 1 May 2023
£

Advances to Director
£

At 30 April 2024
£

Directors Loan Accounts

-

36,232

36,232

 

Directors' remuneration

The director is remunerated by the company by the way of salary. The directors consider that their remuneration meets the criteria of being under normal market conditions.
The directors who are also shareholders receive dividends as part of this remuneration package.