ZLC London Limited
Unaudited Financial Statements
For the year ended 30 April 2024
Pages for Filing with Registrar
Company Registration No. 08597980 (England and Wales)
ZLC London Limited
Company Information
Directors
L Paskin
Z Paskin
Company number
08597980
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
ZLC London Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ZLC London Limited
Balance Sheet
As at 30 April 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
625,739
788,068
Current assets
Stock
26,315
28,432
Debtors
4
155,366
194,686
Cash at bank and in hand
106,495
96,329
288,176
319,447
Creditors: amounts falling due within one year
5
(938,345)
(966,859)
Net current liabilities
(650,169)
(647,412)
Total assets less current liabilities
(24,430)
140,656
Creditors: amounts falling due after more than one year
6
(203,889)
(317,864)
Net liabilities
(228,319)
(177,208)
Capital and reserves
Called up share capital
7
50
50
Capital redemption reserve
50
50
Profit and loss reserves
(228,419)
(177,308)
Total equity
(228,319)
(177,208)

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 members have 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 London 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. 08597980
ZLC London Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Page 3
1
Accounting policies
Company information

ZLC London 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 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. The fair value of consideration takes into account discounts.

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:

Land and buildings leasehold
15 years straight line
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 London 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.

1.6
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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 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.

ZLC London Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 5
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.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

ZLC London Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year  was:
2024
2023
Number
Number
20
20
Total
20
20
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
960,628
528,292
1,488,920
Additions
-
0
17,014
17,014
At 30 April 2024
960,628
545,306
1,505,934
Depreciation and impairment
At 1 May 2023
355,330
345,522
700,852
Depreciation charged in the year
114,902
64,441
179,343
At 30 April 2024
470,232
409,963
880,195
Carrying amount
At 30 April 2024
490,396
135,343
625,739
At 30 April 2023
605,298
182,770
788,068

The net book value of other tangible fixed assets includes £78,065 (2023: £87,052) in respect of assets held under finance leases and hire purchase agreements. The depreciation charge in respect of such assets amounted to £8,987 (2023: £17,146).

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,998
5,403
Other debtors
41,818
119,410
Prepayments and accrued income
78,500
60,205
130,316
185,018
ZLC London Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
4
Debtors
(Continued)
Page 7
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
25,050
9,668
Total debtors
155,366
194,686
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
89,167
89,167
Trade creditors
179,372
188,986
Corporation tax
-
0
(6,257)
Other taxation and social security
169,779
173,831
Other creditors
342,283
363,432
Accruals and deferred income
157,744
157,700
938,345
966,859

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

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
203,889
293,055
Other creditors
-
24,809
203,889
317,864

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 Type A of 1p each
3,750
50
37
50
Ordinary Type B of 1p each
1,250
-
13
-
5,000
50
50
50
ZLC London Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 8
8
Operating lease commitments

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
130,000
130,000
Between two and five years
443,781
520,000
In over five years
-
53,781
573,781
703,781
9
Related party transactions

At the year end, ZLC London Limited had the following transactions with entities in which shareholders and/or directors had beneficial interests:

 

Amounts due from such entities: £Nil (2023: £41,004).

 

Amounts due to such entities: £267,377 (2023: £275,000).

 

At the year end £25,948 (2023 :£ 17,742) was owed by the directors to the company.

10
Control

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

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