IRIS Accounts Production v24.3.2.46 03562496 Board of Directors 31.5.24 1.6.23 31.5.24 31.5.24 property investment. true false true false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh035624962023-05-31035624962024-05-31035624962023-06-012024-05-31035624962022-05-31035624962022-06-012023-05-31035624962023-05-3103562496ns15:EnglandWales2023-06-012024-05-3103562496ns14:PoundSterling2023-06-012024-05-3103562496ns10:Director12023-06-012024-05-3103562496ns10:Consolidated2024-05-3103562496ns10:ConsolidatedGroupCompanyAccounts2023-06-012024-05-3103562496ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3103562496ns10:Consolidatedns10:SmallEntities2023-06-012024-05-3103562496ns10:Consolidatedns10:AuditExempt-NoAccountantsReport2023-06-012024-05-3103562496ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3103562496ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3103562496ns10:Consolidatedns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3103562496ns10:Consolidatedns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3103562496ns10:FullAccounts2023-06-012024-05-310356249612023-06-012024-05-3103562496ns10:OrdinaryShareClass12023-06-012024-05-3103562496ns10:Consolidated2023-06-012024-05-3103562496ns10:Director22023-06-012024-05-3103562496ns10:CompanySecretary12023-06-012024-05-3103562496ns10:RegisteredOffice2023-06-012024-05-3103562496ns10:Consolidated2022-06-012023-05-3103562496ns5:CurrentFinancialInstruments2024-05-3103562496ns5:CurrentFinancialInstruments2023-05-3103562496ns5:Non-currentFinancialInstruments2024-05-3103562496ns5:Non-currentFinancialInstruments2023-05-3103562496ns5:ShareCapital2024-05-3103562496ns5:ShareCapital2023-05-3103562496ns5:RetainedEarningsAccumulatedLosses2024-05-3103562496ns5:RetainedEarningsAccumulatedLosses2023-05-3103562496ns5:NetGoodwill2023-06-012024-05-3103562496ns5:FurnitureFittings2023-06-012024-05-3103562496ns5:CostValuation2023-05-3103562496ns5:CostValuation2024-05-3103562496ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-3103562496ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-3103562496ns5:Secured2024-05-3103562496ns5:Secured2023-05-3103562496ns10:OrdinaryShareClass12024-05-3103562496ns5:RetainedEarningsAccumulatedLosses2023-05-3103562496ns5:RetainedEarningsAccumulatedLosses2023-06-012024-05-31
REGISTERED NUMBER: 03562496 (England and Wales)















REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

ZOE GROUP LIMITED

ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Report of the Directors 2

Consolidated Profit and Loss Account 3

Consolidated Balance Sheet 4

Company Balance Sheet 6

Notes to the Consolidated Financial Statements 8


ZOE GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: D Anastasiou
E Eleftheriou



SECRETARY: A K Singh



REGISTERED OFFICE: 2nd Floor
Muskers Building
1 Stanley Street
Liverpool
Merseyside
L1 6AA



REGISTERED NUMBER: 03562496 (England and Wales)



BANKERS: Handelsbanken
First Floor
Exchange Station
Tithebarn Street
Liverpool
L2 2QP

ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

D Anastasiou
E Eleftheriou

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





E Eleftheriou - Director


14 February 2025

ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

TURNOVER 2,327,208 2,266,084

Administrative expenses 587,186 1,553,994
1,740,022 712,090

Other operating income 85 240
Loss on revaluation of assets (39,109 ) (28,930 )
OPERATING PROFIT 4 1,700,998 683,400

Interest receivable and similar income 94,282 5,908
1,795,280 689,308

Interest payable and similar expenses 5 1,012,601 698,147
PROFIT/(LOSS) BEFORE TAXATION 782,679 (8,839 )

Tax on profit/(loss) 6 226,155 28,961
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 556,524 (37,800 )

Profit/(loss) attributable to:
Owners of the parent 491,835 (102,547 )
Non-controlling interests 64,689 64,747
556,524 (37,800 )

ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

CONSOLIDATED BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 99,198 113,172
Tangible assets 10 30,311 40,609
Investments 11
Interest in associate 262,918 234,750
Investment property 12 26,240,759 26,505,986
26,633,186 26,894,517

CURRENT ASSETS
Debtors 13 3,193,545 1,367,406
Cash at bank 276,829 75,380
3,470,374 1,442,786
CREDITORS
Amounts falling due within one year 14 2,599,474 2,217,672
NET CURRENT ASSETS/(LIABILITIES) 870,900 (774,886 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,504,086

26,119,631

CREDITORS
Amounts falling due after more than one
year

15

(13,910,079

)

(12,819,049

)

PROVISIONS FOR LIABILITIES 17 (915,689 ) (878,788 )
NET ASSETS 12,678,318 12,421,794

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 12,247,827 12,055,992
SHAREHOLDERS' FUNDS 12,247,927 12,056,092

NON-CONTROLLING INTERESTS 430,391 365,702
TOTAL EQUITY 12,678,318 12,421,794

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group.

ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

CONSOLIDATED BALANCE SHEET - continued
31 MAY 2024


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

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2025 and were signed on its behalf by:





E Eleftheriou - Director


ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

COMPANY BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 362,027 362,027
Investment property 12 - -
362,027 362,027

CURRENT ASSETS
Debtors 13 14,262,489 13,221,795
Cash at bank 274,000 -
14,536,489 13,221,795
CREDITORS
Amounts falling due within one year 14 1,028,094 580,536
NET CURRENT ASSETS 13,508,395 12,641,259
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,870,422

13,003,286

CREDITORS
Amounts falling due after more than one
year

15

13,754,229

12,610,172
NET ASSETS 116,193 393,114

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 116,093 393,014
SHAREHOLDERS' FUNDS 116,193 393,114

Company's profit for the financial year 23,079 722,330

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

COMPANY BALANCE SHEET - continued
31 MAY 2024


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

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2025 and were signed on its behalf by:





E Eleftheriou - Director


ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Zoe Group Limited 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 General Information page.

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.

Going concern
The directors have reviewed the group's forecasts and projections taking into consideration possible changes in trading performance and consider that the group will be able to continue to trade profitably with the facilities available to them and with the support available from other creditors. The directors consider that with continued support from its bankers that the group has adequate resources to continue in operational existence for the foreseeable future (and at least the next 12 months) and therefore consider it appropriate to prepare the financial statements on the going concern basis.

Basis of consolidation
The group financial statements consolidate the financial results of Zoe Group Limited and its subsidiary undertakings drawn up to 31 May 2024. The results of subsidiary undertakings acquired or disposed of in the period are consolidated for the periods from or to the date on which control passed. Business combinations are accounted for under the purchase method. All intra-group transactions, balances, expenses and income are eliminated on consolidation.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the group's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. This includes valuations of investment properties and fixed asset investments. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision effects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Investment properties
A key source of estimation uncertainty relates to the valuation of investment properties, where a valuation is obtained annually, either by professionally qualified external valuers, or internally by the group's directors. The evidence to support these valuations is based primarily on recent, comparable market transactions on an arm's length basis. However, the assumptions applied are inherently subjective and so are subject to a degree of uncertainty.

Turnover
Turnover is the total amount of rent and other income receivable by the company, excluding VAT and is attributable to the continuing activities of property investment.

Turnover is recognised in the period to which it relates, taking into account provisions for lease incentives. Lease incentives are spread on a straight line basis over the lease term.

Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. Goodwill is amortised evenly over its estimated economic life.

ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% straight line

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.

Investment property sales are recognised upon unconditional exchange.

Bank borrowings
Interest bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the profit and loss account using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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.

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 year 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.

Leased assets - group as a lessee
The company holds a number of investment properties under operating leases. In accordance with FRS 102 such assets are capitalised as tangible fixed assets and are initially recognised at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease), and an equivalent amount is recognised as a liability. The minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the relevant term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Any subsequent increase in the rental charges is expensed to the profit and loss account.

Fixed asset investments
Investments in subsidiaries are stated at cost less provision for impairment.

Investments in associates are stated at cost less provision for impairment in the separate financial statements of the company, and at fair value in the consolidated financial statements.

ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 12,118 5,170
Goodwill amortisation 13,974 8,836
Loss on revaluation of investment property 67,277 64,952
Gain on revaluation of investments (28,168 ) (36,022 )
Loss/(profit) on sale of investment property (60,000 ) 583,155

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest and charges 924,320 665,206
Other loan interest 74,698 17,985
Leasing finance charges 13,583 14,956
1,012,601 698,147

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 189,254 140,648

Deferred tax:
Other timing differences 36,056 (114,211 )
Tax losses carried forward 845 2,524
Total deferred tax 36,901 (111,687 )
Tax on profit/(loss) 226,155 28,961

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 300,000 150,000

ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 805,146
AMORTISATION
At 1 June 2023 691,974
Charge for year 13,974
At 31 May 2024 705,948
NET BOOK VALUE
At 31 May 2024 99,198
At 31 May 2023 113,172

10. TANGIBLE FIXED ASSETS

Group
Fixtures
and
fittings
£   
COST
At 1 June 2023 1,105,456
Additions 1,820
At 31 May 2024 1,107,276
DEPRECIATION
At 1 June 2023 1,064,847
Charge for year 12,118
At 31 May 2024 1,076,965
NET BOOK VALUE
At 31 May 2024 30,311
At 31 May 2023 40,609

11. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST OR VALUATION
At 1 June 2023 234,750
Revaluations 28,168
At 31 May 2024 262,918
NET BOOK VALUE
At 31 May 2024 262,918
At 31 May 2023 234,750

ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


11. FIXED ASSET INVESTMENTS - continued

Group

Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 361,987 40 362,027
NET BOOK VALUE
At 31 May 2024 361,987 40 362,027
At 31 May 2023 361,987 40 362,027


The subsidiary undertakings consolidated at 31 May 2024, all of which were wholly owned unless otherwise stated were as follows:

Name Activity

Zoe Enterprises Ltd Property investment
Zoe Warrington Limited Property investment
Zoe Developments Limited Property investment
Zoe Wigan Limited Property investment
Zoe Cheshire Limited Property investment
Zoe Marybone Limited Property investment
Zoe Ashton Limited Property investment
Zoe Netherton Limited Property investment
Zoe Orford Limited Property investment
Zoe Manchester Limited Property investment *
Zoe Rainford Limited Property investment
Zoe Ropewalks Limited Property investment
Zoe (Parking) Limited Property investment
Zoe (Michael) Limited Property investment
Zoe (Norley) Limited Property investment
Zoe Properties Limited Property investment
Zoe Cleaning Limited Dormant
Liberty Enterprises Limited Dormant
Zoe Rochdale Limited Property investment
Zoe Vauxhall Limited Property investment
Zoe Andreas Limited Property investment **
Zoe Antonis Limited Property investment
Zoe Woolton Limited Property investment
Zoe JSM Group Limited Property investment ***
Zoe Bold Street Limited Property investment ***

All subsidiaries are incorporated in England and Wales.

* 75% owned
** 60% owned
*** 67% owned


ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


12. INVESTMENT PROPERTY

Freehold Leasehold
investment investment
property property Total
£    £    £   
FAIR VALUE
At 1 June 2023 18,145,983 8,360,003 26,505,986
Additions 2,050 - 2,050
Disposals (200,000 ) - (200,000 )
Revaluations - (67,277 ) (67,277 )
At 31 May 2024 17,948,033 8,292,726 26,240,759

The historical cost to the group of all investment properties is £18,846,526 (2023 - £18,844,476).

The directors have valued the group's investment properties as at 31 May 2024 based on open market value. In determining open market value the directors have taken into consideration any changes in the property market and the condition and use of the properties.



13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 85,984 70,154 - -
Amounts owed by group undertakings - - 12,198,380 12,947,278
Other debtors 3,107,561 1,297,252 2,064,109 274,517
3,193,545 1,367,406 14,262,489 13,221,795

The balance due from group undertakings is unsecured and has no fixed date for repayment.

Group and Company other debtors includes a balance of £1,955,757 (2023 - £nil) falling due for payment after more than one year.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts 240,000 - 240,000 -
Trade creditors 24,718 36,268 1,384 -
Taxation and social security 388,417 392,601 2,055 1,204
Other creditors 1,946,339 1,788,803 784,655 579,332
2,599,474 2,217,672 1,028,094 580,536

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 12,220,172 12,610,172 12,220,172 12,610,172
Other creditors 1,689,907 208,877 1,534,057 -
13,910,079 12,819,049 13,754,229 12,610,172

ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

Amounts falling due in more than five years:

Group Company
2024 2023 2024 2023
£    £    £    £   
Repayable by instalments
Bank loans more 5 yr by instal 10,940,172 9,810,172 10,940,172 9,810,172

16. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 12,460,172 12,610,172 12,460,172 12,610,172

Secured bank loans include term loans totalling £12.5m (2023 - £12.6m) which have an interest rate of 2.1% above LIBOR. The loans are secured by fixed and floating charges over the group's properties and there are unlimited inter-company guarantees with certain companies within the group (refer to note 20 for a full listing). A guarantee has also been provided by Loddington Limited for the principal sum of £2,995,000 as well as legal charges held over properties in Loddington Limited.

17. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Tax losses carried forward (13,725 ) (14,570 )
Other timing differences 929,414 893,358
915,689 878,788

Group
Deferred
tax
£   
Balance at 1 June 2023 878,788
Tax losses carried forward 845
Property revaluations 36,056
Balance at 31 May 2024 915,689

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

ZOE GROUP LIMITED (REGISTERED NUMBER: 03562496)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


19. RESERVES

Group
Retained
earnings
£   

At 1 June 2023 12,055,992
Profit for the year 491,835
Dividends (300,000 )
At 31 May 2024 12,247,827

Company
Retained
earnings
£   

At 1 June 2023 393,014
Profit for the year 23,079
Dividends (300,000 )
At 31 May 2024 116,093

Included in the group profit and loss reserve is a non-distributable balance of £6,464,819 (2023 - £6,768,152) relating to unrealised gains on the revaluation of investment properties.

20. CONTINGENT LIABILITIES

The company is party to an unlimited guarantee in respect of its bank facilities along with the following companies within the group:

Zoe Ashton Limited
Zoe Cheshire Limited
Zoe Enterprises Limited
Zoe Marybone Limited
Zoe Netherton Limited
Zoe Orford Limited
Zoe Warrington Limited
Zoe Wigan Limited
Zoe Developments Limited
Zoe Manchester Limited
Zoe (Parking) Limited
Zoe (Norley) Limited
Zoe (Michael) Limited
Zoe Rainford Limited
Zoe Properties Limited
Zoe Rochdale Limited
Zoe Ropewalks Limited
Zoe Vauxhall Limited
Zoe Andreas Limited
Zoe Antonis Limited
Zoe Woolton Limited
Zoe JSM Group Limited
Zoe Bold Street Limited