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REGISTERED NUMBER: 09034518 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Zaharas Developments Ltd

Zaharas Developments Ltd (Registered number: 09034518)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Zaharas Developments Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mr Antonis Ioannou
Ms Floria Di Tella





REGISTERED OFFICE: 10a Aldermans Hill,
Palmers Green,
London
N13 4PJ





REGISTERED NUMBER: 09034518 (England and Wales)





ACCOUNTANTS: Chris Pantazis Ltd T/A CPS & Co
Chartered Accountants
10A Aldermans Hill
Palmers Green
London
N13 4PJ

Zaharas Developments Ltd (Registered number: 09034518)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £   
CURRENT ASSETS
Stocks 4 7,599,338 7,599,338
Debtors 5 78,708 59,838
Cash at bank 108,957 144,635
7,787,003 7,803,811
CREDITORS
Amounts falling due within one year 6 2,473,007 2,463,184
NET CURRENT ASSETS 5,313,996 5,340,627
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,313,996

5,340,627

CREDITORS
Amounts falling due after more than one year 7 3,654,726 3,701,516
NET ASSETS 1,659,270 1,639,111

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 1,673,098 1,673,098
Retained earnings 11 (13,928 ) (34,087 )
SHAREHOLDERS' FUNDS 1,659,270 1,639,111

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by:



Mr Antonis Ioannou - Director


Zaharas Developments Ltd (Registered number: 09034518)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Zaharas Developments 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3. EMPLOYEES AND DIRECTORS

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

4. STOCKS
31.5.24 31.5.23
£    £   
Stock 7,599,338 7,599,338

Zaharas Developments Ltd (Registered number: 09034518)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Deposit held by Bank 72,113 55,858
VAT 2,382 3,980
Prepayments 4,213 -
78,708 59,838

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts (see note 8) 48,148 47,116
Trade creditors 28,758 4,419
Social security and other taxes 770 844
Other creditors 742,552 570,977
Directors' current accounts 1,303,468 1,438,445
Accrued expenses 349,311 401,383
2,473,007 2,463,184

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans (see note 8) 3,654,726 3,701,516

8. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 37,500 37,500
Bounce Back Loan 10,648 9,616
48,148 47,116

Amounts falling due between two and five years:
Bank loans - 2-5 years 3,643,879 3,679,459
Bounce Back Loan 10,847 22,057
3,654,726 3,701,516

Zaharas Developments Ltd (Registered number: 09034518)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

9. SECURED DEBTS

Zaharas Developments Ltd has the following list of securities as at 31st May 2024:

a) Persons entitled
Icici Bank UK PLC

Brief description:
All of the company's freehold and leasehold property, plant and machinery, book and other debts and any other sums payable to the company, the benefit of all contracts, deeds and agreements, all intellectual property rights,goodwill and uncalled capital and undertaking, in each case both owned by the company now or in the future,including the freehold property known as 52 Rowantree Road, Enfield, EN2 8PW and registered at HM Land registry under title number MX443043 (for further details please refer to the instrument).

Contains fixed charge.
Contains floating charge.
Floating charge covers all the property or undertaking of the company.
Contains negative pledge.
Date of Securities: 31/03/2021

b) Persons entitled
Icici Bank UK PLC

Brief description
The freehold property known as 52 Rowantree Road, Enfield, EN2 8PW and registered at HM Land registry under title number MX443043 (for further details please refer to the instrument).

Contains fixed charge.
Contains negative pledge.
Date of Securities: 31/03/2021

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary Share £1.00 100 100

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 June 2023 (34,087 ) 1,673,098 1,639,011
Profit for the year 20,159 20,159
At 31 May 2024 (13,928 ) 1,673,098 1,659,170

The stocks of £5,551,902 has been revalued by ICICI Bank for £7,225,000 on 3rd December 2020. Therefore, the revaluation amount of the stocks of £1,673,098 was included "Stocks" in Note 6. The above revaluations also reflected in the revaluation reserve.

Zaharas Developments Ltd (Registered number: 09034518)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

12. RELATED PARTY DISCLOSURES

As of year-end, the amounts owed were £256,693 (2023: £256,693) to Besorico Trading Ltd, a related company registered in Cyprus (Company registration No: HE79722), and £458,358.98 (2023: £314,049) to FT Property Management Ltd, a related company registered in England (Company registration No: 12441835).
These amounts are included under "Other creditors: amounts falling due within one year."

Mr. A Ioannou is the director and 100% shareholder of Besorico Trading Ltd, while Mr. A Ioannou and his wife, Mrs. M Ioannou, are the 100% shareholders of FT Property Management Ltd.