REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
for |
Zaharas Developments Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | STOCKS |
31.5.24 | 31.5.23 |
£ | £ |
Stock |
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 |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Social security and other taxes |
Other creditors |
Directors' current accounts | 1,303,468 | 1,438,445 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans (see note 8) |
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 |
Bounce Back Loan | 10,648 | 9,616 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Bounce Back Loan | 10,847 | 22,057 |
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: | £ | £ |
Ordinary Share | £1.00 | 100 | 100 |
11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 June 2023 | ( |
) | 1,639,011 |
Profit for the year |
At 31 May 2024 | ( |
) | 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. |