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Registered number: 12666176
Zephyr Engineering Limited
Financial Statements
For The Year Ended 30 June 2024
Taxave Limited
59 Gales Drive
Crawley
RH10 1QA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12666176
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,461 11,239
10,461 11,239
CURRENT ASSETS
Stocks 5 166,491 50,147
Debtors 6 289,009 446,492
Cash at bank and in hand 65,641 91,096
521,141 587,735
Creditors: Amounts Falling Due Within One Year 7 (299,190 ) (297,701 )
NET CURRENT ASSETS (LIABILITIES) 221,951 290,034
TOTAL ASSETS LESS CURRENT LIABILITIES 232,412 301,273
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,988 ) (2,135 )
NET ASSETS 230,424 299,138
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 230,423 299,137
SHAREHOLDERS' FUNDS 230,424 299,138
Page 1
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Steven McGregor
Director
7th March 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Zephyr Engineering Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12666176 . The registered office is 59 Gales Drive, Three Bridges, Crawley, West Sussex, RH10 1QA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 2)
3 2
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 13,366 2,243 15,609
Additions 1,577 1,232 2,809
Disposals (133 ) - (133 )
As at 30 June 2024 14,810 3,475 18,285
Depreciation
As at 1 July 2023 3,582 788 4,370
Provided during the period 2,815 672 3,487
Disposals (33 ) - (33 )
As at 30 June 2024 6,364 1,460 7,824
Net Book Value
As at 30 June 2024 8,446 2,015 10,461
As at 1 July 2023 9,784 1,455 11,239
5. Stocks
2024 2023
£ £
Work in progress 166,491 50,147
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 148,209 413,504
Prepayments and accrued income 85,640 -
Other debtors 37,204 32,988
Corporation tax recoverable assets 2,479 -
VAT 15,477 -
289,009 446,492
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 236,141 180,749
Bank loans and overdrafts 58,080 -
Corporation tax - 57,491
Other taxes and social security 1,371 288
VAT - 52,202
Other creditors 1,697 -
Accruals and deferred income 1,750 6,611
Director's loan account 151 360
299,190 297,701
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