Company registration number 08214600 (England and Wales)
ZOLGER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ZOLGER LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
ZOLGER LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
670
-
0
Investment properties
4
1,261,052
1,261,052
1,261,722
1,261,052
Current assets
Trade and other receivables
5
27,474
21,990
Cash and cash equivalents
1,866
5,791
29,340
27,781
Current liabilities
6
(326,999)
(1,094,541)
Net current liabilities
(297,659)
(1,066,760)
Total assets less current liabilities
964,063
194,292
Non-current liabilities
7
(769,835)
-
0
Net assets
194,228
194,292
Equity
Called up share capital
8
1
1
Retained earnings
194,227
194,291
Total equity
194,228
194,292

The directors of the company have elected not to include a copy of the income statement 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 member has 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.

The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
N Wiesenberg
Director
Company registration number 08214600 (England and Wales)
ZOLGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Zolger Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the reporting date the company had net current liabilities of £297,659, however had net assets of £194,228. The company's working capital is being supported by its parent company who will continue to provide such financial support as is necessary for the company's operations. The directors, therefore, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Revenue

Revenue represents rent receivable and service charges.

1.4
Property, plant and equipment

Property, plant and equipment 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:

Computer equipment
33.33% straight line

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 the statement of income.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

ZOLGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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.

1.9
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 income statement 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.

ZOLGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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.

 

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 income statement, 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0

The comparative number has been adjusted to exclude those directors who are not employed under contracts of service.

3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 May 2023
-
0
Additions
1,005
At 30 April 2024
1,005
Depreciation and impairment
At 1 May 2023
-
0
Depreciation charged in the year
335
At 30 April 2024
335
Carrying amount
At 30 April 2024
670
At 30 April 2023
-
0
ZOLGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Investment properties
2024
£
Fair value
At 1 May 2023 and 30 April 2024
1,261,052

The investment properties were valued by the directors at 30 April 2024 who considered that the fair value at the reporting date was equal to the cost of acquisition plus subsequent expenditure.

5
Trade and other receivables
2024
2023
£
£
Amounts falling due within one year:
Trade receivables
8,971
10,248
Amounts owed by related party
6,000
6,000
Other receivables
12,503
5,742
27,474
21,990
6
Current liabilities
2024
2023
£
£
Bank loan (see note 7)
18,203
-
0
Trade payables
1,400
5,206
Amount owed to parent company
282,749
1,050,749
Corporation tax
1,000
18,300
Other taxation and social security
3,659
4,732
Other payables
19,988
15,554
326,999
1,094,541
7
Non-current liabilities
2024
2023
£
£
Bank loan
769,835
-
0

The company's bank loan is secured by way of a fixed and floating charge over the assets of the company. The loan bears interest at 2.5% per annum above the Bank of England base rate and is due for repayment in June 2028.

 

ZOLGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1 Ordinary share of £1
1
1
1
1
9
Related party disclosures

At the reporting date, £6,000 (2023: £6,000) was due from Pearl Property Holdings Ltd, a company with common directors.

 

At the reporting date, £nil (2023: £3,039) was due from the directors.

10
Parent company

Zolger Developments Limited, registered in England & Wales, was regarded as the company's parent company at the Statement of Financial Position date.

 

The registered office address of Zolger Developments Limited is First Floor, 5 Fleet Place, London, EC4M 7RD.

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