Company registration number 08095569 (England and Wales)
ZOLGER DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ZOLGER DEVELOPMENTS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
ZOLGER DEVELOPMENTS 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
2,040
1,536
Investment properties
4
3,345,580
2,490,000
Investments
5
150,877
153,331
3,498,497
2,644,867
Current assets
Inventories
4,404,312
3,766,298
Trade and other receivables
6
1,914,088
2,980,005
Cash and cash equivalents
27,455
49,822
6,345,855
6,796,125
Current liabilities
7
(1,234,069)
(772,047)
Net current assets
5,111,786
6,024,078
Total assets less current liabilities
8,610,283
8,668,945
Non-current liabilities
8
(7,903,441)
(7,926,795)
Provisions for liabilities
(692,000)
(696,000)
Net assets
14,842
46,150
Equity
Called up share capital
10
600
600
Retained earnings
14,242
45,550
Total equity
14,842
46,150

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 members have 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.

ZOLGER DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
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 No. 08095569
ZOLGER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Zolger Developments 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
Business combinations

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Going concern

At the reporting date, the company had net trueassets of £14,842 and net current assets of £5,111,786. The company's bank loans are repayable over the period to October 2026, are secured over the company's assets and contain covenants relating to the rental income of the company. At the time of approving the financial statements, the directors have a reasonable expectation that the rental income will continue at a sufficient level to satisfy the covenants and that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Revenue

Revenue represents rent receivable and the sale of properties.

1.5
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
25% 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.

1.6
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.

ZOLGER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the income statement.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in the income statement.

1.9
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.

1.10
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.

ZOLGER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.11
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.

1.12
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.

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.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

ZOLGER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2024
2023
Number
Number
Total
1
1

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
2,843
Additions
1,476
At 30 April 2024
4,319
Depreciation and impairment
At 1 May 2023
1,307
Depreciation charged in the year
972
At 30 April 2024
2,279
Carrying amount
At 30 April 2024
2,040
At 30 April 2023
1,536
4
Investment properties
2024
£
Fair value
At 1 May 2023
2,490,000
Additions
855,580
At 30 April 2024
3,345,580
ZOLGER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Investment properties
(Continued)
- 7 -

The investment properties were valued by the directors at 30 April 2024 on an open market basis by reference to market evidence of transaction prices of similar properties.

5
Fixed asset investments
2024
2023
£
£
Shares in subsidiary undertakings
1
1
Other investments
150,876
153,330
150,877
153,331
Movements in non-current investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 May 2023
1
153,330
153,331
Additions
-
15,841
15,841
Disposals
-
(18,295)
(18,295)
At 30 April 2024
1
150,876
150,877
Carrying amount
At 30 April 2024
1
150,876
150,877
At 30 April 2023
1
153,330
153,331
6
Trade and other receivables
2024
2023
£
£
Amounts falling due within one year:
Trade receivables
3,781
-
Amounts owed by subsidiary undertaking
282,749
1,050,749
Amounts owed by related parties
943,217
1,162,217
Other receivables
684,341
767,039
1,914,088
2,980,005
ZOLGER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
7
Current liabilities
2024
2023
£
£
Bank loans (see note 8)
30,060
28,441
Trade payables
46,382
12,216
Amounts owed to related parties
1,093,386
652,261
Corporation tax
-
0
18,700
Other taxation and social security
3,185
3,311
Other payables
61,056
57,118
1,234,069
772,047
8
Non-current liabilities
2024
2023
£
£
Bank loans
1,903,441
1,926,795
Capital loan notes
6,000,000
6,000,000
7,903,441
7,926,795

The bank loans are repayable by October 2026 and are secured by way of both fixed and floating charges over the assets of the company. Interest is payable monthly at rates of 2.5% plus the Bank of England base rate per annum and a fixed rate of 3.97% per annum.

 

The capital loan notes, issued to shareholders, do not bear interest and are unsecured. £3,000,000 of the loan notes are redeemable on or after 31 December 2024 and £3,000,000 are redeemable on or after 30 June 2025. At the reporting date, the noteholders had formally confirmed their intention not to redeem these notes within twelve months. As a result, the liabilities remain classified as non-current.

9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
692,000
696,000
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
600
600
600
600

 

ZOLGER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
11
Capital commitments

At the reporting date, the company had entered into a construction contract for works to be undertaken on a property. The remaining commitment under this contract amounted to £426,069 (2023 - £nil).

12
Related party disclosures

At the reporting date, £298,355 (2023 - £297,755) was due to Pearl Properties Group Limited, £387,460 (2023 - £452,460) was due from Pearl Property Ventures Limited and £555,757 (2023 - £709,757) was due from Pearl Property Holdings Ltd. All companies in which N Wiesenberg, M Wiesenberg and R Wiesenberg are directors.

 

At the reporting date, the company owed £795,031 (2023 - £354,506) to Empee Silk Fabrics Limited, a company in which M Wiesenberg and R Wiesenberg are directors.

 

At the reporting date, £nil (2023 - £2,500) was due to the company's pension fund.

 

At the reporting date, the directors owed the company £nil (2023 - £3,340).

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