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REGISTERED NUMBER: 03223753 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

ZEN BEARINGS UK LIMITED

ZEN BEARINGS UK LIMITED (REGISTERED NUMBER: 03223753)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Accountants' Report 6

ZEN BEARINGS UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTOR: Y Zens-Pirker





SECRETARY: J Pirker De La Hoz





REGISTERED OFFICE: 20 Havelock Road
Hastings
East Sussex
TN34 1BP





REGISTERED NUMBER: 03223753 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

ZEN BEARINGS UK LIMITED (REGISTERED NUMBER: 03223753)

BALANCE SHEET
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 4,245 3,503

CURRENT ASSETS
Stocks 1,056,243 -
Debtors 5 485,612 446,946
Cash at bank 17,729 14,973
1,559,584 461,919
CREDITORS
Amounts falling due within one year 6 1,352,199 1,450,384
NET CURRENT ASSETS/(LIABILITIES) 207,385 (988,465 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

211,630

(984,962

)

PROVISIONS FOR LIABILITIES 1,061 808
NET ASSETS/(LIABILITIES) 210,569 (985,770 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 210,567 (985,772 )
SHAREHOLDERS' FUNDS 210,569 (985,770 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 May 2025 and were signed by:





Y Zens-Pirker - Director


ZEN BEARINGS UK LIMITED (REGISTERED NUMBER: 03223753)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Zen Bearings UK Limited 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.

In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all of the available evidence for the company which covers the 12 month period from the date of signing these financial statements. The directors have paid particular attention to likely cashflow requirements and the future availability of adequate cashflow to the company.

On the basis of this consideration, the directors are confident that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. As a result of the above, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements and that no material uncertainty exists in reaching this conclusion.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance

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 Statement of Income and Retained Earnings, 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.

ZEN BEARINGS UK LIMITED (REGISTERED NUMBER: 03223753)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 8 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 September 2023 32,275 10,460 42,735
Additions - 2,050 2,050
At 31 August 2024 32,275 12,510 44,785
DEPRECIATION
At 1 September 2023 29,599 9,877 39,476
Charge for year 669 395 1,064
At 31 August 2024 30,268 10,272 40,540
NET BOOK VALUE
At 31 August 2024 2,007 2,238 4,245
At 31 August 2023 2,676 583 3,259

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 475,235 415,694
VAT 10,377 31,252
485,612 446,946

ZEN BEARINGS UK LIMITED (REGISTERED NUMBER: 03223753)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 44,248 41,026
Other loans 75,000 150,000
Trade creditors 99,371 1,059,363
Amounts owed to group undertakings 938,306 -
Tax 15,274 13,166
Social security and other taxes 5,531 66
Other creditors 9,408 937
Payments in advance 161,067 181,677
Directors' current accounts 494 784
Accrued expenses 3,500 3,365
1,352,199 1,450,384

7. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Other loans 75,000 150,000
Payments in advance 161,067 147,489
236,067 297,489

8. RELATED PARTY DISCLOSURES

During the financial year, the reporting entity purchased goods to the value of £807,420 (2023: £1,378,713) for resale from May (Imports) Limited, a company which is part of the same group as Zen Bearings UK Limited. These transactions were carried out at arms length.

The reporting entity was also invoiced £32,000 (2023: £32,000) from May Imports Ltd for rents during the financial year.

At the balance sheet date, the total included in amounts due to group undertakings in respect of May (Imports) Limited was £933,513 (2023: £1,231,967).

In addition, the reporting entity made purchases to the value of £59,480 from Zen Bearings Limited, a company within the same group, to the reporting entity. These transactions were carried out at arms length and at the balance sheet date the company owed Zen Bearings Limited £4,793.

At the balance sheet date, the company owed the director £494 (2023: £2,928). This loan is interest free and repayable on demand.

ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ZEN BEARINGS UK LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Zen Bearings UK Limited for the year ended 31 August 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at icaew.com/membershandbook.

This report is made solely to the director of Zen Bearings UK Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Zen Bearings UK Limited and state those matters that we have agreed to state to the director of Zen Bearings UK Limited in this report in accordance with icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Zen Bearings UK Limited and its director for our work or for this report.

It is your duty to ensure that Zen Bearings UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Zen Bearings UK Limited. You consider that Zen Bearings UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Zen Bearings UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP


12 May 2025