| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31st August 2024 |
| for |
| ZEM Software Services Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31st August 2024 |
| for |
| ZEM Software Services Limited |
| ZEM Software Services Limited (Registered number: 02400982) |
| Contents of the Financial Statements |
| for the Year Ended 31st August 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| ZEM Software Services Limited |
| Company Information |
| for the Year Ended 31st August 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 34 - 35 Clarges Street |
| Mayfair |
| London |
| W1J 7EJ |
| ZEM Software Services Limited (Registered number: 02400982) |
| Balance Sheet |
| 31st August 2024 |
| 31/8/24 | 31/8/23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges her 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 were approved by the director and authorised for issue on |
| ZEM Software Services Limited (Registered number: 02400982) |
| Notes to the Financial Statements |
| for the Year Ended 31st August 2024 |
| 1. | STATUTORY INFORMATION |
| ZEM Software Services Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in Pound Sterling which is the functional currency of the company and rounded to nearest pound. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| Turnover and revenue recognition |
| Turnover is measured by the fair value of the consideration received or receivable, by the company in respect of supply of dance accessories during the year, exclusive of value added tax, rebates and trade discounts. |
| Revenue recognition: |
| Revenue is recognised when the risks and rewards of ownership have substantively transferred to customers, regardless of whether legal title has transferred. This condition is normally met when the goods have been delivered or upon performance of services. The company sells a range of goods to a diversified base of customers around the world and, therefore, believes there is no material concentration of credit risk. |
| Tangible fixed assets and depreciation |
| Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: |
| Leasehold Property - 2% straight line |
| Fixtures and fittings - 25% reducing balance |
| Other fixed assets - 25% reducing balance |
| Stocks |
| Stocks 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. |
| 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. |
| ZEM Software Services Limited (Registered number: 02400982) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. |
| Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. |
| Exchange gains and losses are recognised in the Profit and loss account. |
| Debtors and creditors |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Long | Plant and | and |
| leasehold | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1st September 2023 |
| Additions |
| At 31st August 2024 |
| DEPRECIATION |
| At 1st September 2023 |
| Charge for year |
| At 31st August 2024 |
| NET BOOK VALUE |
| At 31st August 2024 |
| At 31st August 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Bank loans and overdrafts (see note 8) |
| Trade creditors |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Bank loans (see note 8) |
| ZEM Software Services Limited (Registered number: 02400982) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st August 2024 |
| 8. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| In July 2020 the company obtained a Bounce Back loan for £30,000. The loan is repayable over 5 years, starting in August 2021. Interest is at a rate of 2.5%. |