Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-312025-05-29The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-06-01falsetrueThe principal activity of the company during the year was motorsport, valeting, transport and sale of motor vehicles.13truefalse 09040204 2023-06-01 2024-05-31 09040204 2022-06-01 2023-05-31 09040204 2024-05-31 09040204 2023-05-31 09040204 c:Director1 2023-06-01 2024-05-31 09040204 c:RegisteredOffice 2023-06-01 2024-05-31 09040204 d:MotorVehicles 2023-06-01 2024-05-31 09040204 d:MotorVehicles 2024-05-31 09040204 d:MotorVehicles 2023-05-31 09040204 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 09040204 d:CurrentFinancialInstruments 2024-05-31 09040204 d:CurrentFinancialInstruments 2023-05-31 09040204 d:Non-currentFinancialInstruments 2024-05-31 09040204 d:Non-currentFinancialInstruments 2023-05-31 09040204 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 09040204 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 09040204 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 09040204 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 09040204 d:ShareCapital 2024-05-31 09040204 d:ShareCapital 2023-05-31 09040204 d:RetainedEarningsAccumulatedLosses 2024-05-31 09040204 d:RetainedEarningsAccumulatedLosses 2023-05-31 09040204 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-05-31 09040204 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 09040204 c:OrdinaryShareClass1 2023-06-01 2024-05-31 09040204 c:OrdinaryShareClass1 2024-05-31 09040204 c:OrdinaryShareClass1 2023-05-31 09040204 c:FRS102 2023-06-01 2024-05-31 09040204 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 09040204 c:FullAccounts 2023-06-01 2024-05-31 09040204 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09040204 d:HirePurchaseContracts d:WithinOneYear 2024-05-31 09040204 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 09040204 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-05-31 09040204 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 09040204 2 2023-06-01 2024-05-31 09040204 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-05-31 09040204 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-31 09040204 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09040204









ZENITH VEHICLE MANAGEMENT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
ZENITH VEHICLE MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


Director
S J D De Haan 




Registered number
09040204



Registered office
Eighth Floor
6 New Street Square

New Fetter Lane

London

EC4A 3AQ




Accountants
Rawlinson & Hunter LLP
Chartered Accountants

Eighth Floor

6 New Street Square

New Fetter Lane

London

EC4A 3AQ





 
ZENITH VEHICLE MANAGEMENT LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 11


 
ZENITH VEHICLE MANAGEMENT LIMITED
REGISTERED NUMBER: 09040204

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
459,120
795,420

  
459,120
795,420

Current assets
  

Stocks
 5 
6,645
74,996

Debtors: amounts falling due within one year
 6 
805,348
645,569

Cash at bank and in hand
 7 
47,453
109,390

  
859,446
829,955

Creditors: amounts falling due within one year
 8 
(6,880,257)
(5,674,682)

Net current liabilities
  
 
 
(6,020,811)
 
 
(4,844,727)

Total assets less current liabilities
  
(5,561,691)
(4,049,307)

Creditors: amounts falling due after more than one year
 9 
(405,988)
(395,518)

  

Net liabilities
  
(5,967,679)
(4,444,825)


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
(5,967,779)
(4,444,925)

  
(5,967,679)
(4,444,825)


Page 1

 
ZENITH VEHICLE MANAGEMENT LIMITED
REGISTERED NUMBER: 09040204
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

S J D De Haan
Director

Date: 29 May 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
ZENITH VEHICLE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Zenith Vehicle Management Limited is a private limited company, limited by shares, incorporated in England and Wales with a registration numbr of 09040204. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes the continued financial support of the director, who has provided confirmation of his intention to provide such financial support as is necessary for the company to continue its operations for the foreseeable future and at least 12 months from the date of signing of the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
ZENITH VEHICLE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Leased assets: the company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
ZENITH VEHICLE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Motor vehicles
-
7
years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.10

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 5

 
ZENITH VEHICLE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.



 

Page 6

 
ZENITH VEHICLE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

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


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 3).

Page 7

 
ZENITH VEHICLE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 June 2023
1,401,990


Additions
161,430


Disposals
(953,490)



At 31 May 2024

609,930



Depreciation


At 1 June 2023
606,570


Charge for the year on owned assets
81,835


Disposals
(537,595)



At 31 May 2024

150,810



Net book value



At 31 May 2024
459,120



At 31 May 2023
795,420

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
438,524
469,080

Page 8

 
ZENITH VEHICLE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
6,645
74,996



6.


Debtors

2024
2022
£
£


Trade debtors
2,317
30,600

Other debtors
50,912
52,469

Prepayments and accrued income
752,119
562,500

805,348
645,569



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
47,453
109,390



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
313,312
32,116

Other taxation and social security
10,206
-

Obligations under finance lease and hire purchase contracts
43,170
48,385

Other creditors
6,277,934
5,451,000

Accruals and deferred income
235,635
143,181

6,880,257
5,674,682


Page 9

 
ZENITH VEHICLE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
405,988
395,518

405,988
395,518



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
43,170
48,385

Between 1-5 years
405,988
395,518

449,158
443,903


11.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
47,453
109,390




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100


Page 10

 
ZENITH VEHICLE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date are included in creditors.


14.Other financial commitments

At the balance sheet date, the company had future financial commitments amounting to £169,954 (2023 - £490,000) in relation to advertising and promotion contracts.

 
Page 11