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Registered number: 05515464
Zola Systems Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 30 September 2024
AJ Fleet and Co Limited
Chartered Certified Accountants
Hyde Park House
Cartwright Street
Hyde
SK14 4EH
Contents
Page
Abridged Statement of Financial Position 1
Notes to the Abridged Financial Statements 2—4
Page 1
Abridged Statement of Financial Position
Registered number: 05515464
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,618 899
1,618 899
CURRENT ASSETS
Debtors 6 11,752 14,974
Cash at bank and in hand 2,097 15,877
13,849 30,851
Creditors: Amounts Falling Due Within One Year (15,466 ) (27,289 )
NET CURRENT ASSETS (LIABILITIES) (1,617 ) 3,562
TOTAL ASSETS LESS CURRENT LIABILITIES 1 4,461
NET ASSETS 1 4,461
CAPITAL AND RESERVES
Called up share capital 7 100 100
Income Statement (99 ) 4,361
SHAREHOLDERS' FUNDS 1 4,461
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
All of the company's members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position for the year end 30 September 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
J Knott
Director
10/06/2025
The notes on pages 2 to 4 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Zola Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05515464 . The registered office is 12 Woodgate Avenue, Rochdale, OL11 4DW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of five years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33.3% straight line
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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Page 3
2.7. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
During the year the company received a government grant to fund an apprenticeship.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
4 3
4. Intangible Assets
Total
£
Cost
As at 1 October 2023 5,148
As at 30 September 2024 5,148
Amortisation
As at 1 October 2023 5,148
As at 30 September 2024 5,148
Net Book Value
As at 30 September 2024 -
As at 1 October 2023 -
5. Tangible Assets
Total
£
Cost
As at 1 October 2023 21,761
Additions 1,753
As at 30 September 2024 23,514
Depreciation
As at 1 October 2023 20,862
Provided during the period 1,034
As at 30 September 2024 21,896
Net Book Value
As at 30 September 2024 1,618
As at 1 October 2023 899
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Page 4
6. Debtors
2024 2023
£ £
Due after more than one year
Corporation tax recoverable assets 1,166 -
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 October 2023 Amounts advanced Amounts repaid Amounts written off As at 30 September 2024
£ £ £ £ £
Mrs Elizabeth Knott (624 ) 936 (312 ) - -
Mr John Knott (5,868 ) 22,550 (13,227 ) - 3,455
The above loan is unsecured, interest free and repayable on demand.
9. Controlling Party Not Known
The company's controlling party is unknown.
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