Company registration number 02161500 (England and Wales)
ZONEX GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
ZONEX GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ZONEX GROUP LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
2
8,164,893
8,319,893
Investments
3
681,853
681,853
8,846,746
9,001,746
Current assets
Debtors
4
35,261
19,139
Cash at bank and in hand
990,218
530,195
1,025,479
549,334
Creditors: amounts falling due within one year
5
(282,006)
(258,688)
Net current assets
743,473
290,646
Total assets less current liabilities
9,590,219
9,292,392
Provisions for liabilities
(550,013)
(572,778)
Net assets
9,040,206
8,719,614
Capital and reserves
Called up share capital
6
3,500,002
3,500,002
Fair value reserve
1,879,957
2,004,832
Profit and loss reserves
3,660,247
3,214,780
Total equity
9,040,206
8,719,614

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 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.

ZONEX GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 April 2025 and are signed on its behalf by:
Mr D J Sidebottom MBE
Director
Company Registration No. 02161500
ZONEX GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

Zonex Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Glasdon House, Preston New Road, Blackpool, FY4 4WA.

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.

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.

1.2
Turnover

The turnover shown in the profit and loss account represents rents, charges and other amounts receivable during the year, exclusive of Value Added Tax.

 

Rental income is recognised on an accruals basis at the point at which the company has fulfilled its contractual obligations to the customer.

1.3
Investment property

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. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

The directors have elected to maintain a separate fair value reserve in respect of surpluses arising on investment properties.

1.4
Fixed asset investments

Interests in subsidiaries 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 profit or loss.

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

ZONEX GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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 balance sheet 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 debtors 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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
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.

1.8
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 profit and loss account 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.

ZONEX GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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 profit and loss account, 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.

2
Investment property
2024
£
Fair value
At 1 November 2023
8,319,893
Revaluations
(155,000)
At 31 October 2024
8,164,893

The fair value of the investment properties at 31 October 2024 has been determined by the directors with reference to the original purchase price paid, independent valuations since the purchase date and current market yields. The properties were last independently valued at 1 November 2023 by Ken Batty Chartered Surveyors and H&H Land Estates.

3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
681,853
681,853
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
33,752
18,375
Other debtors
1,509
764
35,261
19,139
ZONEX GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,794
10,647
Amounts owed to group undertakings
10,889
10,731
Taxation and social security
109,521
80,433
Other creditors
152,802
156,877
282,006
258,688
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
Ordinary "A" shares of £1 each
1,820,001
1,820,001
1,820,001
1,820,001
Ordinary "B" shares of £1 each
1,680,000
1,680,000
1,680,000
1,680,000
3,500,002
3,500,002
3,500,002
3,500,002
7
Profit and loss reserves

Included within the profit and loss reserve are non distributable reserves of £477,039 which arose upon the transfer of properties from group companies.

8
Financial commitments, guarantees and contingent liabilities

The company has guaranteed the bank borrowings of the other group companies, which at 31 October 2024 amounted to £nil (2023: £nil). At 31 October 2024 the 'banking group' was as a whole in credit.

 

The company is registered for value added tax under group registration and is therefore jointly and severally liable for the tax due by the other companies registered with it. At 31 October 2024 net value added tax due by the other companies amounted to £8,194 (2023: £6,982).

9
Related party transactions

Details of guarantees provided in respect of related parties can be found in note 8.

The company has taken advantage of the exemption permitted under Section 1AC.35 from disclosing transactions with the fellow subsidiary companies.

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