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Registered number: 12263895










BREAL ZETA CF I LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BREAL ZETA CF I LIMITED
 

CONTENTS



Page
Balance sheet
 
 
1
Notes to the financial statements
 
 
2 - 8


 
BREAL ZETA CF I LIMITED
REGISTERED NUMBER: 12263895

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
622,040
746,444

Tangible assets
 5 
128,554
69,350

  
750,594
815,794

Current assets
  

Debtors: amounts falling due after more than one year
 6 
168,324
-

Debtors: amounts falling due within one year
 6 
3,595,231
2,206,359

Cash at bank and in hand
  
1,454,147
1,840,757

  
5,217,702
4,047,116

Creditors: amounts falling due within one year
 7 
(1,649,799)
(1,446,637)

Net current assets
  
 
 
3,567,903
 
 
2,600,479

Total assets less current liabilities
  
4,318,497
3,416,273

  

Net assets
  
4,318,497
3,416,273


Capital and reserves
  

Called up share capital 
  
2,401,758
2,401,758

Profit and loss account
  
1,916,739
1,014,515

  
4,318,497
3,416,273


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 on 24 July 2025.




P S Jaffe 
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
BREAL ZETA CF I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The company is a private limited company, incorporated in England and Wales and its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW. 

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

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.

 
2.3

Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents amounts for the provision of services in the normal course of business, net of discounts and other sales-related taxes.

 
2.4

Interest income

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

 
2.5

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 2

 
BREAL ZETA CF I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.8

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

 
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.

Page 3

 
BREAL ZETA CF I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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.

Depreciation is provided on the following basis:

Leasehold property improvements
-
over the term of the lease
Fixtures and fittings
-
20%
Office equipment
-
20%
Computer equipment
-
20%

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

Debtors

Short term debtors are measured at transaction price, less any impairment. Finance receivables 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.

 
2.11

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.

 
2.12

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.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2023 - 36).

Page 4

 
BREAL ZETA CF I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
1,244,073



At 31 December 2024

1,244,073



Amortisation


At 1 January 2024
497,629


Charge for the year on owned assets
124,404



At 31 December 2024

622,033



Net book value



At 31 December 2024
622,040



At 31 December 2023
746,444

Goodwill relates to the acquisition of the trade and assets of a related undertaking on 22 November 2019.



Page 5

 
BREAL ZETA CF I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Leasehold property improvements
Office equipment
Total

£
£
£



Cost 


At 1 January 2024
75,406
105,087
180,493


Additions
63,117
34,218
97,335


Disposals
(66,410)
(5,247)
(71,657)



At 31 December 2024

72,113
134,058
206,171



Depreciation


At 1 January 2024
69,281
41,862
111,143


Charge for the year on owned assets
13,541
24,216
37,757


Disposals
(66,410)
(4,873)
(71,283)



At 31 December 2024

16,412
61,205
77,617



Net book value



At 31 December 2024
55,701
72,853
128,554



At 31 December 2023
6,125
63,225
69,350

Page 6

 
BREAL ZETA CF I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
168,324
-


2024
2023
£
£

Due within one year

Trade debtors
459,701
135,988

Other debtors
84,646
148,375

Prepayments and accrued income
3,050,884
1,921,996

3,595,231
2,206,359



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
51,373
112,102

Corporation tax
366,680
420,000

Other taxation and social security
119,776
393,500

Other creditors
43,903
24,343

Accruals and deferred income
1,068,067
496,692

1,649,799
1,446,637



8.


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 and amounted to £259,222 (2023 - £231,782). Contributions totalling £43,903 (2023 - £24,343) were payable to the fund at the balance sheet date and are included in creditors.

Page 7

 
BREAL ZETA CF I LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
280,540
-

Later than 1 year and not later than 5 years
864,998
-

1,145,538
-


10.


Post balance sheet events

Subsequent to the balance sheet date, the company undertook a reduction of its share capital amounting to £515,833, representing 515,833 fully paid ordinary shares of £1 each. The purpose of the capital reduction was to create distributable reserves to support future distributions to shareholders.
 On 24 July 2025 the directors approved payment of an interim dividend of £2,432,572.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 24 July 2025 by Atulya Mehta (FCCA) (Senior statutory auditor) on behalf of Sumer Auditco Limited.

 
Page 8