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Registration number: 13116225

Zesting Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Zesting Properties Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Zesting Properties Limited

Company Information

Directors

C G Younger

G D S Younger

Registered office

Belfry House
Champions Way
Hendon
London
NW4 1PX

Accountants

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Zesting Properties Limited
for the Year Ended 30 November 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Zesting Properties Limited for the year ended 30 November 2024 which comprise the statement of comprehensive income, balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
https://www.icaew.com/regulation/a-z.

It is your duty to ensure that Zesting Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Zesting Properties Limited. You consider that Zesting Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Zesting Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Use of our report

This report is made solely to the Board of Directors of Zesting Properties Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Zesting Properties Limited and state those matters that we have agreed to state to the Board of Directors of Zesting Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Zesting Properties Limited and its Board of Directors, as a body, for our work or for this report.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

7 July 2025

 

Zesting Properties Limited

(Registration number: 13116225)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

587

1,370

Investment properties

5

2,662,742

1,856,289

 

2,663,329

1,857,659

Current assets

 

Debtors

6

666,150

1,097,622

Cash at bank and in hand

 

8,669

14,767

 

674,819

1,112,389

Creditors: Amounts falling due within one year

7

(3,269,376)

(2,999,221)

Net current liabilities

 

(2,594,557)

(1,886,832)

Net assets/(liabilities)

 

68,772

(29,173)

Capital and reserves

 

Called up share capital

8

1,000

1,000

Profit and loss account

67,772

(30,173)

Shareholders' funds/(deficit)

 

68,772

(29,173)

For the financial year ended 30 November 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 of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised for issue by the Board on 7 July 2025 and signed on its behalf by:
 

.........................................
C G Younger
Director

 

Zesting Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.

The principal place of business is:
Oak Lodge
Weald Hall Lane
Thornwood
Epping
Essex
CM16 6ND

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Judgements in applying accounting policies and key sources of estimation policy

The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies.

In preparing these financial statements the directors have had to make the following significant judgement:

- the directors have made an assumption in the determination of the fair value of the investment properties in respect of the state of the property market in the location where the properties are situated and in respect of the range of reasonable fair value estimates of the assets. There is an inevitable degree of judgement involved in that every property is unique and value can only ultimately be reliably tested in the market itself. The valuation method is further described in note 5 together with the valuation of the properties at the reporting date.

There were no other significant judgements or areas of estimation uncertainty.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

 

Zesting Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

2

Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis. As set out in the statement of directors' responsibilities, the directors are required to prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors have considered in detail the company's forecast performance as well as its sources of funding. They have received assurance from the lender that it will not demand repayment of the loan to the company until the company has adequate working capital. On this basis the directors have a reasonable expectation that despite uncertain market conditions, the company has sufficient liquidity to ensure that it will meet its liabilities as they fall due for the foreseeable future being a period of at least 12 months from the date on which these financial statements are approved.

Turnover

Turnover consists of rent receivable from the letting of investment properties in the United Kingdom. Rental income is measured at the fair value of rent receivable during the year.

Tax

The tax expense for the period, if any, comprises current and, where applicable, deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or 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 company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and asset life

Office equipment

Straight line basis over 3 years

 

Zesting Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

2

Accounting policies (continued)

Investment properties

Investment properties are carried at their fair value, determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any differences in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from tenants in the ordinary course of business.

A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash at bank and in hand

This comprises cash at bank.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

The company's cash at bank and in hand, trade and other debtors, and trade and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method, where appropriate.

 

3

Employee information

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Zesting Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Office equipment
£

Cost

At 1 December 2023

2,349

At 30 November 2024

2,349

Depreciation

At 1 December 2023

979

Charge for the year

783

At 30 November 2024

1,762

Carrying amount

At 30 November 2024

587

At 30 November 2023

1,370

5

Investment properties

£

At 1 December 2023

1,856,289

Additions during the year

1,068,073

Disposals during the year

(261,620)

At 30 November 2024

2,662,742

The investment properties were valued at 30 November 2024 by C G Younger, a director of the company, at fair value. The valuations, which continue to equate to the cost at the dates of acquisition and subsequent improvement costs, were arrived at by reference to market evidence of transaction prices for similar properties around their location and takes into account the director's assessment of the state of the rental market around the area where the properties are situated as at the reporting date.

 

Zesting Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Debtors

2024
£

2023
£

Trade debtors

1,502

-

Other debtors

661,359

1,095,222

Prepayments

1,289

400

Accrued income

2,000

2,000

666,150

1,097,622

7

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

-

1,200

Other loan

3,235,551

2,988,450

Other creditors

-

1,417

Accruals and deferred income

12,528

7,200

Taxation and social security

21,297

954

3,269,376

2,999,221

Other loan is unsecured, interest free and repayable on demand.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

9

Control

The company is controlled by C G Younger, who owns 100% of the issued share capital.