Registration number:
Zesting Properties Limited
for the Year Ended 30 November 2024
Zesting Properties Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Zesting Properties Limited
Company Information
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Directors |
C G Younger G D S Younger |
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Registered office |
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Accountants |
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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.
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Chartered Accountants
Champions Way
Hendon
London
NW4 1PX
Zesting Properties Limited
(Registration number: 13116225)
Balance Sheet as at 30 November 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment properties |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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( |
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Shareholders' funds/(deficit) |
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( |
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.
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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
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Zesting Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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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
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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
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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:
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Asset class |
Depreciation method and asset life |
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Office equipment |
Straight line basis over 3 years |
Zesting Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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2 |
Accounting policies (continued) |
Investment properties
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
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.
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Employee information |
The average number of persons employed by the company (including directors) during the year, was
Zesting Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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Tangible assets |
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Office equipment |
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Cost |
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At 1 December 2023 |
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At 30 November 2024 |
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Depreciation |
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At 1 December 2023 |
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Charge for the year |
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At 30 November 2024 |
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Carrying amount |
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At 30 November 2024 |
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At 30 November 2023 |
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Investment properties |
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£ |
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At 1 December 2023 |
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Additions during the year |
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Disposals during the year |
( |
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At 30 November 2024 |
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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
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Debtors |
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2024 |
2023 |
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Trade debtors |
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- |
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Other debtors |
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Prepayments |
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Accrued income |
2,000 |
2,000 |
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Creditors: amounts falling due within one year |
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2024 |
2023 |
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Trade creditors |
- |
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Other loan |
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Other creditors |
- |
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Accruals and deferred income |
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Taxation and social security |
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Other loan is unsecured, interest free and repayable on demand.
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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Control |
The company is controlled by