Zonecrest London Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 10594818

Zonecrest London Limited

Filleted Unaudited Financial Statements

30 September 2024

Zonecrest London Limited

Balance Sheet

30 September 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		17,046,161	16,974,850

Current assets

Debtors	6	1,658,848	1,610,093
Cash at bank and in hand		124,117	78,179
		------------	------------
		1,782,965	1,688,272

Creditors: amounts falling due within one year	7	( 335,725)		( 223,623)
		------------		------------
Net current assets			1,447,240	1,464,649
			-------------	-------------
Total assets less current liabilities			18,493,401	18,439,499

Creditors: amounts falling due after more than one year	8	( 9,090,256)	( 9,250,204)
		-------------	-------------
Net assets		9,403,145	9,189,295
		-------------	-------------

Capital and reserves

Called up share capital	9	2,000	2,000
Share premium account	10	8,440,947	8,440,947
Profit and loss account	10	960,198	746,348
		------------	------------
Shareholders funds		9,403,145	9,189,295
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

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.

Directors' responsibilities:

- 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 Act with respect to accounting records and the preparation of financial statements .

Zonecrest London Limited

Balance Sheet (continued)

30 September 2024

These financial statements were approved by the board of directors and authorised for issue on 19 September 2025 , and are signed on behalf of the board by:

Mr U Somaia

Director

Company registration number: 10594818

Zonecrest London Limited

Notes to the Financial Statements

Year ended 30 September 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 77 Grand Parade, Green Lanes, N4 1DX, London.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates and assumptions that have a significant impact on the amounts recognised in the financial statements are set out below. Valuation of investment properties: The valuation of the company's investment properties is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the company places on its investment properties are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.

Revenue recognition

The turnover represents rents receivable from letting of investment properties during the year in accordance with the leases.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).

5. Tangible assets

	Freehold property	Long leasehold property	Fixtures and fittings	Total
	£	£	£	£
Cost/Valuation
At 1 October 2023	13,916,658	3,049,730	29,245	16,995,633
Additions	73,430	–	–	73,430
	-------------	------------	--------	-------------
At 30 September 2024	13,990,088	3,049,730	29,245	17,069,063
	-------------	------------	--------	-------------
Depreciation
At 1 October 2023	–	–	20,783	20,783
Charge for the year	–	–	2,119	2,119
	-------------	------------	--------	-------------
At 30 September 2024	–	–	22,902	22,902
	-------------	------------	--------	-------------
Carrying amount
At 30 September 2024	13,990,088	3,049,730	6,343	17,046,161
	-------------	------------	--------	-------------
At 30 September 2023	13,916,658	3,049,730	8,462	16,974,850
	-------------	------------	--------	-------------

In the opinion of the directors, the market value of the investment properties is as stated at the balance sheet date.

6. Debtors

	2024	2023
	£	£
Prepayments and accrued income	189,600	153,840
Other debtors	1,469,248	1,456,253
	------------	------------
	1,658,848	1,610,093
	------------	------------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	139,000	118,000
Accruals and deferred income	20,122	29,535
Corporation tax	83,707	11,445
Director loan accounts	16,038	9,820
Other creditors	76,858	54,823
	---------	---------
	335,725	223,623
	---------	---------

The bank loans are secured on the investment properties of the company.

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	9,090,256	9,250,204
	------------	------------

The bank loans are secured on the investment properties of the company.

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	2,000	2,000	2,000	2,000
	-------	-------	-------	-------

10. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Included in profit and loss reserve are distributable profits of £863,789 (2023: £649,939) and unrealised gains of £96,409 (2023: £96,409) in respect of revaluation losses arising on investment properties.

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Zonebell London Limited	15,907	1,244,751	1,445,524	1,429,617
Apollo & Co LLP	(22,467)	–	( 22,467)	–
Apollo Care Limited	–	37,681	–	–
Bondbureau Partnership	–	(81)	–	–
Zencrown Limited	(2,912)	13,249	11,075	13,987
Willoughby Wood LLP	–	(14,000)	–	–
	--------	------------	------------	------------

All of the above amounts are interest free loans receivable/(payable) on demand to entities in which the directors have a material interest.