REGISTERED NUMBER: 00951407 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ZEPHYR RACING PENNANTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S C C Skey

Mrs C Skey

Mrs P B Baynham

REGISTERED OFFICE:

64 MIDLAND ROAD

THRAPSTON

KETTERING

Northamptonshire

NN14 4LX

REGISTERED NUMBER:

00951407 (England and Wales)

ACCOUNTANTS:

K S Goring & Co Chartered Accountants

222 Upper Richmond Road West

London

SW14 8AH

FIXED ASSETS

Tangible assets

4

467,481

585,225

Investment property

5

170,000

170,000

637,481

755,225

CURRENT ASSETS

Stocks

263,512

290,877

Debtors

6

221,302

175,138

Cash at bank and in hand

849,332

1,024,633

1,334,146

1,490,648

CREDITORS

Amounts falling due within one year

7

474,871

628,687

NET CURRENT ASSETS

859,275

861,961

TOTAL ASSETS LESS CURRENT LIABILITIES

1,496,756

1,617,186

CREDITORS

Amounts falling due after more than one year

8

(10,841

)

(35,351

)

PROVISIONS FOR LIABILITIES

10

(138,335

)

(164,068

)

NET ASSETS

1,347,580

1,417,767

CAPITAL AND RESERVES

Called up share capital

5,954

5,954

Share premium

7,200

7,200

Profit and loss - non

distributable reserve

179,033

179,033

Capital redemption reserve

22,846

22,846

Retained earnings

1,132,547

1,202,734

SHAREHOLDERS' FUNDS

1,347,580

1,417,767

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

Mr S C C Skey - Director

1.	STATUTORY INFORMATION

ZEPHYR RACING PENNANTS LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on a straight line basis

Plant and machinery

-

6 to 7 years

Motor vehicles

-

4 years

Computer equipment

-

Computers over 3 years

Land is not depreciated.

Fixed Asset Revaluation

Any surplus or deficit arising on revaluation is transferred to the revaluation reserve, unless a deficit is expected to be permanent, in which case it is charged (or credited) to the profit and loss account for the year.

When a revalued asset is sold, any surplus or deficit on revaluation on that asset is transferred to the disposal account to arrive at the profit/(loss) on disposal.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress

No provision was made for work in progress. In the opinion of the directors, work in progress has no value until completed.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs

The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to the profit and loss account in the period to which they relate.

The company also operates a workplace pension scheme for its employees and is provided through automatic enrolment pension scheme in line with Government legislation.Under the terms of this scheme, employees make pension contributions out of their salaries, and the company also makes additional contributions.

Contributions payable for the year are charged to the profit and loss account in the period to which they relate. Staff contribution are charged to wages and salaries and company contribution are charged to pension cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

257,417

378,848

536,360

762,002

1,934,627

Additions

-

3,974

25,905

3,145

33,024

At 31 December 2024

257,417

382,822

562,265

765,147

1,967,651

DEPRECIATION

At 1 January 2024

62,607

242,402

293,719

750,674

1,349,402

Charge for year

3,435

21,063

117,718

8,552

150,768

At 31 December 2024

66,042

263,465

411,437

759,226

1,500,170

NET BOOK VALUE

At 31 December 2024

191,375

119,357

150,828

5,921

467,481

At 31 December 2023

194,810

136,446

242,641

11,328

585,225

Included in cost of land and buildings is freehold land of £ 134,439 (2023 - £ 134,439 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

361,936

Transfer to ownership

(183,282

)

At 31 December 2024

178,654

DEPRECIATION

At 1 January 2024

182,983

Charge for year

44,662

Transfer to ownership

(74,006

)

At 31 December 2024

153,639

NET BOOK VALUE

At 31 December 2024

25,015

At 31 December 2023

178,953

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

170,000

NET BOOK VALUE

At 31 December 2024

170,000

At 31 December 2023

170,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2020

17,631

Cost

152,369

170,000

If Investment Property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

152,369

152,369

Investment property was valued on open market basis on 31 December 2023 by the directors .

If investment property had been sold at balance sheet date, a £Nil tax liability would have arisen, as any gain is covered by indexation allowance.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

193,400

158,364

Other debtors

27,902

16,774

221,302

175,138

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts

24,467

41,121

Trade creditors

125,457

176,026

Taxation and social security

89,238

125,526

Other creditors

235,709

286,014

474,871

628,687

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts

10,841

35,351

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

35,308

76,472

The company has an overdraft facility which is secured by the following:-

A Mortgage Debenture dated 7th June 1983 including Mortgage on the company's freehold property and a specific equitable charge over all properties owned by or leased by the company, together with a specific charge over debtors and fixed specific and floating charges over all other assets

The legal charge on the company's freehold property at 64 Midland Road, Thrapston was satisfied and released on 8th October 2015.

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

33,523

59,256

Property

104,812

104,812

138,335

164,068

Deferred

tax

Property

£

£

Balance at 1 January 2024

59,256

104,812

Charge (credit) for the year

(25,733

)

-

Balance at 31 December 2024

33,523

104,812

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £130,000 were paid to the directors .

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S C C Skey.