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Registration number: 07227765 (England and Wales)

Zenith Noir Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2025

Zenith Noir Ltd

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 12

Zenith Noir Ltd

Company Information

Director | Mr Sanjiv Sangar

Company secretary | Mr Sanjiv Sangar

Registered office | Dalemar House Fulmer Drive Gerrards Cross Buckinghamshire SL9 7HQ

Accountants | Aventus Partners Limited Chartered AccountantsHygeia Building Ground Floor 66-68 College Road Harrow Middlesex HA1 1BE

Zenith Noir Ltd

(Registration number: 07227765) (England and Wales)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investment property | 4 | 594,454 | 594,454
Investments | 5 | 20,400 | -
Other financial assets | 6 | 85,000 | -
|  | 699,854 | 594,454
Current assets |  |  |
Debtors | 7 | 511,056 | 424,174
Other financial assets | 6 | 88,726 | 59,485
Cash at bank and in hand |  | 5,040 | 69,715
|  | 604,822 | 553,374
Creditors: Amounts falling due within one year | 8 | (217,728) | (44,946)
Net current assets |  | 387,094 | 508,428
Total assets less current liabilities |  | 1,086,948 | 1,102,882
Creditors: Amounts falling due after more than one year | 8 | (300,301) | (348,141)
Net assets |  | 786,647 | 754,741
Capital and reserves |  |  |
Called up share capital | 10 | 8 | 8
Retained earnings |  | 786,639 | 754,733
Shareholders' funds |  | 786,647 | 754,741

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Zenith Noir Ltd

(Registration number: 07227765) (England and Wales)
Balance Sheet as at 31 March 2025 (continued)

The financial statements were approved and authorised for issue by the director on 22 September 2025

......................................... Mr Sanjiv Sangar Company secretary and director |  |

Zenith Noir Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dalemar House
Fulmer Drive
Gerrards Cross
Buckinghamshire
SL9 7HQ
United Kingdom

These financial statements were authorised for issue by the director on 22 September 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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 years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary.

Zenith Noir Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2 | Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Zenith Noir Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2 | Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Zenith Noir Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2 | Accounting policies (continued)

Financial instruments

Classification
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 from related parties.
Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Impairment
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 if recognised in the Profit and loss account.
For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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.

3 | Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 1 (2024: 1).

Zenith Noir Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4 | Investment properties

| 2025 £
At 1 April | 594,454
At 31 March | 594,454

Investment properties comprise of 5 Manor Court, Cippenham, Slough, Berkshire SL1 5NE and 7 Bullstrode Place, Upton Park, Slough, Berkshire, SL1 2DT.

5 | Investments

| 2025 £ | 2024 £
Investments in associates | 20,400 | -

Associates | £
Cost
Additions | 20,400
Provision
Carrying amount
At 31 March 2025 | 20,400

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Associates
Wow Workspaces (Watford) Ltd | 861 Coronation Road Park Royal, London, NW10 7PT United Kingdom | Ordinary A | 40% | 0%
| England and Wales |  |  |

Zenith Noir Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

5 | Investments (continued)

Associates
Wow Workspaces (Watford) Ltd The principal activity of Wow Workspaces (Watford) Ltd is letting and operating of own or leased real estate..

6 | Other financial assets (current and non-current)

| 2025 £ | 2024 £
Non-current financial assets
Financial assets at cost less impairment | 85,000 | -

| 2025 £ | 2024 £
Current financial assets
Financial assets at fair value through profit and loss | 88,726 | 59,485

Zenith Noir Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

7 | Debtors

| Note | 2025 £ | 2024 £
Trade debtors |  | - | 84,000
Amounts owed by group undertaking | 12 | 150,000 | -
Other debtors | 12 | 340,329 | 340,174
Director current account |  | 20,727 | -
|  | 511,056 | 424,174

The Company entered into a contract to acquire shares in 5 companies, National Property Limited, Wendover Property Services Limited, Wow Workspaces Ltd, Hamilton West Properties Services Ltd and Western Heights Properties Ltd, from a third party (the “Seller”). The Company has advanced £140,000 (2024: £225,000) to Seller and the share purchases are expected to complete before 31 July 2025. This amount is included within the 'Other debtors' balance of £340,330 (2024: £340,174) .

8 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | 10,648 | 10,648
Amounts owed to group undertaking | 12 | 151,688 | -
Taxation and social security |  | 3,392 | 33,095
Accruals and deferred income |  | - | 980
Other creditors |  | 52,000 | -
Directors current account |  | - | 223
|  | 217,728 | 44,946

Zenith Noir Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

9 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 10,648 | 10,648

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 300,301 | 348,141

The long-term loans are secured by fixed and floating charges over the investment properties owned by the company.

10 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A share of £1 each | 1 | 1 | 1 | 1
Ordinary B share of £1 each | 1 | 1 | 1 | 1
Ordinary C share of £1 each | 1 | 1 | 1 | 1
Ordinary D share of £1 each | 1 | 1 | 1 | 1
Ordinary shares of £1 each | 4 | 4 | 4 | 4
| 8 | 8 | 8 | 8

11 | Dividends

|  | 2025 |  | 2024
|  | £ |  | £
Interim dividend of £Nil (2024 - £1,850.00) per ordinary share |  | - |  | 7,400

Zenith Noir Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

12 | Related party transactions

Summary of transactions with other related parties

At the balance sheet date the company owed £52,000 (2024: £Nil) to a company with common director. The loan is interest free and payable on demand.
At the balance sheet date, the company owed £151,688 (2024: £Nil) to a company in which it holds a 10% shareholding. The loan is interest-free and repayable on demand.
At the balance sheet date the company was owed £150,000 (2024: £Nil) by an assoicate company. The loan is interest free and repayable on demand.
Included within other debtors of £340,330 is an amount of £200,000 due from a company with a common director. The loan is interest-free and repayable on demand.