| Retail Zoo Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Consolidation |
|
In the opinion of the director, the company and its parent comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. |
|
|
Cash flow statement |
|
The director has taken advantage of the exemption in FRS 102 from including a cash flow statement in the financial statements on the grounds that the company is small. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
|
|
Intangible fixed assets |
|
Intangible fixed assets consist of goodwill as well as premiums paid for Post Office licence fees and are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Intangible fixed assets have been fully amortised. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
over 50 years |
|
Leasehold land and buildings |
over the lease term |
|
Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
Motor vehicles |
over 4 years |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
| 1 |
Accounting policies ctd |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
|
|
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the 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. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
| 1 |
Accounting policies ctd |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
90 |
|
90 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Taxation |
2025 |
|
2024 |
| £ |
£ |
|
|
Tax charge for the year |
251,042 |
|
87,265 |
|
Deferred tax charge/(credit) for the year |
(9,737) |
|
26,043 |
|
|
|
|
|
|
241,305 |
|
113,308 |
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and equipment |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2024 |
187,156 |
|
142,839 |
|
100,710 |
|
430,705 |
|
Additions |
48,746 |
|
43,189 |
|
- |
|
91,935 |
|
Disposals |
- |
|
(8,288) |
|
(43,885) |
|
(52,173) |
|
At 31 March 2025 |
235,902 |
|
177,740 |
|
56,825 |
|
470,467 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2024 |
98,851 |
|
35,036 |
|
56,130 |
|
190,017 |
|
Charge for the year |
18,766 |
|
32,697 |
|
21,967 |
|
73,430 |
|
On disposals |
- |
|
(8,288) |
|
(42,160) |
|
(50,448) |
|
At 31 March 2025 |
117,617 |
|
59,445 |
|
35,937 |
|
212,999 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2025 |
118,285 |
|
118,295 |
|
20,888 |
|
257,468 |
|
At 31 March 2024 |
88,305 |
|
107,803 |
|
44,580 |
|
240,688 |
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
66,089 |
|
118,508 |
|
Other debtors |
572,515 |
|
70,729 |
|
|
|
|
|
|
638,604 |
|
189,237 |
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans and overdrafts |
10,000 |
|
10,000 |
|
Trade creditors |
343,348 |
|
380,145 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
33 |
|
33 |
|
Corporation tax |
251,042 |
|
87,265 |
|
Other taxes and social security costs |
100,699 |
|
67,957 |
|
Other creditors |
323,808 |
|
161,485 |
|
|
|
|
|
|
1,028,930 |
|
706,885 |
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Unsecured bank loans |
1,667 |
|
11,667 |
|
|
|
|
|
|
|
|
|
| 8 |
Loans to directors |
|
Description and conditions |
|
|
The director's current account was overdrawn by £18,200 during the current financial year. However, the director made loan repayments of £32,505 during the year. As a result, the director's current account was in credit by the Balance Sheet date and has been included in Other Creditors (note 6 above). |
|
|
Interest of £246 has been charged on the overdrawn director's current account, based on HM Revenue & Customs official rate of interest for beneficial loans. |
|
| B/fwd |
Paid |
Repaid |
C/fwd |
|
Mr G Adair |
£ |
£ |
£ |
£ |
|
Balance on current account |
(327) |
|
32,123 |
|
(32,505) |
|
(709) |
|
Loan interest charge |
- |
|
246 |
|
|
|
246 |
|
|
|
(327) |
|
32,369 |
|
(32,505) |
|
(463) |
|
|
|
|
|
|
|
|
|
| 9 |
Related party transactions |
|
|
Property Zoo Ltd acquired 100% of the issued share capital of Retail Zoo Limited as part of a company reorganisation in order to implement a HMRC approved share incentive scheme in the year ended 31 March 2019. Farset Retail Limited subsequently acquired 100% of the issued share capital of Retail Zoo Limited from Property Zoo Ltd, also as part of the company reorganisation. The transfer was financed by way of an interest bearing loan between Farset Retail Limited and Property Zoo Ltd. The loan was repaid in full in the year ended 31 March 2024. |
|
|
A further company reorganisation was implemented on 24 October 2024 whereby Adair Homes Ltd acquired 75.01% of the issued share capital of Farset Retail Limited. Mr G Adair is the majority shareholder in Adair Homes Ltd. |
|
|
Also, as part of the reorganisation, Elcoda Limited acquired 24.99% of the issued share capital of Farset Retail Limited. Mr C O'Reilly is the majority shareholder in Elcoda Limited. |
|
|
Retail Zoo Limited was under the control of Mr G Adair throughout the current and previous year as Mr G Adair is the majority shareholder in Farset Retail Limited. |
|
|
Adair Homes Ltd also owns 100% of the issued share capital of Property Zoo Ltd. Mr G Adair is the majority shareholder in Adair Homes Ltd. As a result, Property Zoo Ltd was under the ultimate control of Mr G Adair throughout the current and previous year. |
|
|
A loan of £671,280 was made by Retail Zoo Limited to Property Zoo Ltd during the year. The balance on the loan account peaked at £671,280 in October 2024. Loan repayments of £534,000 were made during the year. Interest of £8,308 has been charged on the loan account balance based on HM Revenue & Customs official rate of interest. The loan has been included in Other Debtors. |
|
|
Property Zoo Ltd was also under the ultimate control of Mr G Adair throughout the current and previous year. |
|
| 10 |
Ultimate parent company |
|
|
The ultimate parent company is Farset Retail Limited, a limited company registered in Northern Ireland |
|
| 11 |
Other information |
|
|
Retail Zoo Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: |
|
|
Unit 25, Mace, Park Centre |
|
Donegall Road |
|
Belfast |
|
BT12 6HN |