Registration number: SC618761

ZEM Property Limited

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

ZEM Property Limited

Company Information

Directors

Mr Fergus Thain Mrs Jenny Thain

Registered office

6 Atholl Crescent PERTH PH1 5JN

Accountants

Morris & Young Chartered Accountants 6 Atholl Crescent PERTH PH1 5JN

ZEM Property Limited

(Registration number: SC618761)
Statement of Financial Position as at 1 April 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	354,297	356,363
Current assets
Debtors	5	632	772
Cash at bank and in hand		33,324	107,767
		33,956	108,539
Creditors: Amounts falling due within one year	6	(232,980)	(220,477)
Net current liabilities		(199,024)	(111,938)
Total assets less current liabilities		155,273	244,425
Creditors: Amounts falling due after more than one year	6	(239,149)	(252,380)
Net liabilities		(83,876)	(7,955)
Capital and reserves
Called up share capital	7	55	55
Revaluation reserve		5,977	5,977
Retained earnings		(89,908)	(13,987)
Shareholders' deficit		(83,876)	(7,955)

For the financial year ending 1 April 2025 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

ZEM Property Limited

(Registration number: SC618761)
Statement of Financial Position as at 1 April 2025

Approved and authorised by the Board on 11 December 2025 and signed on its behalf by:
 

......................................... Mr Fergus Thain Director

......................................... Mrs Jenny Thain Director

ZEM Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 1 April 2025

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
6 Atholl Crescent
PERTH
PH1 5JN

These financial statements were authorised for issue by the Board on 11 December 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 financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Revenue from rental property is measured at fair value of the consideration received or receivable, excluding discounts, rebates and other sales taxes.

Tax

The tax expense for the period comprises 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.

ZEM Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 1 April 2025

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures & Fittings	Straight line over 5 years

Investments

Investment property, which is property held to earn rentals and/or capital appreciation, is initally recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting date. Changes in fair value are recognised in the profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and on deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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.

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.

ZEM Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 1 April 2025

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
The company only have financial assets and liabilities of a kind that would qualify as basic financial instruments which are recognised at their transaction value and subsequently measured at their settlement value.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

ZEM Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 1 April 2025

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 2 April 2024	350,000	10,331	360,331
At 1 April 2025	350,000	10,331	360,331
Depreciation
At 2 April 2024	-	3,968	3,968
Charge for the year	-	2,066	2,066
At 1 April 2025	-	6,034	6,034
Carrying amount
At 1 April 2025	350,000	4,297	354,297
At 1 April 2024	350,000	6,363	356,363

Included within the net book value of land and buildings above is £350,000 (2024 - £350,000) in respect of freehold land and buildings.
 

5

Debtors

Current	2025 £	2024 £
Prepayments	632	772
	632	772

ZEM Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 1 April 2025

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	13,225	-
Amounts owed to group undertakings and undertakings in which the company has a participating interest		216,124	216,295
Accruals and deferred income		1,200	1,546
Other creditors		2,431	2,636
		232,980	220,477

Loans and borrowings include bank loans which are secured.