REGISTERED NUMBER: 13678762 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2025

for

Zephyr X Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

A S Faulkner

M J Cooper

REGISTERED OFFICE:

46 Curzon Street

London

W1J 7UH

REGISTERED NUMBER:

13678762 (England and Wales)

SENIOR STATUTORY AUDITOR:

Keval Dattani ACA

AUDITORS:

bk plus Audit Limited

Azzurri House

Walsall Road

Aldridge

Walsall

WS9 0RB

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

The Group operates through two complementary divisions: Zephyr X, a property development and investment business, and EQ Care, a provider of residential and nursing care services. Together they form a fully integrated model spanning the creation, ownership and operation of high-quality living environments across the UK. Zephyr X specialises in designing and delivering state-of-the-art senior living and care-home developments, embedding sustainability, technology integration and best-in-class design principles. EQ Care operates the Group's care homes under a values-driven philosophy centred around compassion, dignity and person-centred support, aligned to the organisation's "Ohana" ethos of community and inclusion. This vertical integration ensures continuity from build to occupation, enabling the Group to deliver consistent quality, operational control and long-term value across its portfolio.

REVIEW OF BUSINESS

The year ended 31 December 2025 was one of transition in the Group's revenue mix. Turnover of £25,234,964 (2024: £33,804,019) reflects a planned reduction in development sales recognised in the period, offset by substantial growth in recurring care income as homes completed in prior periods moved through commissioning and into occupancy. Gross profit was £6,229,053 (2024: £9,084,469), a margin of 24.7% (2024: 26.9%), and the Group recorded an operating loss of £(269,389) (2024: profit of £31,440) as the care platform continued to carry staffing and overhead ahead of homes reaching mature occupancy. After a revaluation gain on investment property of £4,269,749 (2024: £8,646,412) and finance costs of £8,728,433 (2024: £4,638,739), the loss before taxation was £(4,534,203) (2024: profit of £4,175,023) and the loss after taxation £(1,435,231) (2024: profit of £2,013,420).

The increase in finance costs is the principal driver of the reported loss and follows the significant expansion of the Group's secured funding during the year, with bank loans rising to £48,568,006 (2024: £19,113,754) to fund construction activity. That investment is reflected in the balance sheet: investment property increased to £66,119,606 (2024: £46,957,603), development work in progress held within stocks increased to £37,912,031 (2024: £26,676,299), and cash at bank and in hand strengthened to £7,253,213 (2024: £4,664,960). Net current assets improved to £10,694,056 (2024: £4,451,231). The Group remains in a net liability position of £(13,209,098) (2024: £(11,905,256)), which the directors consider consistent with a capital-intensive development platform at this stage of its growth cycle and which is supported by the continuing funding commitment of the wider group.

During the year, Zephyr X continued to advance a broad pipeline of development projects across the UK. Sites under construction or in the final stages of development include Bishops Waltham, Burntwood, Kidderminster, Towcester, Horsham, Horley and East Grinstead. These schemes are designed to set a new standard for care environments through ensuite accommodation, hotel-style amenities, communal lounges, landscaped gardens and, where appropriate, specialist dementia-support layouts. Alder Lodge at Bishops Waltham offers private ensuite living and amenity-rich community spaces, while the Burntwood development introduces a high-street-connected community hub, reinforcing the Group's approach to integration within local neighbourhoods and supporting social inclusion.

REVIEW OF BUSINESS (CONTINUED)

The Group also continues to build momentum through its forward pipeline, which includes strategic sites at Amersham, Alton, Newport (Shropshire), Ash (Surrey) and Milton Keynes. These locations are aligned with demographic demand, local authority care requirements and sustainable expansion principles, and position the Group to respond to ageing population pressures while setting a benchmark for modern, wellness-oriented senior living.

Alongside development progress, EQ Care grew materially during the year as newly commissioned homes ramped towards stabilised occupancy. Average effective bed capacity increased to 303 beds (2024: 242 beds) and occupancy improved to 73.9%, driving care revenue growth of approximately 90% year on year. EQ Care promotes a hospitality-inspired model offering personalised care, lifestyle-led programming and a range of funding pathways, including private funding, local authority placements and NHS continuing healthcare. This operational approach ensures residents experience community belonging, comfort, clinical safety and meaningful daily living.

The Group's strategy remains focused on expanding its development footprint while maintaining care-quality leadership. The combined strengths of in-house design, planning, construction oversight and operational capability produce synergies across lifecycle management, from early feasibility to long-term occupancy. These advantages support consistency of resident experience, operational efficiency and predictable asset performance. Continued investment in sustainability initiatives, governance frameworks and digital infrastructure further reinforces the Group's commitment to long-term stability and stakeholder confidence.

2025

2024

Gross Profit %

24.68%

26.87%

Net Profit %

-17.97%

12.35%

Current ratio

1.15

1.15

Gearing ratio

0.242

0.24

PRINCIPAL RISKS AND UNCERTAINTIES

The Group continues to manage risks inherent in both development and care provision. These include regulatory obligations within health and social care, funding variability linked to local authorities and healthcare commissioners, planning and construction-cycle risks, and operational pressures such as workforce capacity, compliance, safeguarding quality and occupancy performance. The Group is also exposed to interest-rate and refinancing risk on its secured development facilities, which increased significantly during the year, and to the timing of development sales, which can cause turnover and margin to vary materially between periods. The Group mitigates these through strong governance, active oversight, rigorous audit processes, disciplined financial management, close monitoring of facility headroom and covenant compliance, and continuous investment in people, culture and training. Maintaining quality of care remains the Group's highest priority, recognising that resident safety, wellbeing and service credibility are core to sustainable financial outcomes.

Looking ahead, the Group intends to deliver its live development pipeline while progressing its upcoming sites and enhancing technology enablement across its estate. Occupancy maturation across the existing care estate is expected to be the principal driver of improving operating profitability. Relationships with funding partners, local authorities and regulators will remain central to growth, alongside a renewed emphasis on ESG outcomes, carbon-reduction strategies and inclusive community programming. Supported by demographic shifts, including accelerating demand for purpose-built later-living environments, the Group remains well positioned to deliver responsible and scalable expansion. The Board continues to prioritise high-quality environments, compassionate care and sustainable value creation, ensuring long-term societal benefit and financial resilience.

ON BEHALF OF THE BOARD:

A S Faulkner - Director

5 August 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of a group holding company

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

No dividends were distributed for the year ended 31 December 2024.

The results for the year are set out on page 9.

FUTURE DEVELOPMENTS

The directors intend to continue the company's principal activities and are committed to maintaining its long-term growth and profitability. The directors will continue to monitor market conditions and identify opportunities to develop the business where appropriate.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

A S Faulkner

M J Cooper

FINANCIAL INSTRUMENTS

The group's financial risk management objectives and policies are designed to safeguard the group's assets and maintain sufficient liquidity to support its operations. The principal financial instruments comprise cash and cash equivalents, trade and other receivables, trade and other payables, bank borrowings and lease liabilities.

The principal financial risks arising from the group's financial instruments are credit risk, liquidity risk and interest rate risk. Credit risk is managed through the monitoring of customer creditworthiness and the maintenance of appropriate credit controls. Liquidity risk is managed by maintaining adequate cash resources and available borrowing facilities to ensure that the group is able to meet its financial obligations as they fall due. Interest rate risk is managed by monitoring market conditions and, where appropriate, the mix of fixed and variable rate borrowings.

The directors regularly review the group's financial risk management policies and consider them appropriate for the size and complexity of the group's operations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, bk plus Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A S Faulkner - Director

5 August 2026

Opinion

We have audited the financial statements of Zephyr X Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance, if available;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Keval Dattani ACA (Senior Statutory Auditor)

for and on behalf of bk plus Audit Limited

Azzurri House

Walsall Road

Aldridge

Walsall

WS9 0RB

5 August 2026

TURNOVER

4

25,234,964

33,804,019

Cost of sales

(19,005,911

)

(24,719,550

)

GROSS PROFIT

6,229,053

9,084,469

Administrative expenses

(6,463,967

)

(9,053,951

)

(234,914

)

30,518

Other operating income

6,620

922

OPERATING (LOSS)/PROFIT

6

(228,294

)

31,440

Income from shares in group undertakings

131,389

-

Interest receivable and similar income

62,481

135,910

(34,424

)

167,350

Gain/loss on revaluation of investment property

4,269,749

8,646,412

4,235,325

8,813,762

Interest payable and similar expenses

7

(8,743,670

)

(4,638,739

)

(LOSS)/PROFIT BEFORE TAXATION

(4,508,345

)

4,175,023

Tax on (loss)/profit

8

3,098,972

(2,161,603

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(1,409,373

)

2,013,420

(Loss)/profit attributable to:

Owners of the parent

(975,074

)

2,579,313

Non-controlling interests

(434,299

)

(565,893

)

(1,409,373

)

2,013,420

(LOSS)/PROFIT FOR THE YEAR

(1,409,373

)

2,013,420

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,409,373

)

2,013,420

Total comprehensive income attributable to:

Owners of the parent

(1,106,463

)

2,579,313

Non-controlling interests

(302,910

)

(565,893

)

(1,409,373

)

2,013,420

FIXED ASSETS

Intangible assets

10

29,313

52,017

Tangible assets

11

949,988

1,051,864

Investments

12

3

2

Investment property

13

66,119,606

46,957,603

67,098,910

48,061,486

CURRENT ASSETS

Stocks

14

37,912,031

26,676,299

Debtors

15

3,549,348

2,192,367

Cash at bank and in hand

7,302,213

4,664,960

48,763,592

33,533,626

CREDITORS

Amounts falling due within one year

16

(38,043,678

)

(29,082,395

)

NET CURRENT ASSETS

10,719,914

4,451,231

TOTAL ASSETS LESS CURRENT LIABILITIES

77,818,824

52,512,717

CREDITORS

Amounts falling due after more than one year

17

(91,002,064

)

(62,187,417

)

PROVISIONS FOR LIABILITIES

21

-

(2,230,556

)

NET LIABILITIES

(13,183,240

)

(11,905,256

)

CAPITAL AND RESERVES

Called up share capital

22

1

1

Fair value reserve

23

9,893,981

6,691,669

Retained earnings

23

(22,207,905

)

(18,030,519

)

SHAREHOLDERS' FUNDS

(12,313,923

)

(11,338,849

)

NON-CONTROLLING INTERESTS

24

(869,317

)

(566,407

)

TOTAL EQUITY

(13,183,240

)

(11,905,256

)

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2026 and were signed on its behalf by:

A S Faulkner - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

81,325

101,657

Investments

12

3

2

Investment property

13

-

-

81,328

101,659

CURRENT ASSETS

Debtors

15

1,913,030

165,511

Cash at bank

529,153

690,278

2,442,183

855,789

CREDITORS

Amounts falling due within one year

16

(96,323

)

(2,444,647

)

NET CURRENT ASSETS/(LIABILITIES)

2,345,860

(1,588,858

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,427,188

(1,487,199

)

CREDITORS

Amounts falling due after more than one year

17

-

(62,000

)

NET ASSETS/(LIABILITIES)

2,427,188

(1,549,199

)

CAPITAL AND RESERVES

Called up share capital

22

1

1

Retained earnings

2,427,187

(1,549,200

)

SHAREHOLDERS' FUNDS

2,427,188

(1,549,199

)

Company's profit/(loss) for the financial year

3,976,387

(1,397,236

)

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

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2026 and were signed on its behalf by:

A S Faulkner - Director

Called up

Fair

share

Retained

value

capital

earnings

reserve

£

£

£

Balance at 1 January 2024

1

(14,125,023

)

206,860

Changes in equity

Total comprehensive income

-

(3,905,496

)

6,484,809

Balance at 31 December 2024

1

(18,030,519

)

6,691,669

Changes in equity

Total comprehensive income

-

(4,177,386

)

3,202,312

Balance at 31 December 2025

1

(22,207,905

)

9,893,981

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2024

(13,918,162

)

(514

)

(13,918,676

)

Changes in equity

Total comprehensive income

2,579,313

(565,893

)

2,013,420

Balance at 31 December 2024

(11,338,849

)

(566,407

)

(11,905,256

)

Changes in equity

Total comprehensive income

(975,074

)

(302,910

)

(1,277,984

)

Balance at 31 December 2025

(12,313,923

)

(869,317

)

(13,183,240

)

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

1

(151,964

)

(151,963

)

Changes in equity

Total comprehensive income

-

(1,397,236

)

(1,397,236

)

Balance at 31 December 2024

1

(1,549,200

)

(1,549,199

)

Changes in equity

Total comprehensive income

-

3,976,387

3,976,387

Balance at 31 December 2025

1

2,427,187

2,427,188

Cash flows from operating activities

Cash generated from operations

1

24,792,668

23,928,982

Interest paid

(8,736,659

)

(4,633,586

)

Interest element of hire purchase payments paid

(7,011

)

(5,153

)

Net cash from operating activities

16,048,998

19,290,243

Cash flows from investing activities

Purchase of intangible fixed assets

-

(6,576

)

Purchase of tangible fixed assets

(66,360

)

(881,650

)

Purchase of fixed asset investments

(1

)

-

Purchase of investment property

(14,892,254

)

(16,423,736

)

Interest received

62,481

135,910

Dividends received

131,389

-

Net cash from investing activities

(14,764,745

)

(17,176,052

)

Cash flows from financing activities

Capital repayments in year

-

62,000

Amount introduced by directors

1,353,000

-

Net cash from financing activities

1,353,000

62,000

Increase in cash and cash equivalents

2,637,253

2,176,191

Cash and cash equivalents at beginning of year

2

4,664,960

2,488,769

Cash and cash equivalents at end of year

2

7,302,213

4,664,960

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

£

£

(Loss)/profit before taxation

(4,508,345

)

4,175,023

Depreciation charges

190,939

170,404

Gain on revaluation of fixed assets

(4,269,749

)

(8,646,412

)

Finance costs

8,743,670

4,638,739

Finance income

(193,870

)

(135,910

)

(37,355

)

201,844

(Increase)/decrease in stocks

(11,235,732

)

11,916,070

Decrease in trade and other debtors

29,546,500

2,382,032

Increase in trade and other creditors

6,519,255

9,429,036

Cash generated from operations

24,792,668

23,928,982

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

7,302,213

4,664,960

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

4,664,960

2,488,769

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

4,664,960

2,637,253

7,302,213

4,664,960

2,637,253

7,302,213

Debt

Finance leases

(62,000

)

-

(62,000

)

Debts falling due within 1 year

(8,699,224

)

(5,004,377

)

(13,703,601

)

Debts falling due after 1 year

(10,414,530

)

(24,449,875

)

(34,864,405

)

(19,175,754

)

(29,454,252

)

(48,630,006

)

Total

(14,510,794

)

(26,816,999

)

(41,327,793

)

1.	STATUTORY INFORMATION

Zephyr X Holdings 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the group companies regime. The disclosure requirements of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared with early application of the FRS 102 Triennial Review 2017 amendments in full.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

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.

Short leasehold

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25% on cost and in accordance with the property

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on cost and 25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.