REGISTERED NUMBER: 01407783 (England and Wales)

Z Spars International Limited

Financial Statements

For The Year Ended

30th November 2024

Page

Balance Sheet

1

Notes to the Financial Statements

2

to

4

FIXED ASSETS

Tangible assets

5

903,068

693,758

CURRENT ASSETS

Stocks

311,036

270,557

Debtors

6

36,266

37,840

Cash at bank

849,694

874,097

1,196,996

1,182,494

CREDITORS

Amounts falling due within one year

7

58,301

51,673

NET CURRENT ASSETS

1,138,695

1,130,821

TOTAL ASSETS LESS CURRENT LIABILITIES

2,041,763

1,824,579

PROVISIONS FOR LIABILITIES

55,200

73,804

NET ASSETS

1,986,563

1,750,775

CAPITAL AND RESERVES

Called up share capital

8

80

80

Revaluation reserve

9

687,267

465,267

Capital redemption reserve

20

20

Retained earnings

1,299,196

1,285,408

SHAREHOLDERS' FUNDS

1,986,563

1,750,775

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 28th November 2025 and were signed on its behalf by:

L M M Gilbert - Director

A M Murray - Director

1.	STATUTORY INFORMATION

Z Spars International Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

01407783

Registered office:

Unit 2 Pond Hall Road

Hadleigh

Suffolk

IP7 5PW

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Turnover consists of sales of boat masts and rigging.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost of buildings only

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

15% on reducing balance

Freehold property is held at market value and the building component of the property is depreciated at 2% on a straight line (freehold land is not depreciated).

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1st December 2023

650,000

141,309

50,791

842,100

Revaluations

215,000

-

-

215,000

At 30th November 2024

865,000

141,309

50,791

1,057,100

DEPRECIATION

At 1st December 2023

7,000

121,906

19,436

148,342

Charge for year

-

4,851

7,839

12,690

Revaluation adjustments

(7,000

)

-

-

(7,000

)

At 30th November 2024

-

126,757

27,275

154,032

NET BOOK VALUE

At 30th November 2024

865,000

14,552

23,516

903,068

At 30th November 2023

643,000

19,403

31,355

693,758

Cost or valuation at 30th November 2024 is represented by:

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

Valuation in 2003

69,267

-

-

69,267

Valuation in 2020

300,000

-

-

300,000

Valuation in 2024

215,000

-

-

215,000

Cost

280,733

141,309

50,791

472,833

865,000

141,309

50,791

1,057,100

If the freehold land and building had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

280,733

280,733

Aggregate depreciation

95,445

89,831

Freehold land and buildings were valued on an open market basis on 23rd January 2025 by Fenn Wright, Chartered Surveyors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

27,747

27,302

Amounts owed by group undertakings

241

2,462

Other debtors

8,278

8,076

36,266

37,840

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

2,807

3,055

Amounts owed to group undertakings

10,622

-

Taxation and social security

15,434

17,880

Other creditors

29,438

30,738

58,301

51,673

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

80

Ordinary

£1

80

80

9.

RESERVES

Revaluation

reserve

£

At 1st December 2023

465,267

Revaluation reserve

222,000

At 30th November 2024

687,267

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Antonia Aldridge-Brown FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

11.	RELATED PARTY DISCLOSURES

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Z Diffusion.

The ultimate controlling party is L M M Gilbert.