Zacely Limited - Period Ending 2018-11-30

Zacely Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2018

Registration number: 07431881

Zacely Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Zacely Limited

Balance Sheet

30 November 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	1,521	2,773
Tangible assets	5	998	1,829
		2,519	4,602
Current assets
Stocks	6	19,464	20,943
Debtors	7	51,186	81,718
Cash at bank and in hand		60,378	15,008
		131,028	117,669
Creditors: Amounts falling due within one year	8	(86,397)	(116,183)
Net current assets		44,631	1,486
Total assets less current liabilities		47,150	6,088
Provisions for liabilities		(2,037)	(1,484)
Net assets		45,113	4,604
Capital and reserves
Called up share capital		3	3
Profit and loss account		45,110	4,601
Total equity		45,113	4,604

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Zacely Limited

Balance Sheet

30 November 2018

For the financial year ending 30 November 2018 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 financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 August 2019 and signed on its behalf by:
 

......................................... P Wallace Director

Company Registration Number: 07431881

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Zacely Limited

Notes to the Financial Statements

Year Ended 30 November 2018

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:
10 High Street
Poole
Dorset
BH15 1DW

These financial statements were authorised for issue by the Board on 29 August 2019.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 3

Zacely Limited

Notes to the Financial Statements

Year Ended 30 November 2018

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 corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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
Equipment	25% straight line basis

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website and patents	20% straight line basis

Page 4

Zacely Limited

Notes to the Financial Statements

Year Ended 30 November 2018

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

Page 5

Zacely Limited

Notes to the Financial Statements

Year Ended 30 November 2018

4	Intangible assets

	Trademarks, patents and website  £	Total £
Cost or valuation
At 1 December 2017	12,409	12,409
At 30 November 2018	12,409	12,409
Amortisation
At 1 December 2017	9,636	9,636
Amortisation charge	1,252	1,252
At 30 November 2018	10,888	10,888
Carrying amount
At 30 November 2018	1,521	1,521
At 30 November 2017	2,773	2,773

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 December 2017	4,591	4,591
At 30 November 2018	4,591	4,591
Depreciation
At 1 December 2017	2,762	2,762
Charge for the year	831	831
At 30 November 2018	3,593	3,593
Carrying amount
At 30 November 2018	998	998
At 30 November 2017	1,829	1,829

Page 6

Zacely Limited

Notes to the Financial Statements

Year Ended 30 November 2018

6

Stocks

	2018 £	2017 £
Other inventories	19,464	20,943

7

Debtors

	2018 £	2017 £
Trade debtors	36,294	67,174
Other debtors	13,428	13,092
Prepayments	1,464	1,452
	51,186	81,718

8

Creditors

Creditors: amounts falling due within one year

	2018 £	2017  £
Due within one year
Trade creditors	39,678	32,674
Corporation tax	13,630	5,361
Other creditors	31,384	76,548
Accrued expenses	1,705	1,600
	86,397	116,183

Page 7

Zacely Limited

Notes to the Financial Statements

Year Ended 30 November 2018

9	Related party transactions

Advances to directors

2018	At 1 December 2017 £	Advances to director £	Repayments by director £	At 30 November 2018 £
P Wallace
Advances to the director	5,213	-	(459)	4,754
D Novoa
Advances to the director	4,354	-	(1)	4,353

2017	At 1 December 2016 £	Advances to director £	Repayments by director £	At 30 November 2017 £
P Wallace
Advances to the director	14,539	-	(9,326)	5,213
D Novoa
Advances to the director	16,226	-	(11,872)	4,354

Interest of £nil (2017: £nil) was charged on the overdrawn loan.

Page 8