Zing Associates Limited - Period Ending 2018-12-31
Zing Associates Limited - Period Ending 2018-12-31
Registration number:
for the Period from 1 December 2017 to
Pages for filing with Registrar
Zing Associates Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Zing Associates Limited
Company Information
Directors |
F A Burgess S Holness J C Read |
Registered office |
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Registered number |
09322425 |
Accountants |
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Zing Associates Limited
(Registration number: 09322425)
Balance Sheet as at 31 December 2018
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2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Zing Associates Limited
(Registration number: 09322425)
Balance Sheet as at 31 December 2018
For the financial period ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
Director
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Zing Associates Limited
Notes to the Financial Statements for the Period from 1 December 2017 to 31 December 2018
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Disclosure of long or short period
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
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.
Page 4 |
Zing Associates Limited
Notes to the Financial Statements for the Period from 1 December 2017 to 31 December 2018
Tax
The tax expense for the period comprises current 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.
Tangible fixed assets
Tangible fixed 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 fixed 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 and fittings |
25% on cost |
Computer equipment |
25% on cost |
Office equipment |
25% on cost |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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 |
Goodwill |
over the useful life of 10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
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Zing Associates Limited
Notes to the Financial Statements for the Period from 1 December 2017 to 31 December 2018
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
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Zing Associates Limited
Notes to the Financial Statements for the Period from 1 December 2017 to 31 December 2018
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Intangible fixed assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 December 2017 |
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At 31 December 2018 |
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Amortisation |
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At 1 December 2017 |
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Amortisation charge |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 30 November 2017 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £
Page 7 |
Zing Associates Limited
Notes to the Financial Statements for the Period from 1 December 2017 to 31 December 2018
Tangible fixed assets |
Office equipment |
Motor vehicles |
Other tangible assets |
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Cost |
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At 1 December 2017 |
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Additions |
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At 31 December 2018 |
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Depreciation |
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At 1 December 2017 |
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Charge for the period |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 30 November 2017 |
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Debtors: amounts falling due within one year |
Note |
2018 |
2017 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Directors' loan accounts |
216 |
- |
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Zing Associates Limited
Notes to the Financial Statements for the Period from 1 December 2017 to 31 December 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Bank current account 1 |
- |
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Trade creditors |
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Taxation and social security |
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Other creditors |
1,420 |
1,441 |
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Accruals |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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50 |
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50 |
Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
- |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2018 |
2017 |
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Page 9 |