ZMU Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 09438343

ZMU Limited

Filleted Unaudited Financial Statements

For the year ended

28 February 2019

ZMU Limited

Financial Statements

Year ended 28th February 2019

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

ZMU Limited

Officers and Professional Advisers

Director	Mrs F Matthews

Registered office	Gothic House
	Barker Gate
	Nottingham
	NG1 1JU

Accountants	Swandec
	Chartered Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	Barclays
	2 High Street
	Nottingham
	NG1 2EN

ZMU Limited

Statement of Financial Position

28 February 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	4		2,523,564	2,529,000

Current assets

Debtors	5	39,558	33,426
Cash at bank and in hand		24,679	12,797
		--------	--------
		64,237	46,223

Creditors: amounts falling due within one year	6	941,673		930,575
		---------		---------
Net current liabilities			877,436	884,352
			------------	------------
Total assets less current liabilities			1,646,128	1,644,648

Creditors: amounts falling due after more than one year	7		270,880	267,600

Provisions

Taxation including deferred tax	264,317	265,040
	------------	------------
Net assets	1,110,931	1,112,008
	------------	------------

Capital and reserves

Called up share capital	8	100	100
Profit and loss account		1,110,831	1,111,908
		------------	------------
Shareholders funds		1,110,931	1,112,008
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 28th February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

ZMU Limited

Statement of Financial Position (continued)

28 February 2019

These financial statements were approved by the board of directors and authorised for issue on 28 November 2019 , and are signed on behalf of the board by:

Mrs F Matthews
Director

Company registration number: 09438343

ZMU Limited

Notes to the Financial Statements

Year ended 28th February 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gothic House, Barker Gate, Nottingham, NG1 1JU.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the rents received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	20% reducing balance

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).

4. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1st March 2018	2,500,000	30,131	16,375	3,437	2,549,943
Additions	–	899	–	–	899
	------------	--------	--------	-------	------------
At 28th February 2019	2,500,000	31,030	16,375	3,437	2,550,842
	------------	--------	--------	-------	------------
Depreciation
At 1st March 2018	–	10,412	9,275	1,256	20,943
Charge for the year	–	4,124	1,775	436	6,335
	------------	--------	--------	-------	------------
At 28th February 2019	–	14,536	11,050	1,692	27,278
	------------	--------	--------	-------	------------
Carrying amount
At 28th February 2019	2,500,000	16,494	5,325	1,745	2,523,564
	------------	--------	--------	-------	------------
At 28th February 2018	2,500,000	19,719	7,100	2,181	2,529,000
	------------	--------	--------	-------	------------

5. Debtors

	2019	2018
	£	£
Trade debtors	32,498	26,436
Other debtors	7,060	6,990
	--------	--------
	39,558	33,426
	--------	--------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	11,730	15,646
Social security and other taxes	12,019	6,259
Other creditors	917,924	908,670
	---------	---------
	941,673	930,575
	---------	---------

7. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	270,880	267,600
	---------	---------

8. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Later than 1 year and not later than 5 years	3,756	5,425
	-------	-------

10. Director's advances, credits and guarantees

At the statement of financial position date the company owed the director £900,969 (2018:894,129). The directors loan is interest free, unsecured and repayable on demand.