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

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

ZYTHON LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09172352
Zython Limited
Filleted Unaudited Financial Statements
31 August 2019
Zython Limited
Financial Statements
Year ended 31 August 2019
Contents
Page
Balance sheet
1
Notes to the financial statements
2
Zython Limited
Balance Sheet
31 August 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
5
254
338
Current assets
Stocks
15,000
19,105
Debtors
6
226
2,539
Cash at bank and in hand
1,891
6,981
--------
--------
17,117
28,625
Creditors: amounts falling due within one year
7
49,584
43,139
--------
--------
Net current liabilities
32,467
14,514
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--------
Total assets less current liabilities
( 32,213)
( 14,176)
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--------
Net liabilities
( 32,213)
( 14,176)
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--------
Capital and reserves
Called up share capital
10
10
Profit and loss account
( 32,223)
( 14,186)
--------
--------
Shareholders deficit
( 32,213)
( 14,176)
--------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 March 2020 , and are signed on behalf of the board by:
Mr S D Morant
Director
Company registration number: 09172352
Zython Limited
Notes to the Financial Statements
Year ended 31 August 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 Flat 83, Craghead 77 Manor Road, Bournemouth, BH1 3JG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis as the director considers this basis to be appropriate. The net current liabilities includes a balance of £47,934 relating to the director. There is no intention to repay this balance until the company is in a position to do so.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
Current tax is recognised on taxable profit for the current and, where not previously recognised, 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.
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.
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
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Staff numbers
The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 September 2018 and 31 August 2019
985
6,854
7,839
----
-------
-------
Depreciation
At 1 September 2018
647
6,854
7,501
Charge for the year
84
–
84
----
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-------
At 31 August 2019
731
6,854
7,585
----
-------
-------
Carrying amount
At 31 August 2019
254
–
254
----
-------
-------
At 31 August 2018
338
–
338
----
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-------
6. Debtors
2019
2018
£
£
Trade debtors
( 195)
2,000
Other debtors
421
539
----
-------
226
2,539
----
-------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Other creditors
49,584
43,139
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