Zac Property Limited Company accounts

ZAC PROPERTY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03576556

ZAC PROPERTY LIMITED

UNAUDITED FINANCIAL STATEMENTS

31 December 2019

ZAC PROPERTY LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2019

Contents	Pages

Officers and professional advisers	1

Director's report	2

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	3

Statement of income and retained earnings	4

Statement of financial position	5 to 6

Notes to the financial statements	7 to 11

ZAC PROPERTY LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Mr R Birchwood

Company secretary	Miss L Birchwood

Registered office	Hanover Buildings
	11-13 Hanover Street
	Liverpool
	Merseyside
	L1 3DN

Accountants	ERC Accountants & Business Advisers Limited
	Chartered accountants
	Hanover Buildings
	11-13 Hanover Street
	Liverpool
	L1 3DN

ZAC PROPERTY LIMITED

DIRECTOR'S REPORT

YEAR ENDED 31 DECEMBER 2019

The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2019 .

PRINCIPAL ACTIVITIES

The principal activity of the company during the year was the provision of consultancy services and property rental.

DIRECTOR

The director who served the company during the year was as follows:

Mr R Birchwood

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 17 September 2020 and signed on behalf of the board by:

Mr R Birchwood
Director

Registered office:

Hanover Buildings

11-13 Hanover Street

Liverpool

Merseyside

L1 3DN

ZAC PROPERTY LIMITED

CHARTERED ACCOUNTANT'S REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ZAC PROPERTY LIMITED

YEAR ENDED 31 DECEMBER 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Zac Property Limited for the year ended 31 December 2019, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Zac Property Limited in accordance with the terms of our engagement letter dated 30 October 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Zac Property Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Zac Property Limited and its director for our work or for this report.

It is your duty to ensure that Zac Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Zac Property Limited. You consider that Zac Property Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Zac Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

ERC Accountants & Business Advisers Limited Chartered accountants

Hanover Buildings 11-13 Hanover Street Liverpool L1 3DN

17 September 2020

ZAC PROPERTY LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 DECEMBER 2019

	2019	2018
Note	£	£

TURNOVER	89,599	89,598

	---------	---------
GROSS PROFIT	89,599	89,598

Administrative expenses	10,364	15,974
	---------	---------
OPERATING PROFIT	79,235	73,624

Other interest receivable and similar income		423	144
Interest payable and similar expenses		10,334	10,687
		---------	---------
PROFIT BEFORE TAXATION	4	69,324	63,081

Tax on profit	5	13,220	11,985
		---------	---------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME		56,104	51,096
		---------	---------

RETAINED EARNINGS AT THE START OF THE YEAR	385,984	334,888
	----------	----------
RETAINED EARNINGS AT THE END OF THE YEAR	442,088	385,984
	----------	----------

All the activities of the company are from continuing operations.

ZAC PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2019

	2019	2018
Note	£	£

FIXED ASSETS

Tangible assets	6	824,965	827,212

CURRENT ASSETS

Debtors	7	64,127	90,925
Cash at bank and in hand		236,530	197,413
		----------	----------
		300,657	288,338

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR	8	445,455	443,618
		----------	----------
NET CURRENT LIABILITIES		144,798	155,280
		----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES		680,167	671,932

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR	9	236,598	284,040

PROVISIONS

Taxation including deferred tax	1,281	1,708
	----------	----------
NET ASSETS	442,288	386,184
	----------	----------

CAPITAL AND RESERVES

Called up share capital	200	200
Profit and loss account	442,088	385,984
	----------	----------
SHAREHOLDERS FUNDS	442,288	386,184
	----------	----------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 December 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 .

ZAC PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 17 September 2020 , and are signed on behalf of the board by:

Mr R Birchwood
Director

Company registration number: 03576556

ZAC PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 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 Hanover Buildings, 11-13 Hanover Street, Liverpool, Merseyside, L1 3DN.

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, 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 consideration received or receivable and represents amounts receivable services rendered, stated net of discounts and of Value Added Tax.

Corporation 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. 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

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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.

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 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. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .

4. PROFIT BEFORE TAXATION

Profit before taxation is stated after charging:

	2019	2018
	£	£

Depreciation of tangible assets	2,247	2,995
	-------	-------

5. TAX ON PROFIT

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	13,646	12,554
Adjustments in respect of prior periods	1	–
	---------	---------
Total current tax	13,647	12,554
	---------	---------

Deferred tax:

Origination and reversal of timing differences	( 427)	( 569)
	---------	---------
Tax on profit	13,220	11,985
	---------	---------

6. TANGIBLE ASSETS

Investment property	Fixtures and fittings	Total
£	£	£

Cost
At 1 January 2019 and 31 December 2019	818,224	24,263	842,487
	----------	---------	----------
Depreciation
At 1 January 2019	–	15,275	15,275
Charge for the year	–	2,247	2,247
	----------	---------	----------
At 31 December 2019	–	17,522	17,522
	----------	---------	----------
Carrying amount
At 31 December 2019	818,224	6,741	824,965
	----------	---------	----------
At 31 December 2018	818,224	8,988	827,212
	----------	---------	----------

Investment property is included at cost. The director is of the opinion that this valuation method is more appropriate due to the uncertainties of the secondary retail property market, and that the current market value of properties is not less than cost.

7. DEBTORS

	2019	2018
	£	£

Trade debtors	62,920	89,800
Other debtors	1,207	1,125
	---------	---------
	64,127	90,925
	---------	---------

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

	2019	2018
	£	£

Bank loans and overdrafts	26,905	26,368
Trade creditors	1,164	942
Corporation tax	13,646	12,553
Social security and other taxes	4,316	4,331
Other creditors	399,424	399,424
	----------	----------
	445,455	443,618
	----------	----------

The bank loan is secured by way of a fixed and floating charge dated 9 October 2012, a legal charge dated 27 February 2013 and an additional charge dated 12 June 2013, over all the company's undertaking, property, rights and assets whatsoever and wheresoever both present and future.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

	2019	2018
	£	£

Bank loans and overdrafts	236,598	284,040
	----------	----------

Included within creditors: amounts falling due after more than one year is an amount of £128,977 (2018: £178,566) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

No directors received advances, credits or guarantees during the current or previous accounting periods.

11. RELATED PARTY TRANSACTIONS

The following related party transactions were undertaken during the year: A company under common control, had no transactions during the year (2018: no transactions). At 31 December 2019 the amount receivable was £45,000 (2018: £45,000). A director, had no transactions during the year (2018: no transactions). At 31 December 2019 the amount payable was £397,824 (2018: payable £397,824). No dividends were paid to the directors in respect of their shareholdings (2018: £Nil). No further transactions with related parties were undertaken, other than those under normal market conditions, such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.