Fprop Zinga Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09157126 (England and Wales)

Financial Statements

for the Year Ended 31 March 2020

for

FPROP ZINGA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

B N Habib

M S Pryce

J A Aubrey

Registered office:

32 St James's Street

London

SW1A 1HD

Registered number:

09157126 (England and Wales)

Auditors:

Haines Watts

Chartered Accountants and Statutory Auditor

Sterling House

19/23 High Street

Kidlington

Oxfordshire

OX5 2DH

Fixed assets

Investments

4

4,696,098

4,428,576

Current assets

Debtors

5

1,628,460

1,746,823

Cash at bank

1,056

2,928

1,629,516

1,749,751

Creditors

Amounts falling due within one year

6

4,148,725

4,374,832

Net current liabilities

(2,519,209

)

(2,625,081

)

Total assets less current liabilities

2,176,889

1,803,495

Provisions for liabilities

7

3,333

7,426

Net assets

2,173,556

1,796,069

Capital and reserves

Called up share capital

2

2

Foreign exchange

translation reserve

8

14,209

31,656

Retained earnings

8

2,159,345

1,764,411

Shareholders' funds

2,173,556

1,796,069

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2020 and were signed on its behalf by:

M S Pryce - Director

1.	Statutory information

Fprop Zinga Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Fprop Zinga Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Fprop Opportunities Plc, 32 St James's Street, London, SW1A 1HD.

Significant judgements and estimates

The preparation of financial statements in conformity with FRS 102 requires management to use accounting estimates and exercise judgement in the process of applying the company's accounting policies. There were no areas which required significant judgement or measurement uncertainty.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost. Monetary items which are denominated in foreign currencies, such as loans which form part of the net investment in the subsidiary undertaking, are translated into sterling at the balance sheet date.The zloty loans advanced to its Polish Subsidiary are included in the cost of the investment because they are deemed to be long term sources of finance, as permanent as equity, where settlement is neither planned nor likely to occur in the foreseeable future.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Monetary items which are denominated in foreign currency, such as loans receivable which form part of the net investment in the subsidiary undertaking, are translated into sterling at the balance sheet date with the gain or loss on translation being recognised in Other Comprehensive Income. This is a departure from Section 30 of Financial Reporting Standard 102, which requires that any gain or loss on translation be recognised in the Income Statement.

This departure is a true and fair override as the settlement of the loan balances which form part of the net investment in the subsidiary undertaking is neither planned, nor likely to occur in the foreseeable future, therefore it is believed that the recognition of temporary differences in exchange rates in the Income Statement would be misleading in these circumstances.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period of twelve months from the date of approval of the financial statements, including any potential impact of the Covid-19 virus on trading. Having taken account of all available information about the future, including the company’s most recent trading results, budgets and cash flow forecasts, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The parent company Fprop Opportunities Plc and the subsidiary company Zinga Fprop Sp Zoo have confirmed that they will only demand repayment of the loans owed by Fprop Zinga Limited at the year end if the company can afford to repay the loans.

Other income

Other income includes dividends receivable that have been accrued as dividends payable in the accounts of its Polish subsidiary company.

3.	Employees and directors

The average number of employees during the year was NIL (2019 - NIL).

4.	Fixed asset investments

31/3/20

31/3/19

£

£

Shares in group undertakings

3,711,929

3,711,929

Loans to group undertakings

984,169

716,647

4,696,098

4,428,576

Additional information is as follows:

Shares in

group

undertakings

£

Cost

At 1 April 2019

and 31 March 2020

3,711,929

Net book value

At 31 March 2020

3,711,929

At 31 March 2019

3,711,929

Loans to

group

undertakings

£

At 1 April 2019

716,647

New in year

267,522

At 31 March 2020

984,169

The long term loans receivable from its subsidiary undertaking are treated as part of the net investment in the subsidiary.

5.

Debtors: amounts falling due within one year

31/3/20

31/3/19

£

£

Amounts owed by group undertakings

71,093

69,230

Other debtors

1,557,367

1,677,593

1,628,460

1,746,823

6.

Creditors: amounts falling due within one year

31/3/20

31/3/19

£

£

Amounts owed to group undertakings

4,144,044

4,370,274

Other creditors

4,681

4,558

4,148,725

4,374,832

7.	Provisions for liabilities

31/3/20

31/3/19

£

£

Deferred tax

3,333

7,426

Deferred tax

£

Balance at 1 April 2019

7,426

Taken to FETR during the year

(4,093

)

Balance at 31 March 2020

3,333

8.

Reserves

Foreign

exchange

Retained

translation

earnings

reserve

Totals

£

£

£

At 1 April 2019

1,764,411

31,656

1,796,067

Profit for the year

394,934

394,934

Net unrealised exchange losses

-

(17,447

)

(17,447

)

At 31 March 2020

2,159,345

14,209

2,173,554

The Foreign exchange translation reserve is made up of the unrealised gains of £17,542 arising from the retranslation at the year end of the zloty loans that are included in investments less the deferred tax of £3,333 that would be payable if these exchange gains were realised.

9.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

G Style ACA (Senior Statutory Auditor)

for and on behalf of Haines Watts

10.	Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11.	Ultimate controlling party

The controlling party is Fprop Opportunities Plc.