ZPN Energy Limited - Accounts to registrar (filleted) - small 18.2
ZPN Energy Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| FOR |
| ZPN ENERGY LIMITED |
| ZPN ENERGY LIMITED (REGISTERED NUMBER: 09391462) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 30 June 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| ZPN ENERGY LIMITED |
| COMPANY INFORMATION |
| for the year ended 30 June 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| One Eastwood |
| Harry Weston Road |
| Binley Business Park |
| Coventry |
| CV3 2UB |
| ZPN ENERGY LIMITED (REGISTERED NUMBER: 09391462) |
| BALANCE SHEET |
| 30 June 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Stocks | 7 |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Share premium | 12 |
| Revaluation reserve | 12 |
| Retained earnings | 12 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| ZPN ENERGY LIMITED (REGISTERED NUMBER: 09391462) |
| BALANCE SHEET - continued |
| 30 June 2020 |
| 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 |
| ZPN ENERGY LIMITED (REGISTERED NUMBER: 09391462) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 June 2020 |
| 1. | STATUTORY INFORMATION |
| ZPN Energy Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| On 8 October 2020 the company changed its name from Zapinamo Limited to ZPN Energy Limited. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Patents |
| Patents and other intellectual property are stated at cost, and will be amortised over the useful life of the income stream it generates. |
| Development expenditure |
| Expenditure on research activities is recognised in the income statement as incurred. |
| Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in the income statement as incurred. Subsequent to initial recognition, development expenditure is measured at cost, and will be amortised over the useful life of the income stream it generates. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Plant and machinery - 25% on cost |
| Stocks |
| Work in progress is fair valued by the directors at the lower of cost and net realisable value after making due allowances for obsolete and slow moving items. Included within this at 30 June 2020 is the ZPNstore developed and built by the company over the last two years which is included at the directors' fair value of the costs incurred to bring the asset to its state of completion at the balance sheet date, |
| ZPN ENERGY LIMITED (REGISTERED NUMBER: 09391462) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Employment and support income |
| Grant income received from the UK’s Coronavirus Job Retention Scheme and Job Support Scheme |
| has been recognised in the period in which the related staff expense was incurred. This income has |
| been recognised in other operating income |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| ZPN ENERGY LIMITED (REGISTERED NUMBER: 09391462) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2020 |
| 5. | INTANGIBLE FIXED ASSETS |
| Patents |
| and | Website | Software |
| licences | Development | development | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 July 2019 |
| Additions |
| Revaluations |
| At 30 June 2020 |
| AMORTISATION |
| At 1 July 2019 |
| Amortisation for year |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| Cost or valuation at 30 June 2020 is represented by: |
| Patents |
| and | Website | Software |
| licences | Development | development | Totals |
| £ | £ | £ | £ |
| Valuation in 2020 | - | - | 920,880 | 920,880 |
| Cost | 65,585 | 7,835 | 329,120 | 402,540 |
| 65,585 | 7,835 | 1,250,000 | 1,323,420 |
| If the software development had not been revalued it would have been included at the following historical cost: |
| 2020 | 2019 |
| £ | £ |
| Cost | 329,120 | - |
| Software development was valued on an open market basis on 30 June 2020 by the directors . |
| ZPN ENERGY LIMITED (REGISTERED NUMBER: 09391462) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2020 |
| 6. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 July 2019 |
| Reclassification/transfer | ( |
) | ( |
) |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 July 2019 |
| Charge for year |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| 7. | STOCKS |
| 2020 | 2019 |
| £ | £ |
| Work-in-progress |
| Work in progress includes £500,000 in respect of the ZPNstore developed and built by the company over the last two years. This asset is included at the directors' fair value of the costs incurred to bring the asset to its state of completion at 30 June 2020. |
| £350,000 of this reflects costs incurred in the period to 30 June 2019, which has been re allocated to work in progress in the year to 30 June 2020 and credited in the profit and loss account this year as an exceptional item. A further £150,000 reflects costs incurred in the year to 30 June 2020. |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Tax |
| Deferred tax asset | 92,500 | - |
| VAT |
| Prepayments |
| ZPN ENERGY LIMITED (REGISTERED NUMBER: 09391462) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2020 |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| Accrued expenses |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Other loans - 1-2 years |
| Shareholder loans | - | 38,827 |
| Hire purchase contracts |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary | 0.01 | 3,543 | 745 |
| During the year 188,300 ordinary shares of 1p each were allotted and fully paid at a premium of 99p per share. A further 91,500 were issued as bonus shares. |
| 12. | RESERVES |
| Retained | Share | Revaluation |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 July 2019 | ( |
) | 19,928 |
| Profit for the year |
| Bonus share issue | ( |
) | ( |
) |
| Cash share issue | - | 186,417 | - | 186,417 |
| Revaluation of intangible |
| assets | - | - | 920,880 | 920,880 |
| At 30 June 2020 | ( |
) | 1,423,762 |
| 13. | RELATED PARTY TRANSACTIONS |
| In August 2019 I Stillie provided a personal guarantee for a loan to the company as part of the refinancing of the business and he was issued 91,500 ordinary shares in compensation for this. The transaction was approved by shareholders in general meeting on 2 August 2019. |