Zenet Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05104153 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

FOR

ZENET LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs B Gross

SECRETARY:

Mrs R Freid

REGISTERED OFFICE:

12 Craven Walk

Stamford Hill

London

N16 6BT

REGISTERED NUMBER:

05104153 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Tangible assets

4

2,489

2,928

Investment property

5

1,470,893

1,470,893

1,473,382

1,473,821

CURRENT ASSETS

Cash at bank

16,187

10,398

CREDITORS

Amounts falling due within one year

6

(167,000

)

(166,452

)

NET CURRENT LIABILITIES

(150,813

)

(156,054

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,322,569

1,317,767

CREDITORS

Amounts falling due after more than one year

7

(464,987

)

(464,989

)

NET ASSETS

857,582

852,778

CAPITAL AND RESERVES

Called up share capital

9

1

1

Revaluation reserve

10

727,896

727,896

Retained earnings

10

129,685

124,881

SHAREHOLDERS' FUNDS

857,582

852,778

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 February 2021 and were signed by:

Mrs B Gross - Director

1.	STATUTORY INFORMATION

Zenet Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net rent receivable, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Investment property

Investment properties are properties held to earn rental income or for capital appreciation or for both.

Investment properties are recognised initially at cost.

Subsequent to initial recognition:

a. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from change in fair value are recognised in profit or loss in the period that they arise; and

b. no depreciation is provided in respect of investment properties applying the fair value model.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 May 2019

and 30 April 2020

10,701

DEPRECIATION

At 1 May 2019

7,773

Charge for year

439

At 30 April 2020

8,212

NET BOOK VALUE

At 30 April 2020

2,489

At 30 April 2019

2,928

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2019

and 30 April 2020

1,470,893

NET BOOK VALUE

At 30 April 2020

1,470,893

At 30 April 2019

1,470,893

Fair value at 30 April 2020 is represented by:

£

Valuation in 2015

317,896

Valuation in 2017

410,000

Cost

742,997

1,470,893

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Taxation and social security

1,230

2,499

Other creditors

165,770

163,953

167,000

166,452

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.20

30.4.19

£

£

Bank loans

464,987

464,989

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.20

30.4.19

£

£

Bank loans

464,987

464,989

The mortgage is secured by a first charge over the company's investment properties and bear interest at fixed rates.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.20

30.4.19

value:

£

£

1

Ordinary

£1

1

1

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 May 2019

124,881

727,896

852,777

Profit for the year

4,804

4,804

At 30 April 2020

129,685

727,896

857,581

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs B Gross.