Zen Systems Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03744427 (England and Wales)

Financial Statements

for the Year Ended 31 July 2020

for

Zen Systems Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Howard-Dobson

A P Howard-Dobson

J P Howard-Dobson

SECRETARY:

A P Howard-Dobson

REGISTERED OFFICE:

Eldo House

Kempson Way

Bury St Edmunds

Suffolk

IP32 7AR

BUSINESS ADDRESS:

35 Lower Brook Street

Ipswich

Suffolk

IP4 1AQ

REGISTERED NUMBER:

03744427 (England and Wales)

ACCOUNTANTS:

Knights Lowe

Chartered Accountants

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

4

17,638

19,446

Investments

5

500

500

18,138

19,946

CURRENT ASSETS

Debtors

6

36,444

88,094

Cash at bank

155,182

55,193

191,626

143,287

CREDITORS

Amounts falling due within one year

7

125,478

101,743

NET CURRENT ASSETS

66,148

41,544

TOTAL ASSETS LESS CURRENT LIABILITIES

84,286

61,490

CREDITORS

Amounts falling due after more than one year

8

-

(36,399

)

PROVISIONS FOR LIABILITIES

10

(3,351

)

(3,695

)

NET ASSETS

80,935

21,396

CAPITAL AND RESERVES

Called up share capital

11

154

144

Share premium

34,768

-

Retained earnings

46,013

21,252

SHAREHOLDERS' FUNDS

80,935

21,396

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 in accordance with Section 476 of the Companies Act 2006.

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.

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 24 December 2020 and were signed on its behalf by:

A P Howard-Dobson - Director

1.	STATUTORY INFORMATION

Zen Systems 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, such as loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Fixed asset investments

Fixed asset investments are recognised at cost.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2019

58,300

Additions

3,574

At 31 July 2020

61,874

DEPRECIATION

At 1 August 2019

38,854

Charge for year

5,382

At 31 July 2020

44,236

NET BOOK VALUE

At 31 July 2020

17,638

At 31 July 2019

19,446

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 August 2019

and 31 July 2020

16,400

DEPRECIATION

At 1 August 2019

10,346

Charge for year

1,513

At 31 July 2020

11,859

NET BOOK VALUE

At 31 July 2020

4,541

At 31 July 2019

6,054

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 August 2019

and 31 July 2020

500

NET BOOK VALUE

At 31 July 2020

500

At 31 July 2019

500

The fixed asset investment is the cost of one share in Echo Alfa Ltd, a company controlled by the director Mr A P Howard-Dobson.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

35,963

87,970

Other debtors

481

124

36,444

88,094

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

50,000

-

Hire purchase contracts

1,621

2,780

Trade creditors

26,404

51,692

Taxation and social security

42,272

42,814

Other creditors

5,181

4,457

125,478

101,743

Other creditors includes an amount owed to the directors

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

-

1,621

Other creditors

-

34,778

-

36,399

Other creditors represent Preference shares with a par value of £nil (2019 - £34,778)

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

1,621

4,401

The hire purchase account is secured on the assets acquired.

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Accelerated capital allowances

3,351

3,695

Deferred

tax

£

Balance at 1 August 2019

3,695

Credit to Income Statement during year

(344

)

Balance at 31 July 2020

3,351

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

A Ordinary

£1

100

100

41

B Ordinary

£1

41

41

3

C Ordinary

£1

3

3

10

D Ordinary

£1

10

-

154

144

The following shares were issued during the year for cash at par :

10 D Ordinary shares of £1