Zing Dev Limited - Accounts to registrar (filleted) - small 18.2
Zing Dev Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2021 |
| for |
| Zing Dev Limited |
| Zing Dev Limited (Registered number: 11961563) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Zing Dev Limited |
| Company Information |
| for the Year Ended 31 December 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditor |
| 92 Park Street |
| Camberley |
| Surrey |
| GU15 3NY |
| Zing Dev Limited (Registered number: 11961563) |
| Balance Sheet |
| 31 December 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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 |
| Zing Dev Limited (Registered number: 11961563) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2021 |
| 1. | STATUTORY INFORMATION |
| Zing Dev Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| 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. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Deferred income arises from the allocation of invoiced amounts over the period to which they relate. |
| Tangible fixed assets |
| Computer equipment | - |
| Financial instruments |
| Short term instruments i.e. those due in less than one year, are measured at transaction price. Other financial instruments, which are not subject to a market rate of interest, are measured initially at fair value and are measured subsequently at amortised cost using the effective interest rate method. |
| 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. |
| 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. |
| Pension costs |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate. |
| Operating leases |
| Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease. |
| Zing Dev Limited (Registered number: 11961563) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The directors have assessed the going concern position of the company using forecasts and projections which take account of reasonable possible changes in trading performance. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 January 2021 |
| Additions |
| At 31 December 2021 |
| DEPRECIATION |
| At 1 January 2021 |
| Charge for year |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | 44,744 | 29,574 |
| Other creditors |
| Accruals and deferred income |
| Zing Dev Limited (Registered number: 11961563) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Debentures due in 1-2 years |
| Debentures - 2-5 years |
| The above loan notes issued to a director, J R J Hucker, are non interest bearing and are redeemable at par in April 2025. |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2021 | 2020 |
| £ | £ |
| Within one year |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Loan from immediate parent | 420,000 | 420,000 |
| A fixed and floating charge over all the property and undertakings of the company exists for the above loan from the company's immediate parent company, Project Milano Limited. This loan is repayable on demand and bears interest at a rate of 10%. |
| A fixed and floating charge over all the property and undertakings of the company exists in favour of Maven Capital Partners UK LLP. |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | OTHER FINANCIAL COMMITMENTS |
| A management services agreement has been entered into with the parent company for £16,900 per month, plus additional amounts of directly attributable, or apportioned, overheads incurred. The charge was reduced to a monthly charge of £5,480 with effect from September 2021. The earliest termination date is 27 April 2025. |
| 12. | RELATED PARTY DISCLOSURES |
| During the previous year the company was released from the obligation of repaying a loan to a fellow group company. The sum of £38,079 was credited to the Income Statement. |