ZCJ Investments Limited - Period Ending 2022-03-31

ZCJ Investments Limited

(Registration number: 09332821)
Balance Sheet as at 31 March 2022

	Note	2022 £	(As restated) 2021 £
Fixed assets
Tangible assets	4	4,551	1,535
Investment property	5	6,530,000	6,530,000
		6,534,551	6,531,535
Current assets
Debtors	6	2,729	2,846
Cash at bank and in hand		16,226	-
		18,955	2,846
Creditors: Amounts falling due within one year	7	(1,542,518)	(5,268,230)
Net current liabilities		(1,523,563)	(5,265,384)
Total assets less current liabilities		5,010,988	1,266,151
Creditors: Amounts falling due after more than one year	7	(4,080,225)	(301,172)
Provisions for liabilities		(95,724)	(94,970)
Net assets		835,039	870,009
Capital and reserves
Called up share capital	8	200	200
Share premium reserve		419,900	419,900
Other reserves		378,398	378,398
Profit and loss account		36,541	71,511
Total equity		835,039	870,009

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 June 2022 and signed on its behalf by:
 

 

Mr Z. C. J. Vazquez
Director

ZCJ Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
Woburn House
84 St. Benedicts Street
Norwich
Norfolk
NR2 4AB

2	Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

The company recognises revenue when:

The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax policies
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

ZCJ Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line
Plant and machinery	25% straight line

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash

Cash comprises cash on hand and all deposits.

Trade debtors

Trade debtors are amounts due from tenants and letting agents for rent receivable and other associated letting fees in the ordinary course of the business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3	Staff numbers

The average number of persons employed by the company during the year was 0 (2021 - 0).

ZCJ Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost
At 1 April 2021	2,046	2,046
Additions	3,872	3,872
At 31 March 2022	5,918	5,918
Depreciation
At 1 April 2021	511	511
Charge for the year	856	856
At 31 March 2022	1,367	1,367
Net book value
At 31 March 2022	4,551	4,551
At 31 March 2021	1,535	1,535

5	Investment properties

	2022 £	2021 £
At 1 April	6,530,000	1,735,000
Additions (at cost)	-	5,340,000
Disposals	-	(545,000)
At 31 March	6,530,000	6,530,000

The directors have reviewed the market value of the properties using current market data for similar properties in the same areas and consider that there is no significant change at the balance sheet date.

6

Debtors

	2022 £	2021 £
Other debtors	-	577
Prepayments and accrued income	2,729	2,269
	2,729	2,846

ZCJ Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

	2022 £	(As restated) 2021 £
Bank loans and overdrafts	14,358	3,771,124
Trade creditors	918	1,152
Taxation and social security	23,833	22,433
Accruals and deferred income	3,354	3,474
Other creditors	62,422	62,081
Other loans	1,437,633	1,407,966
	1,542,518	5,268,230

Creditors include bank loans which are secured against the assets of the company in the sum of £14,358 (2021 - £3,769,050).

Creditors: amounts falling due after more than one year

	2022 £	2021 £
Bank loans	4,080,225	301,172
	4,080,225	301,172

Creditors include bank loans which are secured against the assets of the company by fixed, floating and negative charges and the properties that the loans relate to in the sum of £4,080,225 (2021 - £301,172). Included in this amount is £4,034,580 (2021 - £285,562) which is repayable after more than five years as follows:

£21,660 (2021 - £72,642) is repayable by instalments
£4,012,920 (2021 - £212,920) is repayable other than by instalments

8	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary A Shares of £1 each	60	60	60	60
Ordinary B Shares of £1 each	26	26	26	26
Ordinary C Shares of £1 each	7	7	7	7
Ordinary D Shares of £1 each	7	7	7	7
Ordinary E Shares of £1 each	100	100	100	100
	200	200	200	200

ZCJ Investments Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

9	Related party transactions

Other loans £1,437,633 (2021 - £1,407,966) are amounts owed to the shareholders. No interest has been charged.

10	Prior year adjustment

Balance Sheet at 31 March 2021

A prior year adjustment has been made following an incorrect book-keeping entry in the previous year.
 

	As originally reported £	Reclassification £	As restated £
Fixed assets
Tangible assets	1,535	-	1,535
Investment property	6,530,000	-	6,530,000
	6,531,535	-	6,531,535
Current assets
Debtors	2,846	-	2,846
Creditors: Amounts falling due within one year	(5,288,230)	20,000	(5,268,230)
Net current (liabilities)/assets	(5,285,384)	20,000	(5,265,384)
Total assets less current liabilities	1,246,151	20,000	1,266,151
Creditors: Amounts falling due after more than one year	(301,172)	-	(301,172)
Provisions for liabilities	(94,970)	-	(94,970)
Net assets	850,009	20,000	870,009
Capital and reserves
Called up share capital	200	-	200
Share premium reserve	419,900	-	419,900
Other reserves	378,398	(20,000)	358,398
Profit and loss account	51,511	-	51,511
Total equity	850,009	(20,000)	830,009