Zeplin Ltd - Period Ending 2020-10-31

Zeplin Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 5

Zeplin Ltd

(Registration number: SC579073)
Statement of Financial Position as at 31 October 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	52,612	46,378
Current assets
Debtors	5	27,424	22,884
Cash at bank and in hand		531	23
		27,955	22,907
Creditors: Amounts falling due within one year	6	(77,860)	(67,160)
Net current liabilities		(49,905)	(44,253)
Net assets		2,707	2,125
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		2,607	2,025
Shareholders' funds		2,707	2,125

For the financial year ending 31 October 2020 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 Income Statement has been taken.

Approved and authorised by the Board on 15 October 2021 and signed on its behalf by:
 

.........................................

Mr David H K Scanlan
Director

Zeplin Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
29 Commercial Street
Dundee
Tayside
DD1 3DG
Scotland

2	Accounting policies

Statement of compliance

These financial statements have been prepared 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Zeplin Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 according to the original terms of the receivables.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 1).

Zeplin Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £
Cost or valuation
At 1 November 2019	40,713	6,008
Additions	-	7,153
At 31 October 2020	40,713	13,161
Depreciation
At 1 November 2019	-	343
Charge for the year	-	919
At 31 October 2020	-	1,262
Carrying amount
At 31 October 2020	40,713	11,899
At 31 October 2019	40,713	5,665

Included within the net book value of land and buildings above is £40,713 (2019 - £40,713) in respect of freehold land and buildings.
 

5

Debtors

	Note	2020 £	2019 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest		27,424	22,884
		27,424	22,884

Zeplin Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	720	-
Accruals and deferred income	733	720
Other creditors	76,407	66,440
	77,860	67,160

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary A of £1 each	49	49	49	49
Ordinary B of £1 each	49	49	49	49
Ordinary C of £1 each	1	1	1	1
Ordinary D of £1 each	1	1	1	1
	100	100	100	100