Zen-Racing Limited - Accounts to registrar (filleted) - small 18.2

Zen-Racing Limited - Accounts to registrar (filleted) - small 18.2

ZEN-RACING LIMITED - Company Information

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REGISTERED NUMBER: 08333811 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

ZEN-RACING LIMITED
ZEN-RACING LIMITED (REGISTERED NUMBER: 08333811)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ZEN-RACING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2020







DIRECTORS: P Rodemark
L Palmer
D Spashett
C Fisher





SECRETARY: P Rodemark





REGISTERED OFFICE: Unit 1 Second Floor
European House
Hackhurst Lane
BN27 4BW





REGISTERED NUMBER: 08333811 (England and Wales)





ACCOUNTANTS: Watson Associates (Professional Services) Limited
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW
Page 1
ZEN-RACING LIMITED (REGISTERED NUMBER: 08333811)

BALANCE SHEET
31 DECEMBER 2020

2020 2019
Notes £    £   
CURRENT ASSETS
Stocks 59,851 60,770
Debtors 5 3,551 9,805
Cash at bank and in hand 13,146 9,077
76,548 79,652
CREDITORS
Amounts falling due within one year 6 (75,589 ) (78,298 )
NET CURRENT ASSETS 959 1,354
TOTAL ASSETS LESS CURRENT
LIABILITIES
959
1,354

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 859 1,254
SHAREHOLDERS' FUNDS 959 1,354

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2021 and were signed on its behalf by:




P Rodemark - Director



D Spashett - Director


The notes form part of these financial statements

Page 2
ZEN-RACING LIMITED (REGISTERED NUMBER: 08333811)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

1. STATUTORY INFORMATION

Zen-Racing Limited 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.

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.

Critical accounting judgements and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only 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.


Page 3 continued...
ZEN-RACING LIMITED (REGISTERED NUMBER: 08333811)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2020
and 31 December 2020 2,807
DEPRECIATION
At 1 January 2020
and 31 December 2020 2,807
NET BOOK VALUE
At 31 December 2020 -
At 31 December 2019 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 3,551 9,805

Page 4 continued...
ZEN-RACING LIMITED (REGISTERED NUMBER: 08333811)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts - 2,274
Trade creditors 4,585 2,343
Taxation and social security 8,637 10,740
Other creditors 62,367 62,941
75,589 78,298

7. CALLED UP SHARE CAPITAL


Allotted and issued:
Number: Class: Nominal 2020 2019
value: £    £   
100 Share capital 1 1 100 100

8. GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included creditors as deferred income.

Grants of a revenue nature are recognised in 'other income' within profit or loss in the same period as the related expenditure.

Other income includes amounts received from the Government's Coronavirus Job Retention Scheme. The income is received in the form of grants. The company has also benefited from the deferment of VAT payments under the Government's deferral scheme.

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