Zipabout Limited
Zipabout Limited
Registered number: 07605147
Unaudited ABRIDGED Financial Statements
For The Year Ended
30 April 2021
Zipabout Limited
Unaudited Financial Statements
For The Year Ended
30 April 2021
Unaudited Financial Statements
Contents | |
Page | |
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Abridged Balance Sheet | 1—2 |
Notes to the Abridged Financial Statements | 3—9 |
Zipabout Limited
Abridged Balance Sheet
As at
30 April 2021
Abridged Balance Sheet
Registered number:
07605147
For the year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2021 | 2020 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 4 |
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Tangible Assets | 5 |
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Investments | 6 |
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CURRENT ASSETS | |||||
Debtors |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year |
( |
( |
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NET CURRENT ASSETS (LIABILITIES) |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 7 | (1,278,842) | (306,037) | ||
PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
( |
( |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 9 |
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Share premium account |
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Profit and Loss Account |
( |
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SHAREHOLDERS' FUNDS | 1,108,411 | 1,665,187 | |||
Page 1
Zipabout Limited
Abridged Balance Sheet (continued)
As at
30 April 2021
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
-
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 30 April 2021 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Director
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The notes on pages 3 to 9 form part of these financial statements.
Page 2
Zipabout Limited
Notes to the Abridged Financial Statements
For The Year Ended
30 April 2021
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have reviewed the working capital requirements of the company for a period of at least 12 months from the anticipated date of signing the financial statements and are satisfied that the company will be able to meet its liabilities as they fall due.
1.3.
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:
• the amount of the revenue can be measured reliably;
• it is probable that the company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
1.4.
Research and Development
In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if, and only if, certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
1.5.
Intangible Fixed Assets and Amortisation - Intellectual Property
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
1.6.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Office Equipment |
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1.7.
Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Page 3
Zipabout Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
30 April 2021
1.8.
Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable are initially measured at present value of the future cashflows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangments of a short-term instrument consitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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 profit and loss account.
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 of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when the 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.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial insitutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignifiacnt risk of change in value. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Creditors
Short term creditors are measured at the transaction price. Other financial liabiliities, including bank and other loans are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method.
1.9.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 4
Zipabout Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
30 April 2021
1.10.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.11.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.12.
Share-based payments
The company provides share-based payment arrangements to certain employees.
Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.
Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.
The company has no cash-settled arrangements.
Page 5
Zipabout Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
30 April 2021
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 18 (2020: 22)
4.
Intangible Assets
Total | |||
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£ | |||
Cost | |||
As at
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Additions |
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As at
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Net Book Value | |||
As at
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As at
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5.
Tangible Assets
Total | |
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£ | |
Cost | |
As at
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Additions |
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Disposals |
( |
As at
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Depreciation | |
As at
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Provided during the period |
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As at
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Net Book Value | |
As at
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As at
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Page 6
Zipabout Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
30 April 2021
6.
Investments
Total | |
---|---|
£ | |
Cost | |
As at
|
- |
Additions | 2,174 |
As at
|
2,174 |
Provision | |
As at
|
- |
As at
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- |
Net Book Value | |
As at
|
2,174 |
As at
|
- |
The cost of investments relates to shares in the company's wholly owned dormant subsidiary, Zipabout Europe OÜ, which is registered in Estonia.
Page 7
Zipabout Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
30 April 2021
7.
Creditors: amounts falling due after five years
Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
2021 | 2020 | ||
---|---|---|---|
£ | £ | ||
Bank loans and overdrafts | 6,173 | - |
8.
Provisions for Liabilities
The provision for deferred taxation relates to accelerated capital allowances.
Deferred Tax | ||
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£ | ||
As at
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Deferred taxation - Origination and reversal of timing differences |
( |
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Balance at
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The provision for deferred taxation relates to accelerated capital allowances.
Page 8
Zipabout Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
30 April 2021
10.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
Land and buildings | Other | |||
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2021 | 2020 | 2021 | 2020 | |
£ | £ | £ | £ | |
Within 1 year | 21,875 | 115,785 | 12,530 | 23,896 |
Between 1 and 5 years | 210,000 | - | 17,751 | - |
231,875 | 115,785 | 30,281 | 23,896 | |
11.
Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £4,155 (2020: £2,031) were due to the fund. They are included in Other Creditors.
12.
General Information
Zipabout Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
07605147
. The registered office is 1 Chapel Court, Holly Walk, Leamington Spa, CV32 4YS.
Page 9