Zullo Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06447512 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

ZULLO HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Zullo

L R Zullo

REGISTERED OFFICE:

Unit 12, Fairway Industrial Centre

Golf Course Lane

Filton

Bristol

BS34 7QS

REGISTERED NUMBER:

06447512 (England and Wales)

ACCOUNTANTS:

Lawes & Co

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU

FIXED ASSETS

Tangible assets

4

5,634

5,901

Investment property

5

616,847

566,847

622,481

572,748

CURRENT ASSETS

Debtors

6

1,240

1,240

Cash at bank

18,948

1,079

20,188

2,319

CREDITORS

Amounts falling due within one year

7

388,288

386,093

NET CURRENT LIABILITIES

(368,100

)

(383,774

)

TOTAL ASSETS LESS CURRENT LIABILITIES

254,381

188,974

CREDITORS

Amounts falling due after more than one year

8

(119,599

)

(125,074

)

PROVISIONS FOR LIABILITIES

(10,477

)

(5,451

)

NET ASSETS

124,305

58,449

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

11

124,303

58,447

SHAREHOLDERS' FUNDS

124,305

58,449

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2021 and were signed on its behalf by:

S Zullo - Director

1.	STATUTORY INFORMATION

Zullo Holdings 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 as modified by the revaluation of certain assets.

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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

property

fittings

Totals

£

£

£

COST

At 1 October 2019

and 30 September 2020

4,833

1,335

6,168

DEPRECIATION

At 1 October 2019

-

267

267

Charge for year

-

267

267

At 30 September 2020

-

534

534

NET BOOK VALUE

At 30 September 2020

4,833

801

5,634

At 30 September 2019

4,833

1,068

5,901

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2019

566,847

Revaluations

50,000

At 30 September 2020

616,847

NET BOOK VALUE

At 30 September 2020

616,847

At 30 September 2019

566,847

Fair value at 30 September 2020 is represented by:

£

Valuation in 2019

27,170

Valuation in 2020

50,000

Cost

539,677

616,847

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Other debtors

1,240

1,240

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans and overdrafts

5,171

4,417

Taxation and social security

4,961

1,520

Other creditors

378,156

380,156

388,288

386,093

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans

119,599

125,074

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

98,923

107,410

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.20

30.9.19

£

£

Bank loans

124,770

129,491

The bank loans are secured against the investment property owned by the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.20

30.9.19

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Retained

earnings

£

At 1 October 2019

58,447

Profit for the year

65,856

At 30 September 2020

124,303

12.	RELATED PARTY DISCLOSURES

The company maintains an interest free loan account with the director. At the balance sheet date, the company owed the director £320,641 (2019: £246,641).

The company maintains an interest free loan account with Complete Carpentry Contractors Limited, a company controlled by the director. At the balance sheet date, the company owed Complete Carpentry Contractors Limited £54,300 (2019: £130,300)

During the period, the company received £12,000 rental income from Complete Carpentry Contractors Limited.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be S Zullo.