Zweena Properties Limited Filleted accounts for Companies House (small and micro)

ZWEENA PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08609113

Zweena Properties Limited

Filleted Unaudited Financial Statements

31 March 2021

Zweena Properties Limited

Financial Statements

Year ended 31 March 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Zweena Properties Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	4		361,361	361,919

Current assets

Debtors	6	15,847	3,840
Cash at bank and in hand		72,119	66,029
		--------	--------
		87,966	69,869

Creditors: amounts falling due within one year	7	310,011		304,161
		---------		---------
Net current liabilities			222,045	234,292
			---------	---------
Total assets less current liabilities			139,316	127,627
			---------	---------
Net assets			139,316	127,627
			---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	139,314	127,625
	---------	---------
Shareholders funds	139,316	127,627
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Zweena Properties Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 10 August 2021 , and are signed on behalf of the board by:

Mrs R J West
Director

Company registration number: 08609113

Zweena Properties Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Oxford Street, Whitstable, Kent, CT5 1DB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Tangible assets

	Freehold Property	Equipment	Total
	£	£	£
Cost or Valuation
At 1 April 2020 and 31 March 2021	360,616	2,791	363,407
	---------	-------	---------
Depreciation
At 1 April 2020	–	1,488	1,488
Charge for the year	–	558	558
	---------	-------	---------
At 31 March 2021	–	2,046	2,046
	---------	-------	---------
Carrying amount
At 31 March 2021	360,616	745	361,361
	---------	-------	---------
At 31 March 2020	360,616	1,303	361,919
	---------	-------	---------

Freehold property relates to investment property and is held at fair value and is not depreciated on this basis. The historical cost of the property is £360,616. The Directors believe the fair value was not materially different at the year end.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: 1).

6. Debtors

	2021	2020
	£	£
Trade debtors	2,234	3,802
Other debtors	13,613	38
	--------	-------
	15,847	3,840
	--------	-------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	511	87
Corporation tax	2,873	3,841
Other creditors	306,627	300,233
	---------	---------
	310,011	304,161
	---------	---------

8. Related party transactions

As at the balance sheet date, the company owed a director £267,905 (2020: £276,938).