Zenet Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05104153 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

FOR

ZENET LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs B Gross

REGISTERED OFFICE:

10 Grovelands Road

London

N15 6BU

REGISTERED NUMBER:

05104153 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Tangible assets

4

1,798

2,115

Investment property

5

911,822

1,475,495

913,620

1,477,610

CURRENT ASSETS

Debtors

6

412,800

-

Cash at bank

88,006

28,337

500,806

28,337

CREDITORS

Amounts falling due within one year

7

(197,737

)

(169,725

)

NET CURRENT ASSETS/(LIABILITIES)

303,069

(141,388

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,216,689

1,336,222

CREDITORS

Amounts falling due after more than one year

8

(215,171

)

(470,288

)

NET ASSETS

1,001,518

865,934

CAPITAL AND RESERVES

Called up share capital

10

1

1

Revaluation reserve

11

568,948

727,896

Retained earnings

11

432,569

138,037

SHAREHOLDERS' FUNDS

1,001,518

865,934

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 18 January 2023 and were signed by:

Mrs B Gross - Director

1.	STATUTORY INFORMATION

Zenet Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents net rent receivable, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Investment property

Investment properties are properties held to earn rental income or for capital appreciation or for both.

Investment properties are recognised initially at cost.

Subsequent to initial recognition:

a. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from change in fair value are recognised in profit or loss in the period that they arise; and

b. no depreciation is provided in respect of investment properties applying the fair value model.

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 NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 May 2021

and 30 April 2022

10,701

DEPRECIATION

At 1 May 2021

8,586

Charge for year

317

At 30 April 2022

8,903

NET BOOK VALUE

At 30 April 2022

1,798

At 30 April 2021

2,115

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2021

1,475,495

Additions

11,168

Disposals

(415,893

)

Revaluations

(158,948

)

At 30 April 2022

911,822

NET BOOK VALUE

At 30 April 2022

911,822

At 30 April 2021

1,475,495

The director has confirmed that there is no significant increase or decrease in the property market value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Other debtors

412,800

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Taxation and social security

28,861

2,046

Other creditors

168,876

167,679

197,737

169,725

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.22

30.4.21

£

£

Bank loans

215,171

470,288

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

215,171

465,069

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.22

30.4.21

£

£

Bank loans

215,171

470,288

The mortgage is secured by a first charge over the company's investment properties and bear interest at fixed rates.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.22

30.4.21

value:

£

£

1

Ordinary

£1

1

1

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 May 2021

138,037

727,896

865,933

Profit for the year

294,532

294,532

Revaluation reserve

-

(158,948

)

(158,948

)

At 30 April 2022

432,569

568,948

1,001,517

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs B Gross.