Company No: 07431881 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Intangible assets	3	366		731
Tangible assets	4	6,543		5,379
		6,909		6,110
Current assets
Stocks	5	21,052		24,765
Debtors	6	653,452		588,796
Cash at bank and in hand		58,806		144,992
		733,310		758,553
Creditors: amounts falling due within one year	7	( 192,454)		( 395,394)
Net current assets		540,856		363,159
Total assets less current liabilities		547,765		369,269
Creditors: amounts falling due after more than one year	8	( 120,952)		( 35,010)
Provision for liabilities		( 1,312)		( 1,161)
Net assets		425,501		333,098
Capital and reserves
Called-up share capital		6		6
Profit and loss account		425,495		333,092
Total shareholders' funds		425,501		333,098

For the financial year ending 30 November 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Zacely Limited (registered number: 07431881) were approved and authorised for issue by the Board of Directors on 29 September 2023. They were signed on its behalf by:

Paul Wallace Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Zacely Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 High Street, Poole, BH15 1BP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery	4 years straight line
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Intangible assets

	Website costs		Total
	£		£
Cost
At 01 December 2021	14,235		14,235
At 30 November 2022	14,235		14,235
Accumulated amortisation
At 01 December 2021	13,504		13,504
Charge for the financial year	365		365
At 30 November 2022	13,869		13,869
Net book value
At 30 November 2022	366		366
At 30 November 2021	731		731

4. Tangible assets

	Plant and machinery		Office equipment		Total
	£		£		£
Cost
At 01 December 2021	5,681		4,591		10,272
Additions	0		3,444		3,444
At 30 November 2022	5,681		8,035		13,716
Accumulated depreciation
At 01 December 2021	302		4,591		4,893
Charge for the financial year	1,419		861		2,280
At 30 November 2022	1,721		5,452		7,173
Net book value
At 30 November 2022	3,960		2,583		6,543
At 30 November 2021	5,379		0		5,379

5. Stocks

	2022		2021
	£		£
Stocks	21,052		24,765

6. Debtors

	2022		2021
	£		£
Trade debtors	246,214		111,766
Other debtors	407,238		477,030
	653,452		588,796

7. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	29,807		10,000
Trade creditors	86,895		288,173
Taxation and social security	61,382		78,928
Other creditors	14,370		18,293
	192,454		395,394

8. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans	120,952		35,010

There are no amounts included above in respect of which any security has been given by the small entity.