Zelltec Projects Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06251872 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2023

for

ZELLTEC PROJECTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Mr B P M Bacon

Mr P A Cedron

Registered office:

Unit 3, Polaris Centre

41 Brownfields

Welwyn Garden City

Hertfordshire

AL7 1AN

Registered number:

06251872 (England and Wales)

Accountants:

Haines Watts North London LLP

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

Fixed assets

Tangible assets

4

755,000

755,000

Investment property

5

1,994,364

1,410,000

2,749,364

2,165,000

Current assets

Stocks

1,792,964

1,099,296

Debtors

6

1,555

11,671

Cash at bank

5,002

4,896

1,799,521

1,115,863

Creditors

Amounts falling due within one year

7

2,656,001

1,655,416

Net current liabilities

(856,480

)

(539,553

)

Total assets less current liabilities

1,892,884

1,625,447

Creditors

Amounts falling due after more than one year

8

(1,153,596

)

(817,212

)

Provisions for liabilities

(112,467

)

(129,176

)

Net assets

626,821

679,059

Capital and reserves

Called up share capital

9

400

400

Revaluation reserve

10

318,224

415,494

Retained earnings

308,197

263,165

Shareholders' funds

626,821

679,059

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:

Mr P A Cedron - Director

Mr B P M Bacon - Director

1.	Statutory information

Zelltec Projects 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.

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

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

Amounts are rounded to the nearest £.

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 investment properties at fair value.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover

Turnover represents amounts receivable for rents and are included in the profit and loss account in the period to which they relate to.

Sales of properties are included in the profit and loss accounts on an irrevocable exchange of contract.

Tangible fixed assets

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

Freehold property

-

Not depreciated

Property held for use by the company is held at revalued amounts. This is applied in accordance with the alternative accounting rules in accordance with the Companies Act 2006.

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

3.	Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

4.	Tangible fixed assets

Freehold

property

£

Cost or valuation

At 1 June 2022

755,000

Additions

20,000

Revaluations

(20,000

)

At 31 May 2023

755,000

Net book value

At 31 May 2023

755,000

At 31 May 2022

755,000

Cost or valuation at 31 May 2023 is represented by:

Freehold

property

£

Valuation in 2022

446,288

Valuation in 2023

(20,000

)

Cost

328,712

755,000

5.	Investment property

Total

£

Fair value

At 1 June 2022

1,410,000

Additions

661,634

Revaluations

(77,270

)

At 31 May 2023

1,994,364

Net book value

At 31 May 2023

1,994,364

At 31 May 2022

1,410,000

Fair value at 31 May 2023 is represented by:

£

Valuation in 2022

258,902

Valuation in 2023

(77,270

)

Cost

1,812,732

1,994,364

6.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

-

9,128

Other debtors

1,555

2,543

1,555

11,671

7.

Creditors: amounts falling due within one year

2023

2022

£

£

Bank loans and overdrafts

95,711

346,228

Trade creditors

8,799

12,074

Taxation and social security

10,171

4,627

Other creditors

2,541,320

1,292,487

2,656,001

1,655,416

8.

Creditors: amounts falling due after more than one year

2023

2022

£

£

Bank loans

1,153,596

817,212

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

675,043

331,905

Bank loans are secured by way of a fixed charge on properties held as Fixed Assets and Stock and a floating charge over the assets of the company.

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

400

Ordinary

£1

400

400

10.

Reserves

Revaluation

reserve

£

At 1 June 2022

415,494

Movements

(97,270

)

At 31 May 2023

318,224

11.	Related party disclosures

Included above in Other creditors is an amount of £2,515,619 (2022 : £1,255,681) owed to a related company. They are related by virtue of common directorships and shareholders.