ZAG_ESTATES_LTD - Accounts

ZAG ESTATES LTD - Company Information

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Company Registration No. 06230183 (England and Wales)

ZAG ESTATES LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

ZAG ESTATES LTD

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

ZAG ESTATES LTD

ABBREVIATED BALANCE SHEET - UNAUDITED

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

1,366,694

1,380,766

Investments

209,715

210,736

1,576,409

1,591,502

Current assets

Debtors

56,420

51,815

Cash at bank and in hand

32,134

83,843

88,554

135,658

Creditors: amounts falling due within one year

(48,132)

(43,771)

Net current assets

40,422

91,887

Total assets less current liabilities

1,616,831

1,683,389

Creditors: amounts falling due after more than one year

(15,810)

(24,890)

1,601,021

1,658,499

Capital and reserves

Called up share capital

1,679,995

Share premium account

25,006

Revaluation reserve

53,798

Profit and loss account

(157,778)

(100,300)

Shareholders' funds

1,601,021

1,658,499

ZAG ESTATES LTD

ABBREVIATED BALANCE SHEET - UNAUDITED (CONTINUED)

AS AT

31 MARCH 2016

- 2 -

For the financial year ended 31 March 2016 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 year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the Board for issue on 27 August 2016

Mrs Z A Hall

Director

Company Registration No. 06230183

ZAG ESTATES LTD

NOTES TO THE ABBREVIATED ACCOUNTS - UNAUDITED

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The accounts have been prepared on the assumption that the business is able to continue to operate as a going concern, which the directors consider appropriate. The nature of the company's activities means that the income generated is predictable year on year.

1.2

Turnover

Turnover represents amounts receivable for the rental of the investment properties. The turnover and loss before taxation are attributable to the one principal activity of the company - all of which arises in the United Kingdom.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

15% on the reducing balance method

Website

33.33% on the straight line method

Motor vehicles

25% on the reducing balance method

Investment properties are included at valuation. The directors believe the valuation represents a reliable estimate of open market value at the balance sheet date. No depreciation is provided on investment properties.

1.4

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.5

Investments

Listed investments are included at cost.

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

ZAG ESTATES LTD

NOTES TO THE ABBREVIATED ACCOUNTS - UNAUDITED (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost or valuation

At 1 April 2015

1,442,945

210,736

1,653,681

Additions

35,530

Disposals

(36,551)

At 31 March 2016

1,442,945

209,715

1,652,660

Depreciation

At 1 April 2015

62,179

Charge for the year

14,072

At 31 March 2016

76,251

Net book value

At 31 March 2016

1,366,694

209,715

1,576,409

At 31 March 2015

1,380,766

210,736

1,591,502

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £9,080 (2015 - £8,103).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £15,810 (2015 - £24,890).

Share capital

2016

2015

Allotted, called up and fully paid

1,679,995 Ordinary Shares of £1 each

1,679,995

Ultimate parent company

Throughout the year the ultimate parent company was Magnitude Holdings Limited, which was incorporated in the Channel Islands and owned 100% of the issued share capital.

ZAG ESTATES LTD

NOTES TO THE ABBREVIATED ACCOUNTS - UNAUDITED (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 5 -

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr G Hall directors current account

800

694

289

1,205

Mrs Z Hall directors current account

799

694

289

1,204

1,599

1,388

578

2,409

This is an interest free loan to the directors repayable on demand.