ZEAL ELECTRONICS LIMITED - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 04610251 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

ZEAL ELECTRONICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Hagin

D Hagin

Mrs M Hagin

REGISTERED OFFICE:

Church View Business Park

Coney Green

Clay Cross

Chesterfield

S45 9HA

REGISTERED NUMBER:

04610251 (England and Wales)

ACCOUNTANTS:

M Wilson Accountants Ltd

6 Twigg Crescent

Armthorpe

Doncaster

DN3 2FP

FIXED ASSETS

Intangible assets

3

-

20,000

Tangible assets

4

175,441

201,989

175,441

221,989

CURRENT ASSETS

Stocks

52,539

45,992

Debtors

5

349,077

294,227

Cash at bank

34,577

-

436,193

340,219

CREDITORS

Amounts falling due within one year

6

384,028

308,416

NET CURRENT ASSETS

52,165

31,803

TOTAL ASSETS LESS CURRENT LIABILITIES

227,606

253,792

CREDITORS

Amounts falling due after more than one year

7

-

(7,846

)

PROVISIONS FOR LIABILITIES

(30,664

)

(37,479

)

NET ASSETS

196,942

208,467

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

146,942

158,467

SHAREHOLDERS' FUNDS

196,942

208,467

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 July 2017 and were signed on its behalf by:

A Hagin - Director

D Hagin - Director

1.	STATUTORY INFORMATION

ZEAL ELECTRONICS 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of fourteen years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance, 10% on cost and 10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance

sheet. Those held under hire purchase contracts are depreciated over their estimated useful

lives. Those held under finance leases are depreciated over their estimated useful lives or the

lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period.

The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

202,796

AMORTISATION

At 1 January 2016

182,796

Charge for year

20,000

At 31 December 2016

202,796

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

20,000

4.	TANGIBLE FIXED ASSETS

Plant and

machiner

etc

£

COST

At 1 January 2016

and 31 December 2016

372,140

DEPRECIATION

At 1 January 2016

170,151

Charge for year

26,548

At 31 December 2016

196,699

NET BOOK VALUE

At 31 December 2016

175,441

At 31 December 2015

201,989

Fixed assets, included in the above, which are held under hire purchase contracts are as

follows:

Plant and

machiner

etc

£

COST

At 1 January 2016

and 31 December 2016

80,330

DEPRECIATION

At 1 January 2016

12,068

Charge for year

6,826

At 31 December 2016

18,894

NET BOOK VALUE

At 31 December 2016

61,436

At 31 December 2015

68,262

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

343,113

288,714

Other debtors

5,964

5,513

349,077

294,227

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

-

19,392

Hire purchase contracts

7,012

17,425

Trade creditors

136,782

89,123

Taxation and social security

82,470

78,277

Other creditors

157,764

104,199

384,028

308,416

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Hire purchase contracts

-

7,846