ZLC London Limited
Directors' Report and Unaudited Financial Statements
For the year ended 30 April 2018
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 08597980 (England and Wales)
ZLC London Limited
Company Information
Directors
L Paskin
Z Paskin
H Yariv
(Appointed 26 November 2018)
Company number
08597980
Registered office
Devonshire House
60 Goswell Road
London
EC1M 7AD
Accountants
Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Business address
c/o The Palomar
34 Rupert Street
London
W1D 6DN
ZLC London Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ZLC London Limited
Balance Sheet
As at 30 April 2018
30 April 2018
Page 1
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
379,393
420,439
Current assets
Stock
20,190
25,195
Debtors
3
229,914
195,234
Cash at bank and in hand
176,504
370,538
426,608
590,967
Creditors: amounts falling due within one year
4
(440,508)
(485,599)
Net current (liabilities)/assets
(13,900)
105,368
Total assets less current liabilities
365,493
525,807
Creditors: amounts falling due after more than one year
5
(42,069)
(46,403)
Provisions for liabilities
(39,665)
(12,725)
Net assets
283,759
466,679
Capital and reserves
Called up share capital
6
200,000
500,000
Profit and loss reserves
83,759
(33,321)
Total equity
283,759
466,679

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

For the financial year ended 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

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

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

ZLC London Limited
Balance Sheet (Continued)
As at 30 April 2018
30 April 2018
Page 2
The financial statements were approved by the board of directors and authorised for issue on 25 January 2019 and are signed on its behalf by:
Z Paskin
Director
Company Registration No. 08597980
ZLC London Limited
Notes to the Financial Statements
For the year ended 30 April 2018
Page 3
1
Accounting policies
Company information

ZLC London Limited is a private company limited by shares incorporated in England and Wales. The registered office is Devonshire House, 60 Goswell Road, London, EC1M 7AD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account discounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold
15 years straight line
Plant and machinery
33% reducing balance
Fixtures, fittings & equipment
33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

Stock held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

ZLC London Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2018
1
Accounting policies
(Continued)
Page 4

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ZLC London Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2018
1
Accounting policies
(Continued)
Page 5
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

2
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2017
413,831
253,153
666,984
Additions
3,387
18,224
21,611
At 30 April 2018
417,218
271,377
688,595
Depreciation and impairment
At 1 May 2017
85,289
161,256
246,545
Depreciation charged in the year
27,721
34,936
62,657
At 30 April 2018
113,010
196,192
309,202
Carrying amount
At 30 April 2018
304,208
75,185
379,393
At 30 April 2017
328,542
91,897
420,439

The net book value of other tangible fixed assets includes £43,470 (2017: £50,483) in respect of assets held under finance leases and hire purchase agreements. The depreciation charge in respect of such assets amounted to £7,013 (2017: £8,852).

ZLC London Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2018
Page 6
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
333
38,233
Other debtors
229,581
157,001
229,914
195,234
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
166,097
169,786
Other taxation and social security
147,380
117,463
Other creditors
127,031
198,350
440,508
485,599
5
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
42,069
46,403
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100,000 Ordinary Type A of £1 each
100,000
250,000
100,000 Ordinary Type B of £1 each
100,000
250,000
200,000
500,000

On the 25 May 2017, the shareholders of ZLC London Limited passed a written resolution to reduce the issued share capital of the company from £500,000 to £200,000 by cancelling and extinguishing 150,000 of the issued A Ordinary Shares of £1 each and 150,000 of the issued B Ordinary Shares of £1 each . All issued shares were fully paid up and so the amount by which the share capital was reduced by was be repaid to the holders of those shares.

ZLC London Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2018
Page 7
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2018
2017
£
£
Within one year
130,000
130,000
Between two and five years
520,000
520,000
In over five years
704,849
834,849
1,354,849
1,484,849
8
Related party transactions

During the year, the directors of the company loaned the company £nil (2017: £24,000). As at the year end there was no amount outstanding in respect of the loan (2017: £nil). During the year the company made payments of £nil (2017: £50,000) in respect of loans from the directors. No interest was charged on the loan (2017: £nil).

 

As at the year end included within other creditors were amounts due to the directors of the company of £nil (2017: £10,000). No interest was charged on the loan.

9
Control

In the opinion of the directors there is no one controlling party.

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