ZLC London Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 April 2020
Company Registration No. 08597980 (England and Wales)
ZLC London Limited
Company Information
Directors
L Paskin
Z Paskin
A Igner
Company number
08597980
Registered office
Devonshire House
60 Goswell Road
London
EC1M 7AD
Accountants
Moore 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 - 8
ZLC London Limited
Balance Sheet
As at 30 April 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
341,553
362,005
Current assets
Stock
15,648
16,544
Debtors
4
231,180
252,916
Cash at bank and in hand
237,253
302,655
484,081
572,115
Creditors: amounts falling due within one year
5
(438,405)
(508,373)
Net current assets
45,676
63,742
Total assets less current liabilities
387,229
425,747
Creditors: amounts falling due after more than one year
6
(160,000)
-
Provisions for liabilities
(7,498)
(6,063)
Net assets
219,731
419,684
Capital and reserves
Called up share capital
7
100
200,000
Profit and loss reserves
219,631
219,684
Total equity
219,731
419,684

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 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 2020
Page 2
The financial statements were approved by the board of directors and authorised for issue on 7 January 2021 and are signed on its behalf by:
L  Paskin
Director
Company Registration No. 08597980
ZLC London Limited
Notes to the Financial Statements
For the YEAR ended 30 April 2020
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
Going concern

A true t the time of approving the financial statements , t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

The Directors have also considered the impact of the Coronavirus and measures taken in the UK. The company has a strong cash and net asset position at the time of approval of these financial statements. Having made enquiries, the Directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of signing of these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

1.3
Reporting period

FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.4
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.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated .

1.6
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.

ZLC London Limited
Notes to the Financial Statements (Continued)
For the YEAR ended 30 April 2020
1
Accounting policies
(Continued)
Page 4

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 .

1.7
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.

1.8
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.

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.

1.9
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.

1.10
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.

1.11
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.

1.12
Taxation

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

ZLC London Limited
Notes to the Financial Statements (Continued)
For the YEAR ended 30 April 2020
1
Accounting policies
(Continued)
Page 5
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.

1.13
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.

1.14
Retirement benefits

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

1.15
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
Employees

The average monthly number of persons (including directors) employed by the company during the year was 50 (2019 - 50 ).

ZLC London Limited
Notes to the Financial Statements (Continued)
For the YEAR ended 30 April 2020
Page 6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2019
435,381
292,533
727,914
Additions
21,431
16,633
38,064
At 30 April 2020
456,812
309,166
765,978
Depreciation and impairment
At 1 May 2019
141,098
224,811
365,909
Depreciation charged in the year
31,775
26,741
58,516
At 30 April 2020
172,873
251,552
424,425
Carrying amount
At 30 April 2020
283,939
57,614
341,553
At 30 April 2019
294,283
67,722
362,005

The net book value of other tangible fixed assets includes £32,715 (2019: £37,684) in respect of assets held under finance leases and hire purchase agreements. The depreciation charge in respect of such assets amounted to £4,969 (2019: £5,786).

4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,022
1,049
Other debtors
230,158
251,867
231,180
252,916
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
40,000
-
Trade creditors
193,514
154,430
Corporation tax
1,871
20,931
Other taxation and social security
62,526
148,401
Other creditors
140,494
184,611
438,405
508,373
ZLC London Limited
Notes to the Financial Statements (Continued)
For the YEAR ended 30 April 2020
Page 7
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
160,000
-
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
50 Ordinary Type A of £1 each
50
100,000
50 Ordinary Type B of £1 each
50
100,000
100
200,000

 

Reconciliation of movements during the year:
A
B
Number
Number
At 1 May 2019
100,000
100,000
Cancellation
(99,950)
(99,950)
At 30 April 2020
50
50

During the year ZLC London reduced it's A Ordinary Shares by £150,000 and it's B Ordinary Shares by £150,000. This was supported by a special resolution statement.

ZLC London Limited
Notes to the Financial Statements (Continued)
For the YEAR ended 30 April 2020
Page 8
8
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:

2020
2019
£
£
Within one year
130,000
130,000
Between two and five years
520,000
520,000
In over five years
443,781
573,781
1,093,781
1,223,781
9
Related party transactions

At the year end, ZLC London Limited had the following transactions with entities in which shareholders and/or directors had beneficial interests:

 

Amounts due from such entities: £56,645 (2019: £81,573).

10
Control

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

2020-04-30 2019-05-01 false 07 January 2021 CCH Software CCH Accounts Production 2020.200 No description of principal activity L Paskin Z Paskin L Paskin 08597980 2019-05-01 2020-04-30 08597980 bus:Director3 2019-05-01 2020-04-30 08597980 bus:Director4 2019-05-01 2020-04-30 08597980 bus:Director8 2019-05-01 2020-04-30 08597980 bus:Director1 2019-05-01 2020-04-30 08597980 bus:Director2 2019-05-01 2020-04-30 08597980 bus:RegisteredOffice 2019-05-01 2020-04-30 08597980 2020-04-30 08597980 2019-04-30 08597980 core:LandBuildings 2020-04-30 08597980 core:OtherPropertyPlantEquipment 2020-04-30 08597980 core:LandBuildings 2019-04-30 08597980 core:OtherPropertyPlantEquipment 2019-04-30 08597980 core:CurrentFinancialInstruments 2020-04-30 08597980 core:CurrentFinancialInstruments 2019-04-30 08597980 core:Non-currentFinancialInstruments 2020-04-30 08597980 core:ShareCapital 2020-04-30 08597980 core:ShareCapital 2019-04-30 08597980 core:RetainedEarningsAccumulatedLosses 2020-04-30 08597980 core:RetainedEarningsAccumulatedLosses 2019-04-30 08597980 core:ShareCapitalOrdinaryShares 2020-04-30 08597980 core:ShareCapitalOrdinaryShares 2019-04-30 08597980 core:LandBuildings core:LeasedAssetsHeldAsLessee 2019-05-01 2020-04-30 08597980 core:PlantMachinery 2019-05-01 2020-04-30 08597980 core:FurnitureFittings 2019-05-01 2020-04-30 08597980 2018-05-01 2019-04-30 08597980 core:LandBuildings 2019-04-30 08597980 core:OtherPropertyPlantEquipment 2019-04-30 08597980 2019-04-30 08597980 core:LandBuildings 2019-05-01 2020-04-30 08597980 core:OtherPropertyPlantEquipment 2019-05-01 2020-04-30 08597980 bus:OrdinaryShareClass1 2019-05-01 2020-04-30 08597980 bus:OrdinaryShareClass2 2019-05-01 2020-04-30 08597980 bus:OrdinaryShareClass1 2020-04-30 08597980 bus:OrdinaryShareClass2 2020-04-30 08597980 bus:PrivateLimitedCompanyLtd 2019-05-01 2020-04-30 08597980 bus:SmallCompaniesRegimeForAccounts 2019-05-01 2020-04-30 08597980 bus:FRS102 2019-05-01 2020-04-30 08597980 bus:AuditExemptWithAccountantsReport 2019-05-01 2020-04-30 08597980 bus:FullAccounts 2019-05-01 2020-04-30 xbrli:pure xbrli:shares iso4217:GBP