Company Registration No. 03873200 (England and Wales)
ZERO DEVELOPMENTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
ZERO DEVELOPMENTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ZERO DEVELOPMENTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
201,502
202,002
Current assets
Stocks
8,925
316,960
Debtors
446,307
53,965
Cash at bank and in hand
131,739
107,356
586,971
478,281
Creditors: amounts falling due within one year
(112,144)
(207,986)
Net current assets
474,827
270,295
Total assets less current liabilities
676,329
472,297
Capital and reserves
Called up share capital
3
2
2
Revaluation reserve
64,201
64,201
Profit and loss account
612,126
408,094
Shareholders' funds
676,329
472,297
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 21 December 2016
J E Hance
Director
Company Registration No. 03873200
ZERO DEVELOPMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable in respect of rent and in respect of the sale of trade related properties.
and in respect of the sale of trade related properties.
1.3
Tangible fixed assets and depreciation
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Plant and machinery
25% reducing balance
1.4
Stock
Stock is valued at the lower of cost and net realisable value.
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 April 2015 & at 31 March 2016
215,000
Depreciation
At 1 April 2015
12,998
Charge for the year
500
At 31 March 2016
13,498
Net book value
At 31 March 2016
201,502
At 31 March 2015
202,002
ZERO DEVELOPMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
4
Transactions with directors
During the year, the company advanced amounts of £449,213 (2015: £41,158) to J E Hance. At the year end, J E Hance owed the company £ 444,307 (201 5 : £ 51,965 ) and this amount has been repaid in full post year end. Interest of £4,035 (2015: £613) was charged by the company at the official rate.
At the year end,
J E Hance owed the company
£
444,307
(201
5
: £
51,965
)
and this amount has been repaid in full post year end.
Interest of £4,035 (2015: £613) was charged by the company at the official rate.