Company Registration No. 06510167 (England and Wales)
ZOLTAN CONSULTING LIMITED
Unaudited financial statements
For the period ended 31 August 2018
Pages for filing with registrar
ZOLTAN CONSULTING LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
ZOLTAN CONSULTING LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 August 2018
- 1 -
2018
2018
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
-
1,352
Current assets
Trade and other receivables
4
-
8,400
Cash and cash equivalents
27,839
46,800
27,839
55,200
Current liabilities
5
(11,271)
(25,963)
Net current assets
16,568
29,237
Total assets less current liabilities
16,568
30,589
Equity
Called up share capital
6
2
2
Retained earnings
16,566
30,587
Total equity
16,568
30,589
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 period 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.
The financial statements were approved by the board of directors and authorised for issue on 8 August 2018 and are signed on its behalf by:
Ms Z Gal
Mr S R Gauntlett
Director
Director
Company Registration No. 06510167
ZOLTAN CONSULTING LIMITED
STATEMENT OF CHANGES IN EQUITY
For the period ended 31 August 2018
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 March 2017
2
11,695
11,697
Period ended 28 February 2018:
Profit and total comprehensive income for the period
-
73,092
73,092
Dividends
-
(54,200)
(54,200)
Balance at 28 February 2018
2
30,587
30,589
Period ended 31 August 2018:
Profit and total comprehensive income for the period
-
20,979
20,979
Dividends
-
(35,000)
(35,000)
Balance at 31 August 2018
2
16,566
16,568
ZOLTAN CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the period ended 31 August 2018
- 3 -
1
Accounting policies
Company information
Zoltan Consulting Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
239 Cavendish Road, Balham, London, SW12 0BP.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The company ceased trading on 31 August 2018 and it is the intention of the directors and shareholders of the company to close the company within the next 12 months. Therefore, the accounting period has been shortened to 31 August 2018 and the financial statements have been prepared for the period 1 March to 31 August 2018. Hence, the comparatives will not be entirely comparable.
1.3
Revenue
Revenue 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 trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Property, plant and equipment
Property, plant and equipment
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:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% 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
.
1.5
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible 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
).
ZOLTAN CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 August 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents
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 has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
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.
ZOLTAN CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 August 2018
1
Accounting policies
(Continued)
- 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 income statement 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2 (2018 - 2).
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 March 2018
6,495
Disposals
(6,495)
At 31 August 2018
-
Depreciation and impairment
At 1 March 2018
5,143
Eliminated in respect of disposals
(5,143)
At 31 August 2018
-
Carrying amount
At 31 August 2018
-
At 28 February 2018
1,352
4
Trade and other receivables
2018
2018
Amounts falling due within one year:
£
£
Trade receivables
-
8,400
ZOLTAN CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 August 2018
- 6 -
5
Current liabilities
2018
2018
£
£
Corporation tax
5,238
17,359
Other taxation and social security
1,727
7,020
Other payables
4,306
1,584
11,271
25,963
6
Called up share capital
2018
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
7
Related party transactions
Dividends totalling £35,000 (2018 - £54,200) were paid during the year to S R Gauntlett and Z Gal, the shareholders and directors of the company.