REGISTERED NUMBER:
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ZEN ARTS LTD |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2019 |
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REGISTERED NUMBER:
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ZEN ARTS LTD |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2019 |
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ZEN ARTS LTD (REGISTERED NUMBER: 07596404) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 | to | 6 |
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ZEN ARTS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
Richmond House |
Walkern Road |
Stevenage |
Hertfordshire |
SG1 3QP |
ZEN ARTS LTD (REGISTERED NUMBER: 07596404) |
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STATEMENT OF FINANCIAL POSITION |
31ST DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 8 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ZEN ARTS LTD (REGISTERED NUMBER: 07596404) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Zen Arts Ltd is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements are prepared on a going concern basis and under the historical cost convention. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 3, management is required to make judgements estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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The Key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. |
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- Useful Economic Life of Tangible Assets |
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The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. |
ZEN ARTS LTD (REGISTERED NUMBER: 07596404) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover represents the total invoice value, excluding value added tax, trade discounts and all other taxes of sales made during the year. |
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Income recognition |
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Income is recognised when goods have been delivered and services supplied to customers such that risks and rewards of ownership have transferred to them. |
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Property, plant and equipment |
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Plant and machinery etc | - |
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Tax |
Tax 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. |
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Current or deferred tax assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ZEN ARTS LTD (REGISTERED NUMBER: 07596404) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
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Cost |
At 1st January 2019 |
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Additions |
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At 31st December 2019 |
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Depreciation |
At 1st January 2019 |
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Charge for year |
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At 31st December 2019 |
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Net book value |
At 31st December 2019 |
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At 31st December 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by connected companies | 20,754 | 16,732 |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to connected companies | 112,637 | 232,637 |
Taxation and social security |
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Other creditors |
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ZEN ARTS LTD (REGISTERED NUMBER: 07596404) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
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8. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Deferred |
tax |
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Balance at 1st January 2019 |
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Provided during year |
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Balance at 31st December 2019 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 200,100 | 200,100 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | POST BALANCE SHEET EVENTS |
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Since the period under review, the rapid spreading of COVID-19 has become a significant emerging risk to the global economy. Management continue to monitor the impact of the virus on the business as more information about the epidemic emerges. The directors note this as a non-adjusting post balance sheet event. |
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12. | ULTIMATE PARENT UNDERTAKING |
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The ultimate controlling party is County Hall Arts, a registered charity (registration number 1169698) at The Riverside Building, County Hall, Westminster Bridge Road, London SE1 7PB. |