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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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ZEALMAX LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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FOR |
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ZEALMAX LTD |
ZEALMAX LTD (REGISTERED NUMBER: 08225447) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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ZEALMAX LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
115 Craven Park Road |
South Tottenham |
London |
N15 6BL |
ZEALMAX LTD (REGISTERED NUMBER: 08225447) |
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ABRIDGED STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2017 |
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30.9.17 | 30.9.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Fair value reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges her responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ZEALMAX LTD (REGISTERED NUMBER: 08225447) |
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ABRIDGED STATEMENT OF FINANCIAL POSITION - continued |
30 SEPTEMBER 2017 |
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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 director on
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ZEALMAX LTD (REGISTERED NUMBER: 08225447) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Zealmax Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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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 |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 30 September 2017 are the first that are prepared in accordance |
with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the |
date of transition to FRS 102 Section 1A is 1 October 2015. |
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Changes in accounting policies |
Under previous UK GAAP, Deferred tax was not recognised on fair value gain on revaluation of investment |
properties. Deferred tax has been recognised in accordance with the provision of FRS 102 on the fair value gain |
of investment property remeasurement.. |
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Turnover |
Turnover represents net rent receivable, excluding value added tax. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
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Taxation |
Taxation 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 taxation 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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ZEALMAX LTD (REGISTERED NUMBER: 08225447) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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3. | ACCOUNTING POLICIES - continued |
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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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL. |
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5. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
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COST |
Additions | 1 |
At 30 September 2017 | 1 |
NET BOOK VALUE |
At 30 September 2017 | 1 |
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The company's investments at the Statement of Financial Position date in the share capital of companies include |
the following: |
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Registered office: United Kingdom |
Nature of business:
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Class of shares: | holding |
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£ |
Aggregate capital and reserves | ( |
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Loss for the period/year | ( |
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During the year under review, Zealmax Limited provided £652,000 as a short term loan to its fully owned |
subsidiary Crownhill CR Limited at nil interest. |
ZEALMAX LTD (REGISTERED NUMBER: 08225447) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 October 2016 |
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Additions |
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Revaluations | 146,163 |
At 30 September 2017 |
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NET BOOK VALUE |
At 30 September 2017 |
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At 30 September 2016 |
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Fair value at 30 September 2017 is represented by: |
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Valuation in 2017 | 146,163 |
Cost | 1,655,837 |
1,802,000 |
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Investment properties were valued during the year under review by independent and qualified chartered |
surveyors in accordance with the reporting requirement of the Royal Institution of Chartered Surveyors |
Valuation - Professional Standards UK January 2014 (revised 2015), also known as the red book. |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
30.9.17 | 30.9.16 |
£ | £ |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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30.9.17 | 30.9.16 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 698,473 | - |
ZEALMAX LTD (REGISTERED NUMBER: 08225447) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.9.17 | 30.9.16 |
£ | £ |
Bank loans |
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Bank loans are secured by the first legal charge of the investment properties in the books of the company and |
guarantee from the director. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.17 | 30.9.16 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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11. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 October 2016 |
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17,109 |
Profit for the year |
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Fair value adjustment | (146,163 | ) | 121,315 | (24,848 | ) |
At 30 September 2017 |
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160,583 |
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12. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mrs B B Stroh. |