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Company registration number:
SC426629
Zing Property Specialists Ltd
Unaudited filleted financial statements
31 May 2020
GRANTS
Chartered Accountants
Zing Property Specialists Ltd
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Zing Property Specialists Ltd
Directors and other information
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Directors
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Lynne McArthur
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Laura McArthur
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Sandra McArthur
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Company number
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SC426629
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Registered office
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Moncrieff House
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2nd Floor
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69 West Nile Street
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Glasgow
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G1 2QB
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Accountants
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GRANTS
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Chartered Accountants
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Moncrieff House
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69 West Nile Street
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Glasgow
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G1 2QB
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Zing Property Specialists Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Zing Property Specialists Ltd
Year ended 31 May 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Zing Property Specialists Ltd for the year ended 31 May 2020 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Zing Property Specialists Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Zing Property Specialists Ltd and state those matters that we have agreed to state to the board of directors of Zing Property Specialists Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Zing Property Specialists Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Zing Property Specialists Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Zing Property Specialists Ltd. You consider that Zing Property Specialists Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Zing Property Specialists Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GRANTS
Chartered Accountants
Moncrieff House
69 West Nile Street
Glasgow
G1 2QB
26 November 2020
Zing Property Specialists Ltd
Balance sheet
31 May 2020
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2020
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2019
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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5
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368
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461
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_______
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_______
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368
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461
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Current assets
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Debtors
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6
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16,162
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21,598
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Cash at bank and in hand
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6,150
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10,126
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_______
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_______
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22,312
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31,724
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Creditors: amounts falling due
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within one year
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7
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(
15,903)
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(
20,964)
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_______
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_______
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Net current assets
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6,409
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10,760
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_______
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_______
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Total assets less current liabilities
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6,777
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11,221
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_______
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_______
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Net assets
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6,777
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11,221
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_______
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_______
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Capital and reserves
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Called up share capital
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9
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9
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Profit and loss account
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6,768
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11,212
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_______
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_______
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Shareholders funds
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6,777
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11,221
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_______
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_______
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For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
26 November 2020
, and are signed on behalf of the board by:
Lynne McArthur
Director
Company registration number:
SC426629
Zing Property Specialists Ltd
Notes to the financial statements
Year ended 31 May 2020
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Zing Property Specialists Ltd, Moncrieff House, 2nd Floor, 69 West Nile Street, Glasgow, G1 2QB.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fittings fixtures and equipment
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-
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20 %
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reducing balance
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Pension costs
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2019:
4
).
5.
Tangible assets
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Fixtures, fittings and equipment
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Total
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£
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£
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Cost
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At 1 June 2019 and 31 May 2020
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1,970
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1,970
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_______
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_______
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Depreciation
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At 1 June 2019
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1,510
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1,510
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Charge for the year
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92
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92
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_______
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_______
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At 31 May 2020
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1,602
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1,602
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_______
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_______
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Carrying amount
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At 31 May 2020
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368
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368
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_______
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_______
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At 31 May 2019
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460
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460
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_______
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_______
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6.
Debtors
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2020
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2019
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£
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£
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Trade debtors
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-
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194
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Amounts owed by group undertakings and undertakings in which the company has a participating interest
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15,875
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16,500
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Other debtors
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287
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4,904
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_______
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_______
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16,162
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21,598
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_______
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_______
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7.
Creditors: amounts falling due within one year
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2020
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2019
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£
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£
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Trade creditors
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623
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5,029
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Corporation tax
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1,550
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2,526
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Social security and other taxes
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10,779
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10,097
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Other creditors
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2,951
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3,312
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_______
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_______
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15,903
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20,964
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_______
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_______
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8.
Controlling party
During the year the company was under the control of Quantam Holdings Ltd, which owned 100% of the issued share capital. The company is registered in Scotland under Companies House No SC409642.
9.
Related party transactions
1.
Group undertaking transactions
Invest In Scottish Properties Ltd
i.
This is a fellow subsidiary company of Quantam Holdings Limited. The amount due from Invest In Scottish Properties Ltd at 31 May 2020 was £15,875. (2019 £16,500).
ii.
The amount of £121,100 was received from Invest In Scottish Properties Ltd during the year to 31st May 2020 in respect of marketing costs (2019 £176,850).