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Registered number: 02397965
Zalcany Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 30 June 2020
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Zalcany Limited
Registered number: 02397965
Balance sheet
As at 30 June 2020
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 August 2020.
The notes on pages 3 to 6 form part of these financial statements.
Page 1
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Zalcany Limited
Statement of changes in equity
For the year ended 30 June 2020
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Total comprehensive income for the year
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The notes on pages 3 to 6 form part of these financial statements.
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Statement of changes in equity
For the year ended 30 June 2019
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Comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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The notes on pages 3 to 6 form part of these financial statements.
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Page 2
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Zalcany Limited
Notes to the financial statements
For the year ended 30 June 2020
The company is incorporated and domiciled in England and Wales. Its registered office is Third Floor, 24 Chiswell Street, London, EC1Y 4YX. The principal activity of the company is that of investment holding.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
The company's loans to participating interests represent the company's share of a fixed interest partner in Limited Partnership's, including the revaluation of the tangible fixed assets of the Partnership to market value at the balance sheet date.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 3
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Zalcany Limited
Notes to the financial statements
For the year ended 30 June 2020
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was 2 (2019 - 2).
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Page 4
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Zalcany Limited
Notes to the financial statements
For the year ended 30 June 2020
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Creditors: Amounts falling due within one year
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Share capital treated as debt
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Page 5
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Zalcany Limited
Notes to the financial statements
For the year ended 30 June 2020
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Shares classified as equity
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Authorised, allotted, called up and fully paid
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9,991 (2019 - 9,991) Ordinary shares of £0.10 each
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Shares classified as debt
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Authorised, allotted, called up and fully paid
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2 (2019 - 2) Preference shares of £0.50 each
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The rights attached to the two participating Preference shares are as follows:
Income:
The directors of the Company shall be free to determine how the balance of such assets of the Company shall be distributed to the shareholders of the Company and whether such distributions is to the Preference shareholders, the Ordinary shareholders or a combination thereof.
Capital:
The holders of the Preference shares are entitled to an amount equal to the nominal amount paid up or credited as paid up on the Preference shares. The holders of the Ordinary shares are entitled to the nominal amount paid up or credited as paid up on the Ordinary shares with half of the balance of such assets belonging to, and to be distributed to the holders of the Preference shares and the balance shall belong to and be distributed amongst the holders of the Ordinary shares.
Voting:
The holders of the Preference shares shall be entitled to receive notice of and to attend but shall not be entitled to vote at any General Meeting of the company.
The company regards Cardinal Holdings Limited, incorporated in England and Wales, as its immediate and ultimate parent company.
The company is under the ultimate control of R M Harris and R G Williams, directors of Cardinal Holdings Limited. Rias Investments One Limited, a company in which R M Harris is a director and in which he has the controlling interest, owns 50% of the share capital in Cardinal Holdings Limited. The remaining 50% of the share capital is owned by Mustardseed Estates Limited, a company in which R G Williams is a director and in which he has the controlling interest.
Page 6
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