ZISE_LIMITED - Accounts
ZISE_LIMITED - Accounts
Company Registration No. 07533843 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Investments
2
Current assets
Stocks
Debtors
3
Cash at bank and in hand
Creditors: amounts falling due within one year
4
(1,689,618 )
(519,848 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
(2,373,705 )
(2,148,163 )
(423,907)
(195,478)
Capital and reserves
Called up share capital
5
Profit and loss account
(423,909 )
(195,480 )
Shareholders' funds
(423,907 )
(195,478 )
Directors' responsibilities:
-
-
Approved by the Board for issue on 31 December 2015
Director
Company Registration No. 07533843
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
1.7
Going concern
During the year under review and in prior periods the company purchased land and services for the purpose of property development. These purchases were financed partly by loans from the company directors and connected parties, on a normal commercial terms and interest is accruing thereon.
Agreement is in place between the company and the directors that the loans and accrued interest will not fall payable until there are sufficient proceeds available from the sale or refinance of developments, and only after all liabilities have been settled or allowed for. Accrued interest as at 31 March 2015 amounted to £462,572.
It is not expected that any material repayment will be made within a period of 12 months of the date of these accounts and therefore the directors have no significant concerns over the going concern of the company.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
2
Fixed assets
Investments
£
Cost
At 1 April 2014 & at 31 March 2015
1
At 31 March 2014
1
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Ordinary
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2015
2015
Principal activity
£
£
(186,927)
(93,679)
3
Debtors
Debtors include an amount of £840,461 (2014 - £776,193) which is due after more than one year.
4
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £1,219,374 (2014 - £0).
The bank loan is secured by a fixed legal charge over the freehold property held for development by the company.
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid