Zennor Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC357952 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 April 2018

for

Zennor Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C D Richmond

Mrs V Richmond

SECRETARY:

A H & Co Ltd

REGISTERED OFFICE:

6 Logie Mill

Beaverbank Business Park

Edinburgh

Lothian

EH7 4HG

REGISTERED NUMBER:

SC357952 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Tangible assets

4

13,742

12,952

CURRENT ASSETS

Debtors

5

126,672

68,519

Cash at bank

1

364

126,673

68,883

CREDITORS

Amounts falling due within one year

6

72,326

40,972

NET CURRENT ASSETS

54,347

27,911

TOTAL ASSETS LESS CURRENT LIABILITIES

68,089

40,863

CREDITORS

Amounts falling due after more than one year

7

(67,245

)

(3,852

)

PROVISIONS FOR LIABILITIES

8

(744

)

(1,348

)

NET ASSETS

100

35,663

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

-

35,563

SHAREHOLDERS' FUNDS

100

35,663

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 28 January 2019 and were signed on its behalf by:

C D Richmond - Director

1.	STATUTORY INFORMATION

Zennor Developments Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis, the acceptability of which is dependent on the

continuing support of the directors and creditors.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts

where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is

provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each

asset on a straight-line basis over its expected useful life, as follows:

Motor vehicles - 20% on cost

Computer equipment - 25% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset,

after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at

the end of its useful life.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured

at their settlement value.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past

event, it is probable that the company will be required to settle that obligation and a reliable estimate can be

made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2017

14,219

8,668

22,887

Additions

10,178

-

10,178

Disposals

(7,469

)

(1,345

)

(8,814

)

At 30 April 2018

16,928

7,323

24,251

DEPRECIATION

At 1 May 2017

4,338

5,597

9,935

Charge for year

4,090

1,521

5,611

Eliminated on disposal

(3,692

)

(1,345

)

(5,037

)

At 30 April 2018

4,736

5,773

10,509

NET BOOK VALUE

At 30 April 2018

12,192

1,550

13,742

At 30 April 2017

9,881

3,071

12,952

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.18

30.4.17

£

£

Trade debtors

6,000

7,914

Other debtors

120,672

60,605

126,672

68,519

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.18

30.4.17

£

£

Bank loans and overdrafts

5,393

-

Hire purchase contracts

3,005

3,419

Trade creditors

217

48

Taxation and social security

6,322

29,120

Other creditors

57,389

8,385

72,326

40,972

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.18

30.4.17

£

£

Hire purchase contracts

8,839

3,852

Other creditors

58,406

-

67,245

3,852

8.	PROVISIONS FOR LIABILITIES

30.4.18

30.4.17

£

£

Deferred tax

744

1,348

Deferred

tax

£

Balance at 1 May 2017

1,348

Provided during year

(604

)

Balance at 30 April 2018

744

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.18

30.4.17

value:

£

£

100

Ordinary

£1

100

100

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £14,162 (2017 - £23,462) were paid to the directors .

Transactions with related parties during the year and balances outstanding at the year end were as follows:

Related Party

Type of Transaction

Amount

Balance receivable or (payable) by related party as at 30.4.18

Balance receivable or (payable) by related party as at 30.4.17

Lilybank Flats Limited

Loan

£60,443 (2017: £20,269)

£118,150

£57,707

IT Brolly Limited

Loan

£379 (2017: £679)

£1,895

£1,516

Stonebeck Limited

Loan

£578 (2017: £545)

£330

(£249)

Lilybank Limited

Loan

£10,390 (2017 nil)

(£34,153)

nil

Dividend paid

£44,543 (2017: nil)

nil

nil

The directors of Zennor Development Limited, are also directors of Lilybank Flats Limited, IT Brolly

Limited, Stonebeck Limited and Lilybank Limited

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Lilybank Limited.

The ultimate controlling party is C D Richmond and wife Mrs V Richmond acting in consort.