Company Registration No. 04066774 (England and Wales)
ZITA WEST PRODUCTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
ZITA WEST PRODUCTS LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
ZITA WEST PRODUCTS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ZITA WEST PRODUCTS LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Zita West Products Limited for the year ended 30 September 2016 set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Zita West Products Limited, 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 Zita West Products Limited and state those matters that we have agreed to state to the Board of Directors of Zita West Products Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Zita West Products Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Zita West Products Limited 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 Zita West Products Limited. You consider that Zita West Products Limited 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 Zita West Products Limited. 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.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
15 May 2017
ZITA WEST PRODUCTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2016
30 September 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
7,661
7,661
Tangible assets
2
2,544
4,724
10,205
12,385
Current assets
Stocks
110,486
107,317
Debtors
149,649
134,556
Cash at bank and in hand
248,680
281,163
508,815
523,036
Creditors: amounts falling due within one year
(105,441)
(89,446)
Net current assets
403,374
433,590
Total assets less current liabilities
413,579
445,975
Capital and reserves
Called up share capital
4
144
144
Share premium account
210,049
210,049
Profit and loss account
203,386
235,782
Shareholders' funds
413,579
445,975
For the financial year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 12 May 2017
Mr B Astley
Director
Company Registration No. 04066774
ZITA WEST PRODUCTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Patents
Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
33% on cost
Equipment
20% on cost
1.6
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 October 2015 & at 30 September 2016
7,661
19,693
27,354
Depreciation
At 1 October 2015
-
14,968
14,968
Charge for the year
-
2,181
2,181
At 30 September 2016
-
17,149
17,149
Net book value
At 30 September 2016
7,661
2,544
10,205
At 30 September 2015
7,661
4,724
12,385
ZITA WEST PRODUCTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 4 -
10
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
44,286
23,055
Corporation tax
38,411
39,050
Other taxes and social security costs
14,465
19,078
Directors' current accounts
3,082
3,352
Other creditors
3,522
3,236
Accruals and deferred income
1,675
1,675
105,441
89,446
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
14,400 Ordinary of 1p each
144
144
5
Transactions with directors
At the end of the year Zita West owed the company £234 (2015: £239). This loan is repayable on demand and subject to interest at HMRC rates.
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