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REGISTERED NUMBER: 02270075 (England and Wales)











Zyox Limited

Financial Statements

for the Year Ended 30 September 2021






Zyox Limited (Registered number: 02270075)

Contents of the Financial Statements
for the Year Ended 30 September 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Zyox Limited

Company Information
for the Year Ended 30 September 2021







DIRECTORS: P Ligertwood
Ms I De LosAngeles Reveco
Ms H J S Smith
S Westhorpe





REGISTERED OFFICE: Swallow House
Shilton Industrial Estate
Shilton
Coventry
West Midlands
CV7 9JY





REGISTERED NUMBER: 02270075 (England and Wales)





AUDITORS: Haines Watts Tamworth Limited
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Zyox Limited (Registered number: 02270075)

Balance Sheet
30 September 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 54,481 73,316
Investments 5 2 2
Investment property 6 9,389,280 14,182,721
9,443,763 14,256,039

CURRENT ASSETS
Stocks 1,155,601 1,958,576
Debtors 7 16,713,932 22,983,042
Cash at bank and in hand 356,450 64,735
18,225,983 25,006,353
CREDITORS
Amounts falling due within one year 8 24,552,368 35,732,204
NET CURRENT LIABILITIES (6,326,385 ) (10,725,851 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,117,378

3,530,188

PROVISIONS FOR LIABILITIES 229,130 143,120
NET ASSETS 2,888,248 3,387,068

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 533,988 533,988
Retained earnings 2,354,160 2,852,980
SHAREHOLDERS' FUNDS 2,888,248 3,387,068

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2022 and were signed on its behalf by:





S Westhorpe - Director


Zyox Limited (Registered number: 02270075)

Notes to the Financial Statements
for the Year Ended 30 September 2021


1. STATUTORY INFORMATION

Zyox Limited is a private company, limited by shares , registered in England and Wales. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future.

The directors have reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. For this reason, together with the continued support of the directors, wider group and strong associates, they are continuing to adopt the going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Zyox Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Zyox Limited (Registered number: 02270075)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Investment property interim valuations - Management have extensive experience holding a significant portfolio of investment properties within a wider group, carrying out interim year end assessments of continued carrying value based on the market, future rental streams and general condition and demand in the area for type of property held. Any anticipated longer term movements are provided as necessary.

- Stock provisions. Monitored by management on an ongoing basis in line with market conditions, trends and significant movements, who use knowledge of the market and extensive experience gained over many years buying and selling within a niche market, backed up by external expert valuations where deemed significant. Provision is made for any items whose carrying value is deemed higher than longer term market conditions and demand would dictate.

- Depreciation and residual values. Management have reviewed the asset lives and associated residual values of all fixed asset classes and concluded that they are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

Zyox Limited (Registered number: 02270075)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue

Revenue arises from operating leases on properties owned by the company and is accounted for on a straight line basis over the period commencing on the start date of the lease and ending on the end date of the lease. revenue excludes services charges and other costs directly recovered from the tenant.

Other income

Other income comprises amounts receivable for investment properties, shares and agricultural produce sold during the year.

Revenue from the sale of investment properties is recognised when the significant risks and rewards of ownership of the properties have passed over to the buyer, usually when legally binding contracts are exchanged. Revenue is therefore recognised when the legal title passes to the purchaser on completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 10%-25% on cost
Motor vehicles - 10% on cost

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

Investment property
Investment properties are held to earn rentals and/or for capital appreciation.

Investment properties are initially recognised at costs including director transaction costs. Investment properties are subsequently valued externally on an open market basis at the statement of financial position date and recorded at valuation. Any surplus or deficit arising on revaluing investment properties is recognised in the statement of comprehensive income in the year it arises. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is defined as:
Vehicles - the purchase cost of bringing each vehicle to its present location and condition.
Crops - direct costs of seed, fertiliser and farm contractors.

Net realisable value is based on estimated selling price, less any further costs expected to be incurred to completion and disposal.

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.


Zyox Limited (Registered number: 02270075)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2020
and 30 September 2021 154,440 98,943 253,383
DEPRECIATION
At 1 October 2020 140,535 39,532 180,067
Charge for year 3,982 14,853 18,835
At 30 September 2021 144,517 54,385 198,902
NET BOOK VALUE
At 30 September 2021 9,923 44,558 54,481
At 30 September 2020 13,905 59,411 73,316

The net book value of tangible fixed assets includes £7,085 (2020: £9,447) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £2,362 (2020: £3,149) for the year.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2020
and 30 September 2021 2
NET BOOK VALUE
At 30 September 2021 2
At 30 September 2020 2

Zyox Limited (Registered number: 02270075)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021


5. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Kenyon Forge Management Company Limited
Registered office: England & Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2021 2020
£    £   
Aggregate capital and reserves 2 2

Birmingham Swallow Investments Limited *
Registered office: Swallow House, Shilton Industrial Estate, Shilton, Coventry, CV7 9JY
Nature of business: Holding company
%
Class of shares: holding
Ordinary 99.00

Kenyon Forge Limited *
Registered office: Swallow House, Shilton Industrial Estate, Shilton, Coventry, CV7 9JY
Nature of business: Rental of investment properties
%
Class of shares: holding
Ordinary 99.00
2021 2020
£    £   
Aggregate capital and reserves 5,184,301 4,982,922
Profit for the year 201,379 166,916

* Indirectly held

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2020 14,182,721
Additions 379,275
Disposals (5,172,716 )
At 30 September 2021 9,389,280
NET BOOK VALUE
At 30 September 2021 9,389,280
At 30 September 2020 14,182,721

The valuations were made at September 2021 by the directors who consider themselves to be sufficiently experienced to perform such valuations. The value of the investment properties is deemed to be unchanged from 2017 when the properties were valued by an external surveyor.

Zyox Limited (Registered number: 02270075)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 39,216 10,809
Amounts owed by group undertakings 12,427,128 12,435,897
Amounts owed by related parties 2,891,209 2,891,196
Other debtors 1,356,379 7,645,140
16,713,932 22,983,042

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Hire purchase contracts - 1,682
Trade creditors 15,546 33,620
Taxation and social security 20,281 27,749
Other creditors 24,516,541 35,669,153
24,552,368 35,732,204

9. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Hire purchase contracts - 1,682

Obligations under hire purchase agreements are secured on the assets to which they relate.

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
100 Ordinary £1 100 100

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Butler (Senior Statutory Auditor)
for and on behalf of Haines Watts Tamworth Limited

Zyox Limited (Registered number: 02270075)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2021


12. RELATED PARTY DISCLOSURES

At the year end the following amounts were owed to directors of the company:
Mr P Ligertwood £1,542,061 (2020: £6,433,213).
Mrs I Reveco £nil (2020: £800,009)
Mr N Smith £34,940 (2020: £nil)

The loan from P Ligertwood is non interest bearing and repayable on demand with no fixed repayment terms.
The loan from N Smith is non interest bearing and repayable on demand with no fixed repayment terms.

During the year Heather Smith (a director of the company), David Smith and Emma Smith (both employees of the company and the children of Neil Smith, a director of the company) acquired vehicles, land and buildings from the company for £2,470,500, based on independent valuations obtained for this purpose.

N E Smith and P Ligertwood are directors and shareholders of Megabrokers Limited, which received goods and services from the company as follows:
IT and accountancy recharged from Zyox Limited totalling £nil (2020: £7,031). These recharges ceased during the year.

In the prior year the company agreed an advance of £70,000 to Megabrokers Limited in order to assist in a redundancy process enabling continuation of employment to complete sale of stock in oder to maximise satisfaction of the existing loan. The balance outstanding at the year end amounted to £45,616 (2020: £45,603). The loan is interest free and is repayable on demand.

At the year end amounts were owed to the company by Kenyon Forge Limited, a company under common control, totalling £12,423,552 (2020: £12,435,284). The amount is unsecured, has no repayment terms, is repayable on demand and is interest free.

At the year end an outstanding loan balance of £2,845,593 (2020: £2,845,593) was due to the company from Manx Welshpool Holdings Limited, a company in which P Ligertwood is the ultimate controlling party. The loan carries interest at a rate of 6.5%.

At the year end amounts were owed to Manxfina totalling £22,924,855 (2020: £28,387,063), a company in which P Ligertwood is a trustee of the controlling Trust. The loan is repayable on demand and carries interest at a rate of 2.25% above base rate.

13. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Manxprop Limited, a company incorporated in England & Wales.

The ultimate controlling party is P Ligertwood.