Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01No description of principal activityfalse3537truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07443768 2022-01-01 2022-12-31 07443768 2021-04-01 2021-12-31 07443768 2022-12-31 07443768 2021-12-31 07443768 c:Director3 2022-01-01 2022-12-31 07443768 c:RegisteredOffice 2022-01-01 2022-12-31 07443768 d:PlantMachinery 2022-01-01 2022-12-31 07443768 d:PlantMachinery 2022-12-31 07443768 d:PlantMachinery 2021-12-31 07443768 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07443768 d:FurnitureFittings 2022-01-01 2022-12-31 07443768 d:FurnitureFittings 2022-12-31 07443768 d:FurnitureFittings 2021-12-31 07443768 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07443768 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07443768 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-01-01 2022-12-31 07443768 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 07443768 d:CopyrightsPatentsTrademarksServiceOperatingRights 2021-12-31 07443768 d:CurrentFinancialInstruments 2022-12-31 07443768 d:CurrentFinancialInstruments 2021-12-31 07443768 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07443768 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 07443768 d:ShareCapital 2022-12-31 07443768 d:ShareCapital 2021-12-31 07443768 d:RetainedEarningsAccumulatedLosses 2022-12-31 07443768 d:RetainedEarningsAccumulatedLosses 2021-12-31 07443768 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07443768 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 07443768 d:RetirementBenefitObligationsDeferredTax 2022-12-31 07443768 d:RetirementBenefitObligationsDeferredTax 2021-12-31 07443768 c:OrdinaryShareClass1 2022-01-01 2022-12-31 07443768 c:OrdinaryShareClass1 2022-12-31 07443768 c:OrdinaryShareClass1 2021-12-31 07443768 c:FRS102 2022-01-01 2022-12-31 07443768 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 07443768 c:FullAccounts 2022-01-01 2022-12-31 07443768 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 07443768 d:WithinOneYear 2022-12-31 07443768 d:WithinOneYear 2021-12-31 07443768 d:BetweenOneFiveYears 2022-12-31 07443768 d:BetweenOneFiveYears 2021-12-31 07443768 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07443768









ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)
 
 
COMPANY INFORMATION


Director
K C Rabbitt 




Registered number
07443768



Registered office
3 Dorchester Road
Weybridge

Surrey

England

KT13 8PG




Accountants
Donald Reid Limited
Chartered Accountants

Prince Albert House

20 King Street

Maidenhead

Berkshire

SL6 1DT





 
ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 12


 
ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)
REGISTERED NUMBER: 07443768

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note

Fixed assets
  

Intangible assets
 4 
11,345
19,855

Tangible assets
 5 
76,152
67,161

  
87,497
87,016

Current assets
  

Stocks
 6 
81,339
81,634

Debtors: amounts falling due within one year
 7 
1,387,888
842,095

Cash at bank and in hand
 8 
32,874
122,895

  
1,502,101
1,046,624

Creditors: amounts falling due within one year
 9 
(814,480)
(799,193)

Net current assets
  
 
 
687,621
 
 
247,431

Total assets less current liabilities
  
775,118
334,447

Provisions for liabilities
  

Deferred tax
  
(17,851)
-

  
 
 
(17,851)
 
 
-

Net assets
  
757,267
334,447


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
757,167
334,347

  
757,267
334,447


Page 1

 
ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)
REGISTERED NUMBER: 07443768
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The director considers 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 director acknowledges his 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 statement of income and retained earnings 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 29 September 2023.




K C Rabbitt
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Zetabyte (West) Ltd is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registration number is 07443768. The registered office is 3 Dorchester Road, Weybridge, Surrey, England, KT13 8PG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Page 4

 
ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful lifecannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Licenses
-
5
years

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance/33% straight line

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

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.

 
2.11

Cash and cash equivalents

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 5

 
ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

Creditors

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.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less
Page 6

 
ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.14
Financial instruments (continued)

impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Page 7

 
ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.14
Financial instruments (continued)


 
2.15

Dividends

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 35 (2021 - 37).


4.


Intangible assets




Licenses




Cost


At 1 January 2022
122,549



At 31 December 2022

122,549



Amortisation


At 1 January 2022
102,694


Charge for the year on owned assets
8,510



At 31 December 2022

111,204



Net book value



At 31 December 2022
11,345



At 31 December 2021
19,855



Page 8

 
ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total




Cost or valuation


At 1 January 2022
172,522
268,382
440,904


Additions
31,003
3,558
34,561



At 31 December 2022

203,525
271,940
475,465



Depreciation


At 1 January 2022
146,567
227,176
373,743


Charge for the year on owned assets
12,948
12,622
25,570



At 31 December 2022

159,515
239,798
399,313



Net book value



At 31 December 2022
44,010
32,142
76,152



At 31 December 2021
25,955
41,206
67,161


6.


Stocks

2022
2021

Finished goods and goods for resale
81,339
81,634

81,339
81,634


Page 9

 
ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Debtors

2022
2021


Trade debtors
8,026
35,009

Amounts owed by group undertakings
1,125,268
736,420

Other debtors
2,069
28,705

Prepayments and accrued income
252,525
41,961

1,387,888
842,095



8.


Cash and cash equivalents

2022
2021

Cash at bank and in hand
32,874
122,895

32,874
122,895



9.


Creditors: Amounts falling due within one year

2022
2021

Trade creditors
321,411
291,768

Corporation tax
121,984
121,659

Other taxation and social security
201,008
139,139

Other creditors
150,048
220,271

Accruals and deferred income
20,029
26,356

814,480
799,193



10.


Deferred taxation




2022








Charged to profit or loss
(17,851)



At end of year
(17,851)

Page 10

 
ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
10.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2022
2021


Accelerated capital allowances
(18,762)
-

Pension surplus
911
-

(17,851)
-


11.


Provisions










At 31 December 2022

Page 11

 
ZETABYTE (WEST) LTD (PREVIOUSLY MASTRO INVESTMENTS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Share capital

2022
2021
Allotted, called up and fully paid



100 (2021 - 100) Ordinary shares of 1.00 each
100
100



13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £13,360 (2021: £26,553). Contributions totalling £8,591 (2021: £7,202) were payable to the fund at the balance sheet date.


14.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021


Not later than 1 year
141,400
156,900

Later than 1 year and not later than 5 years
127,350
268,750

268,750
425,650


15.


Related party transactions

The group has taken exemption from disclosing related party transactions between wholly owned group
members under paragraph 33.1A of FRS 102.

 
Page 12