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REGISTERED NUMBER: 03210691 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

ZICAM SYSTEMS GROUP LTD

ZICAM SYSTEMS GROUP LTD (REGISTERED NUMBER: 03210691)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 9

ZICAM SYSTEMS GROUP LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: M Mazic
Mrs D D Doughty
D J Salisbury





SECRETARY: M Mazic





REGISTERED OFFICE: Unit 9
Topaz Business Park
Topaz Way
Bromsgrove
Worcestershire
B61 0GD





REGISTERED NUMBER: 03210691 (England and Wales)





ACCOUNTANTS: French Ludlam & Co Limited
Mountfield House
661 High Street
Kingswinford
West Midlands
DY6 8AL

ZICAM SYSTEMS GROUP LTD (REGISTERED NUMBER: 03210691)

STATEMENT OF FINANCIAL POSITION
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 639,044 448,254
Investments 5 101 -
639,145 448,254

CURRENT ASSETS
Stocks 116,427 142,406
Debtors 6 1,969,769 798,794
Cash at bank and in hand 394,227 427,486
2,480,423 1,368,686
CREDITORS
Amounts falling due within one year 7 2,279,741 1,109,600
NET CURRENT ASSETS 200,682 259,086
TOTAL ASSETS LESS CURRENT
LIABILITIES

839,827

707,340

CREDITORS
Amounts falling due after more than one
year

8

(402,629

)

(284,830

)

PROVISIONS FOR LIABILITIES (24,041 ) (19,580 )
NET ASSETS 413,157 402,930

CAPITAL AND RESERVES
Called up share capital 11 33,334 33,334
Capital redemption reserve 41,333 41,333
Retained earnings 338,490 328,263
SHAREHOLDERS' FUNDS 413,157 402,930

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 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.

ZICAM SYSTEMS GROUP LTD (REGISTERED NUMBER: 03210691)

STATEMENT OF FINANCIAL POSITION - continued
31ST MARCH 2023


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 3rd November 2023 and were signed on its behalf by:





M Mazic - Director


ZICAM SYSTEMS GROUP LTD (REGISTERED NUMBER: 03210691)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

Zicam Systems Group Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

ZICAM SYSTEMS GROUP LTD (REGISTERED NUMBER: 03210691)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Bounce back loan scheme
Loans received under the covid bounce back loan scheme are recorded at the transaction price ie the cash received, unless there is a material difference between the actual rate of interest on the loan and a market rate for a similar debt. Under the scheme, the loan carries a government-backed guarantee and the government makes a business loan payment, ie the government pays any fees and interest payments for the first twelve months. Accordingly the loan is grossed up and shown as government grants received and the fees and interest payments included in the profit and loss account in the period they relate to.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 26 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2022 303,372 289,050 592,422
Additions - 313,241 313,241
Disposals - (94,335 ) (94,335 )
At 31st March 2023 303,372 507,956 811,328
DEPRECIATION
At 1st April 2022 - 144,168 144,168
Charge for year - 58,555 58,555
Eliminated on disposal - (30,439 ) (30,439 )
At 31st March 2023 - 172,284 172,284
NET BOOK VALUE
At 31st March 2023 303,372 335,672 639,044
At 31st March 2022 303,372 144,882 448,254

ZICAM SYSTEMS GROUP LTD (REGISTERED NUMBER: 03210691)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st April 2022 120,461
Additions 272,530
Disposals (59,619 )
At 31st March 2023 333,372
DEPRECIATION
At 1st April 2022 24,230
Charge for year 46,251
Eliminated on disposal (18,668 )
At 31st March 2023 51,813
NET BOOK VALUE
At 31st March 2023 281,559
At 31st March 2022 96,231

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 101
At 31st March 2023 101
NET BOOK VALUE
At 31st March 2023 101

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,903,592 762,793
Other debtors 66,177 36,001
1,969,769 798,794

ZICAM SYSTEMS GROUP LTD (REGISTERED NUMBER: 03210691)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 23,341 44,001
Hire purchase contracts (see note 9) 63,830 36,077
Trade creditors 1,118,526 426,316
Taxation and social security 526,884 308,932
Other creditors 547,160 294,274
2,279,741 1,109,600

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 214,792 238,535
Hire purchase contracts (see note 9) 187,837 46,295
402,629 284,830

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 63,830 36,077
Between one and five years 187,837 46,295
251,667 82,372

Non-cancellable operating leases
2023 2022
£    £   
Within one year 122,962 47,211
Between one and five years 162,953 47,780
285,915 94,991

ZICAM SYSTEMS GROUP LTD (REGISTERED NUMBER: 03210691)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 238,133 282,536
Hire purchase contracts 251,667 82,372
489,800 364,908

Hire Purchase liabilities are secured against the assets to which they relate.

The bank loan is secured by fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery.

The bank loan received under the Bounce Back Loan Scheme carries a government-backed guarantee. The loan is repayable over 6 years, including a one year initial capital repayment holiday, at an interest rate of 2.5%. Any business loan payments made by the government in respect of fees and bank interest are grossed up and treated as government grant income.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,000 Convertible Preference £1 4,000 4,000

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
29,334 Ordinary shares £1 29,334 29,334

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ZICAM SYSTEMS GROUP LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Zicam Systems Group Ltd for the year ended 31st March 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Zicam Systems Group Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Zicam Systems Group Ltd and state those matters that we have agreed to state to the Board of Directors of Zicam Systems Group Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Zicam Systems Group Ltd 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 Zicam Systems Group Ltd. You consider that Zicam Systems Group Ltd 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 Zicam Systems Group Ltd. 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.






French Ludlam & Co Limited
Mountfield House
661 High Street
Kingswinford
West Midlands
DY6 8AL


3rd November 2023