Company Registration No. 05601056 (England and Wales)
10ZIG TECHNOLOGY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
10ZIG TECHNOLOGY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
10ZIG TECHNOLOGY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
52,942
73,060
Current assets
Stocks
1,608,614
519,382
Debtors
4
357,340
836,023
Cash at bank and in hand
114,153
168,524
2,080,107
1,523,929
Creditors: amounts falling due within one year
5
(2,215,831)
(1,424,856)
Net current (liabilities)/assets
(135,724)
99,073
Total assets less current liabilities
(82,782)
172,133
Creditors: amounts falling due after more than one year
6
(60,000)
(60,000)
Net (liabilities)/assets
(142,782)
112,133
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
(142,792)
112,123
Total equity
(142,782)
112,133

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.true

 

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.

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

The financial statements were approved and signed by the director and authorised for issue on 24 November 2023
Mr Martin Pladgeman
Director
Company Registration No. 05601056
10ZIG TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

10Zig Technology Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Highcliffe Road, Hamilton, Leicester, England, LE5 1TY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis which the director considers to be appropriate for the following reasons. true

 

The ultimate parent company, 10Zig Technology Inc., has confirmed its intention, if required, to provide financial support to enable the company to settle its liabilities as they fall due for at least twelve months from the date of signing these financial statements.

 

The ultimate parent company, 10Zig Technology Inc. has also confirmed it will not seek repayment of the outstanding balance of £1,809,351, being £1,474,785 due and a further £334,566 included within accruals as at 31 December 2022, due from the company to 10Zig Technology Inc. 10Zig Technology Inc. has also confirmed it will continue to allow the company to purchase goods from 10Zig Technology Inc. in order to enable the company to continue trading and will not seek payment for such goods if the company is not able to meet such payments, for at least twelve months from the date of signing these financial statements.

 

Therefore, the director has a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus, the director continues to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the sale of services is recognised proportionately throughout the period to which the services relate.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

10ZIG TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight line 20%
Fixtures, fittings and equipment
Straight line 25%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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.

 

The company only has basic financial instruments which are stated at cost less impairment.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

10ZIG TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

1.13
Government grants

Government grants are recognised under the accrual model at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 18 (2021: 18)

10ZIG TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Tangible fixed assets
Leasehold improvements
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 January 2022
89,728
58,252
147,980
Additions
-
0
12,052
12,052
Disposals
-
0
(4,974)
(4,974)
At 31 December 2022
89,728
65,330
155,058
Depreciation and impairment
At 1 January 2022
44,724
30,196
74,920
Depreciation charged in the year
17,946
14,224
32,170
Eliminated in respect of disposals
-
0
(4,974)
(4,974)
At 31 December 2022
62,670
39,446
102,116
Carrying amount
At 31 December 2022
27,058
25,884
52,942
At 31 December 2021
45,004
28,056
73,060
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
301,920
789,784
Corporation tax recoverable
17,278
17,278
Other debtors
38,142
28,961
357,340
836,023
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
120,852
171,792
Amounts owed to group undertakings
1,474,785
875,017
Taxation and social security
92,312
155,456
Accruals and deferred income
527,882
222,591
2,215,831
1,424,856
10ZIG TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Loans and borrowings
60,000
60,000
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
246,000
287,000
8
Parent company

The ultimate and immediate parent company is 10Zig Technology Inc., a company incorporated in United States of America.

 

The company's financials are included in the consolidated accounts of 10Zig Technology Inc. which can be obtained from their registered office at 23309 N. 17th Drive, Suite 100, Phoenix, Arizona 85027, United States of America.

The director does not consider there to be a controlling party.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Mandy Janes.
The auditor was HW Fisher LLP.
2022-12-312022-01-01false24 November 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedMr Martin PladgemanMr David Pladgeman056010562022-01-012022-12-31056010562022-12-31056010562021-12-3105601056core:LandBuildings2022-12-3105601056core:OtherPropertyPlantEquipment2022-12-3105601056core:LandBuildings2021-12-3105601056core:OtherPropertyPlantEquipment2021-12-3105601056core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105601056core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3105601056core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3105601056core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3105601056core:CurrentFinancialInstruments2022-12-3105601056core:CurrentFinancialInstruments2021-12-3105601056core:ShareCapital2022-12-3105601056core:ShareCapital2021-12-3105601056core:RetainedEarningsAccumulatedLosses2022-12-3105601056core:RetainedEarningsAccumulatedLosses2021-12-3105601056bus:Director12022-01-012022-12-3105601056core:LandBuildingscore:LongLeaseholdAssets2022-01-012022-12-3105601056core:FurnitureFittings2022-01-012022-12-3105601056core:LandBuildings2021-12-3105601056core:OtherPropertyPlantEquipment2021-12-31056010562021-12-3105601056core:LandBuildings2022-01-012022-12-3105601056core:OtherPropertyPlantEquipment2022-01-012022-12-3105601056core:WithinOneYear2022-12-3105601056core:WithinOneYear2021-12-3105601056core:Non-currentFinancialInstruments2022-12-3105601056core:Non-currentFinancialInstruments2021-12-3105601056bus:PrivateLimitedCompanyLtd2022-01-012022-12-3105601056bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3105601056bus:FRS1022022-01-012022-12-3105601056bus:Audited2022-01-012022-12-3105601056bus:CompanySecretary12022-01-012022-12-3105601056bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP