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REGISTERED NUMBER: 01003062 (England and Wales)













Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Zoeftig Limited

Zoeftig Limited (Registered number: 01003062)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5


Zoeftig Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: P D Williams
Mrs M L Williams





SECRETARY: Mrs M L Williams





REGISTERED OFFICE: Kings Hill Industrial Estate
BUDE
Cornwall
EX23 8QN





REGISTERED NUMBER: 01003062 (England and Wales)





ACCOUNTANTS: A C Mole
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Zoeftig Limited (Registered number: 01003062)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

REVIEW OF BUSINESS
The company continued to return to its pre COVID-19 activity levels during the year and turnover was slightly up on the prior year. Profit was however down on the prior year in part due to high inflation levels and in part as the company has returned to attending key industry shows and promotion events during the year. The timing of one of the industry's key shows resulted in two show's falling into the current year and therefore event costs were significantly up on prior years. Attendance at these shows and events has however helped to build the strong order pipeline that the company had at the year end and the directors expect to see a good return in future years on the cost of these events.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

P D Williams
Mrs M L Williams

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mrs M L Williams - Secretary


15 November 2023

Zoeftig Limited (Registered number: 01003062)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 759,120 524,295
Tangible assets 5 461,176 432,701
1,220,296 956,996

CURRENT ASSETS
Stocks 6 491,395 318,765
Debtors 7 3,926,441 2,399,792
Cash at bank and in hand 877,813 691,688
5,295,649 3,410,245
CREDITORS
Amounts falling due within one year 8 3,021,567 1,185,585
NET CURRENT ASSETS 2,274,082 2,224,660
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,494,378

3,181,656

CREDITORS
Amounts falling due after more than one
year

9

(533,050

)

(733,321

)

PROVISIONS FOR LIABILITIES 11 (126,908 ) (88,137 )
NET ASSETS 2,834,420 2,360,198

CAPITAL AND RESERVES
Called up share capital 12 200 200
Retained earnings 2,834,220 2,359,998
SHAREHOLDERS' FUNDS 2,834,420 2,360,198

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

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

Zoeftig Limited (Registered number: 01003062)

Balance Sheet - continued
31 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 15 November 2023 and were signed on its behalf by:




P D Williams - Director



Mrs M L Williams - Director


Zoeftig Limited (Registered number: 01003062)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Zoeftig 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 accounts have been prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Where contracts for services span a number of accounting periods turnover is recognised based on the distinct services provided by the balance sheet date. Services provided but not yet invoiced are included in contract work in progress.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

Development costs
The company capitalises development costs where there is a clearly defined project, the project revenues are expected to exceed total development costs and the recognition criteria of FRS102 are met. Such costs are amortised over the life of the project, being 3 years. Amortisation starts once product sales commence. Development costs which do not meet these criteria are written off to the profit and loss as incurred.

Development costs are initially measured at cost and subsequently measured at amortised cost.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements - 10% on cost
Plant and machinery - 20% on cost
Motor vehicles - 25% reducing balance
Computer equipment - 33% on cost

Fixed assets are initially recorded at cost and subsequently measured at cost less accumulated depreciation.

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.

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.


Zoeftig Limited (Registered number: 01003062)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Current and 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Exhibition costs
Costs relating to exhibitions which have not yet taken place, or marketing material not yet used, are included within prepayments at the balance sheet date.

Financial instruments
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price. Such assets are subsequently carried at amortised cost.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. Any impairment losses are recognised in profit or loss.

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price. Trade and other creditors are measured at amortised cost using the effective interest method. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Development
Goodwill expenditure Totals
£    £    £   
COST
At 1 April 2022 13,998 925,261 939,259
Additions - 314,399 314,399
At 31 March 2023 13,998 1,239,660 1,253,658
AMORTISATION
At 1 April 2022 13,998 400,966 414,964
Amortisation for year - 79,574 79,574
At 31 March 2023 13,998 480,540 494,538
NET BOOK VALUE
At 31 March 2023 - 759,120 759,120
At 31 March 2022 - 524,295 524,295

Zoeftig Limited (Registered number: 01003062)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Leasehold Plant and Motor Computer
improvements machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 166,979 1,736,649 50,030 200,770 2,154,428
Additions 109,551 70,453 - 23,533 203,537
At 31 March 2023 276,530 1,807,102 50,030 224,303 2,357,965
DEPRECIATION
At 1 April 2022 88,025 1,470,958 7,883 154,861 1,721,727
Charge for year 32,393 99,701 8,724 34,244 175,062
At 31 March 2023 120,418 1,570,659 16,607 189,105 1,896,789
NET BOOK VALUE
At 31 March 2023 156,112 236,443 33,423 35,198 461,176
At 31 March 2022 78,954 265,691 42,147 45,909 432,701

6. STOCKS
2023 2022
£    £   
Stocks 488,577 292,577
Work-in-progress 2,818 26,188
491,395 318,765

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,903,816 559,570
Amounts owed by group undertakings 312,067 302,537
Tax - 71,006
VAT 134,361 83,554
Prepayments 122,879 131,442
2,473,123 1,148,109

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,453,318 1,251,683

Aggregate amounts 3,926,441 2,399,792

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 200,012 200,012
Trade creditors 1,211,861 488,519
Tax - 20,814
Social security and other taxes 36,075 33,688
Deferred income 202,571 211,977
Accrued expenses 1,371,048 230,575
3,021,567 1,185,585

Zoeftig Limited (Registered number: 01003062)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 200,012 200,012
Bank loans - 2-5 years 333,038 533,309
533,050 733,321

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 108,455 45,437
Between one and five years 136,934 70,671
245,389 116,108

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 126,908 88,137

Deferred
tax
£   
Balance at 1 April 2022 88,137
Provided during year 38,771
Balance at 31 March 2023 126,908

Deferred tax is in respect of timing difference caused by accelerated capital allowances.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 Ordinary £1 200 200

13. PARENT COMPANY

The ultimate parent company is PNM Management Limited. The parent company's registered office is
Cobar Chase, The Street, Luckington, Wiltshire, England, SN14 6NP
The ultimate controlling party is the directors.