Company registration number 02723476 (England and Wales)
ZIVTEX LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
ZIVTEX LIMITED
COMPANY INFORMATION
Director
Mr I Zivan
Secretary
Mrs V Zivan
Company number
02723476
Registered office
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Accountants
Evelyn Partners (Thames Valley) Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Business address
Unit 9
Thrales End Farm & Business Centre
Thrales End Lane
HARPENDEN
Hertfordshire
AL5 3NS
ZIVTEX LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ZIVTEX LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
98,617
118,827
Current assets
Stocks
442,709
510,629
Debtors
4
406,445
302,303
Investments
5
2,852,939
1,402,440
Cash at bank and in hand
566,750
1,436,553
4,268,843
3,651,925
Creditors: amounts falling due within one year
6
(966,875)
(748,816)
Net current assets
3,301,968
2,903,109
Net assets
3,400,585
3,021,936
Capital and reserves
Called up share capital
8
100,000
100,000
Profit and loss reserves
3,300,585
2,921,936
Total equity
3,400,585
3,021,936

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

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 30 March 2024
Mr I Zivan
Director
Company registration number 02723476 (England and Wales)
ZIVTEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Zivtex Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods less returns received in the normal course of business, and is shown net of discounts and VAT.

Turnover from the sale of goods is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

1.3
Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment
25% on written down value
Motor vehicles
25% on written down value

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 profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials 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.

ZIVTEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.

Fair value measurement of financial instruments

Derivative financial instruments are initially recognised at fair value at the date the derivative contract is entered into and are subsequently measured at fair value at each reporting date.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment.

Derecognition of financial assets

Derivative financial instruments are derecognised when the contractual rights to the cash flows from the asset expire or are settled, or the contractual obligations to the liability are discharged or cancelled.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including loans from connected companies, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.6
Taxation

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

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

1.7
Retirement benefits

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

1.8
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

ZIVTEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Foreign exchange

Transactions in currencies other than Pounds Sterling are recorded at the rates of exchange prevailing at the date of the transaction, or at an average rate for the period if the rates do not fluctuate significantly. 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 are included in the profit and loss account for the period.

2
Employees

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

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 and 31 January 2024
216,742
Depreciation and impairment
At 1 February 2023
97,915
Depreciation charged in the year
20,210
At 31 January 2024
118,125
Carrying amount
At 31 January 2024
98,617
At 31 January 2023
118,827
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
345,697
263,099
Other debtors
26,216
3,166
371,913
266,265
Deferred tax asset
34,532
36,038
406,445
302,303
ZIVTEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
5
Current asset investments
2024
2023
£
£
Other investments
2,852,939
1,402,440
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
59,022
99,899
Corporation tax
75,206
30,560
Other taxation and social security
20,076
82
Other creditors
812,571
618,275
966,875
748,816
7
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
357,794
263,099
Instruments measured at fair value through profit or loss
2,864,186
1,402,440
3,221,980
1,665,539
Carrying amount of financial liabilities
Instruments measured at fair value through profit or loss
-
72,357
Measured at amortised cost
813,548
590,777
813,548
663,134

The company utilises currency derivatives to manage risk, significant future transactions and cash flows. The company is party to foreign exchange forward contracts in the management of its exchange rate exposures. The instruments purchased are primarily denominated in the currencies of the company's principal markets.

 

At the balance sheet date the total nominal amount of outstanding foreign exchange forward contracts that the company was committed to was £2,647,174 (2023 - £2,722,953).

Fair value measurements for forward rate agreements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. The fair values of derivative instruments are calculated using quoted prices and are carried at fair value through profit and loss account.

 

Foreign currency forward contracts are measured using quoted forward exchange rates matching the contracts. At 31 January 2024, the amounts due to the company for currency derivatives are £11,247 (2023 - £72,357 due from), which are included within cost of sales within the profit and loss account. These amounts are based on market values of equivalent instruments at the balance sheet date.

ZIVTEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
7
Financial instruments
(Continued)
- 6 -
Financial security, risk management objective and policies

Credit risk

 

The company's principal financial assets are bank balances, and trade and debtors.

 

The company's credit risk is principally attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for impairments for doubtful debts estimated by the company's management based on prior experience and its assessment of the current economic environment.

 

The company only has a small number of customers but the exposure is spread equally over these and the directors consider there is no significant concentration of credit risk to the company.

 

Foreign exchange risk

 

The company purchases and sells products in foreign currencies and as such is exposed to foreign exchange risk. To protect cash flows against high levels of exchange rate risk, the net exposure is calculated and forward exchange contracts are entered into to limit this risk.

 

These assets are included at fair value through profit and loss and are valued in the financial statements based on their market value at the balance sheet date. These assets are generally de-recognised when the contract that gives rise to them is settled, sold, cancelled or expires.

 

Financial security and liquidity

 

The company is financed by the issue of ordinary shares. At 31 January 2024, the company had £566,750 (2023 - £1,436,553) of cash and cash equivalents. The company reviews its cash and capital position regularly to ensure it has adequate resources to meet its liabilities as they fall due.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
9
Directors' transactions

At the balance sheet date £12,097 was owed by the director to the company (2023 - £3,990 owed to the director from the company). Advances and repayments totaling £23,186 and £7,099, respectively, were made during the year. The loan is repayable on demand and subject to interest at 2%.

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