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REGISTERED NUMBER: 08406532 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Zapnito Ltd

Zapnito Ltd (Registered number: 08406532)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Zapnito Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr J P Beer
Mr P Davidson
Mr I Perry
Mr C E Thiede





REGISTERED OFFICE: 86-90 Paul Street
London
EC2A 4NE





REGISTERED NUMBER: 08406532 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chartered Accountants
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

Zapnito Ltd (Registered number: 08406532)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,871 12,085

CURRENT ASSETS
Debtors 5 2,359,903 1,841,575
Cash at bank 920,477 469,880
3,280,380 2,311,455
CREDITORS
Amounts falling due within one year 6 (1,582,553 ) (1,549,563 )
NET CURRENT ASSETS 1,697,827 761,892
TOTAL ASSETS LESS CURRENT LIABILITIES 1,700,698 773,977

CREDITORS
Amounts falling due after more than one year 7 (792,840 ) (24,952 )
NET ASSETS 907,858 749,025

CAPITAL AND RESERVES
Called up share capital 10 187 175
Share premium 6,440,484 5,440,498
Retained earnings (5,532,813 ) (4,691,648 )
SHAREHOLDERS' FUNDS 907,858 749,025

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

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

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 11 April 2024 and were signed on its behalf by:





Mr J P Beer - Director


Zapnito Ltd (Registered number: 08406532)

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

1. STATUTORY INFORMATION

Zapnito 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.

The accounts are prepared on a going concern basis as in the opinion of the directors the company has sufficient finance available to it to meet its obligations as they fall due for the foreseeable future, that is at least 12 months from the date of approval of the accounts.

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Turnover
Turnover is measured at the fair value of the consideration receivable, net of discounts, and value added tax. Turnover represents revenue from software licence fee income, support and maintenance income.

Turnover is recognised ratably over the period of the licence. Income not released to the profit and loss account is carried in the balance sheet in deferred revenue.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment.

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

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.


Zapnito Ltd (Registered number: 08406532)

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

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 30 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 38,691
Additions 4,080
At 31 December 2023 42,771
DEPRECIATION
At 1 January 2023 26,606
Charge for year 13,294
At 31 December 2023 39,900
NET BOOK VALUE
At 31 December 2023 2,871
At 31 December 2022 12,085

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,079,251 1,006,747
Other debtors 1,280,652 834,828
2,359,903 1,841,575

Zapnito Ltd (Registered number: 08406532)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 8) 232,111 9,889
Trade creditors 21,096 95,505
Taxation and social security (69,015 ) 104,223
Other creditors 1,398,361 1,339,946
1,582,553 1,549,563

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 8) 792,840 24,952

8. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 232,111 9,889

Amounts falling due between one and two years:
Bank loans - 1-2 years 237,285 10,136

Amounts falling due between two and five years:
Bank loans - 2-5 years 555,555 14,816

As at the balance sheet date the company held a bounce back loan which is due to be repaid in full by June 2026.
Additionally, the company has a loan that contains a fixed charge over the assets of the business. Interest is being charged on the loan at 12.5%.
A joint and several personal guarantee of £200,000 is provided by Mr C E Thiede and Mr J P Beer in favour of the loan.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 5,595 -

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,180,312 Ordinary Shares £0.0001 118 118
586,436 Ordinary A Shares £0.0001 59 47
100,964 Deferred Shares £0.0001 10 10
187 175

117 539 Ordinary shares were allotted and fully paid at £8.5078 per share during the year.

Zapnito Ltd (Registered number: 08406532)

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

11. ULTIMATE CONTROLLING PARTY

The controlling party is OCTOPUS APOLLO VCT PLC.