Registered number
11456518
Zystm UK Limited
Filleted Accounts
30 June 2023
Zystm UK Limited
Registered number: 11456518
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 803 -
Current assets
Debtors 5 53,805 130,481
Cash at bank and in hand 40,488 175,652
94,293 306,133
Creditors: amounts falling due within one year 6 (322,347) (536,417)
Net current liabilities (228,054) (230,284)
Net liabilities (227,251) (230,284)
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account (237,251) (240,284)
Shareholders' funds (227,251) (230,284)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R J Triance
Director
Approved by the board on 27 February 2024
Zystm UK Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Martin Leafe
Firm: Couchman and Leafe Ltd
Date of audit report: 27 February 2024
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
4 Tangible fixed assets
Office equipment
£
Cost
Additions 1,157
At 30 June 2023 1,157
Depreciation
Charge for the year 354
At 30 June 2023 354
Net book value
At 30 June 2023 803
5 Debtors 2023 2022
£ £
Trade debtors 45,061 98,426
Other debtors 8,744 32,055
53,805 130,481
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,195 74,986
Amounts owed to group undertakings and undertakings in which the company has a participating interest 312,885 418,297
Taxation and social security costs 1,843 3,782
Other creditors 6,424 39,352
322,347 536,417
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Director 1
Loan 2,050 - - 2,050
2,050 - - 2,050
8 Related party transactions
During the year the company undertook the following transactions with its parent company, Zystm A/S. The company purchased goods for £99,452 (2022 : £389,711) and charged commission of £7,786 (2022 : Nill). At the balance sheet date the amounts owed to Zystm A/S was £312,885 (2022 £418,297).
9 Controlling party
In the director's opinion the company's immediate and ultimate parent company is Zystm A/S, which is incorporated in Denmark.
10 Other information
Zystm UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
Gibson House
Lancaster way
Ermine Business Park
Huntingdon
PE29 6XU
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