Company registration number 07597853 (England and Wales)
ZIRON LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ZIRON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
ZIRON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
31 December 2022
30 April 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
23,925
Tangible assets
5
-
0
100
Investments
6
2
78
2
24,103
Current assets
Debtors
8
9,992
16,782
Cash at bank and in hand
12,425
5,956
22,417
22,738
Creditors: amounts falling due within one year
9
(198,980)
(126,210)
Net current liabilities
(176,563)
(103,472)
Total assets less current liabilities
(176,561)
(79,369)
Creditors: amounts falling due after more than one year
10
-
0
(41,385)
Provisions for liabilities
(2,450)
(4,036)
Net liabilities
(179,011)
(124,790)
Capital and reserves
Called up share capital
11
2
2
Profit and loss reserves
(179,013)
(124,792)
Total equity
(179,011)
(124,790)

The notes on pages 2 to 8 form part of these financial statements.

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

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 by the board of directors and authorised for issue on 18 July 2024 and are signed on its behalf by:
H Stevens
Director
Company Registration No. 07597853
ZIRON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Ziron Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Riverside Business Park, Walnut Tree Close, Guildford, GU1 4UG.

1.1
Reporting period

The financial statements are prepared for the 8 month period to 31 December 2022. The prior year financial statements were prepared for the year to 30 April 2022. As a result, the comparative amounts presented in the financial statements, including the related notes, are not entirely comparable.

1.2
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.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

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

Domain Portfolio
nil years
1.6
Tangible fixed assets

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

ZIRON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -

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

Computer equipment
straight line over 3 years

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.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ZIRON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

ZIRON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The Directors do not believe there to be any key areas of judgement or key accounting estimates in the current or prior year.

3
Employees

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

Period ended
Year ended
31 December
30 April
2022
2022
Number
Number
Total
3
3
4
Intangible fixed assets
Domain Portfolio
£
Cost
At 1 May 2022
23,925
Disposals
(23,925)
At 31 December 2022
-
0
Amortisation and impairment
At 1 May 2022 and 31 December 2022
-
0
Carrying amount
At 31 December 2022
-
0
At 30 April 2022
23,925
ZIRON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 6 -
5
Tangible fixed assets
Plant and machinery
£
Cost
At 1 May 2022 and 31 December 2022
1,949
Depreciation and impairment
At 1 May 2022
1,849
Depreciation charged in the period
100
At 31 December 2022
1,949
Carrying amount
At 31 December 2022
-
0
At 30 April 2022
100
6
Fixed asset investments
Period ended December
Year ended April
2022
2022
£
£
Shares in group undertakings and participating interests
2
78
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2022
78
Disposals
(76)
At 31 December 2022
2
Carrying amount
At 31 December 2022
2
At 30 April 2022
78
7
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

ZIRON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
7
Subsidiaries
(Continued)
- 7 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Flexichannels Limited
Unit 4, Riverside Business Park, Walnut Tree Close, Guildford, GU1 4UG
Ordinary
100.00
TelcoAPI Limited
Unit 4, Riverside Business Park, Walnut Tree Close, Guildford, GU1 4UG
Ordinary
100.00

The above subsidiaries were dormant throughout the current and prior period.

8
Debtors
Period ended
Year ended
31 December
30 April
2022
2022
Amounts falling due within one year:
£
£
Trade debtors
6,071
10,861
Other debtors
3,921
5,921
9,992
16,782
9
Creditors: amounts falling due within one year
Period ended
Year ended
31 December
30 April
2022
2022
£
£
Trade creditors
4,903
9,961
Amounts owed to group undertakings
169,614
-
0
Corporation tax
-
0
3,612
Other taxation and social security
898
3,338
Other creditors
23,565
109,299
198,980
126,210
10
Creditors: amounts falling due after more than one year
Period ended
Year ended
31 December
30 April
2022
2022
£
£
Bank loans and overdrafts
-
0
41,385
11
Called up share capital
Period ended
Year ended
Period ended
Year ended
31 December
30 April
31 December
30 April
2022
2022
2022
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.0001p each
20,000
20,000
2
2
ZIRON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
11
Called up share capital
(Continued)
- 8 -
12
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.

Senior Statutory Auditor:
David Lawrence BSc (Hons) FCA
Statutory Auditor:
Azets Audit Services
13
Parent company

The immediate parent company is TelcoSwitch Limited.

The company's ultimate parent company and controlling party is TopSwitch Limited, a company registered in England and Wales at registered address, 33 Glasshouse Street, London, W1B 5DG. This is also the largest group in which the results of the company are consolidated. Copies of the group financial statements of TopSwitch Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

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