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REGISTERED NUMBER: 01774917 (England and Wales)









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ZED ENGINEERED SYSTEMS LIMITED

PREVIOUSLY KNOWN AS
ZED TUNNEL GUIDANCE LIMITED

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)
PREVIOUSLY KNOWN AS ZED TUNNEL GUIDANCE LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 8


ZED ENGINEERED SYSTEMS LIMITED
PREVIOUSLY KNOWN AS ZED TUNNEL GUIDANCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mr A Seilert





SECRETARY: Mrs C M J Kilvington





REGISTERED OFFICE: First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE





REGISTERED NUMBER: 01774917 (England and Wales)





AUDITORS: Seymour Taylor Limited, Statutory Auditor
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)
PREVIOUSLY KNOWN AS ZED TUNNEL GUIDANCE LIMITED

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,312 14,668
Tangible assets 5 192,594 206,449
199,906 221,117

CURRENT ASSETS
Stocks 434,654 358,931
Debtors 6 167,630 124,992
Cash at bank and in hand 481,479 572,458
1,083,763 1,056,381
CREDITORS
Amounts falling due within one year 7 35,042 33,803
NET CURRENT ASSETS 1,048,721 1,022,578
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,248,627

1,243,695

PROVISIONS FOR LIABILITIES 8,373 -
NET ASSETS 1,240,254 1,243,695

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 1,240,154 1,243,595
SHAREHOLDERS' FUNDS 1,240,254 1,243,695

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 director and authorised for issue on 18 July 2024 and were signed by:





Mr A Seilert - Director


ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)
PREVIOUSLY KNOWN AS ZED TUNNEL GUIDANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Zed Engineered Systems Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is First Floor North, 40 Oxford Road, High Wycombe, Buckinghamshire, HP11 2EE. The registered number is 01774917.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates. All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have assessed expected future cashflows, giving due consideration to all relevant factors affecting the company. The directors have considered the potential impact on the company as well as its capital resources and believe that the company has adequate resources in place to continue in operation for at least twelve months from the date of approval of the financial statements. Consequently, the company continues to adopt the going concern basis in preparing these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is measured at the fair value of consideration received or receivable for goods and or services provided, net of trade discounts and value added tax.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be reliably measured, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

This is usually when the goods have been dispatched and legal title has passed.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)
PREVIOUSLY KNOWN AS ZED TUNNEL GUIDANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimate useful life:

Long leasehold straight line -10%
Plant and machinery straight line - 25%
Fixtures and fittings straight line -25%

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Tax on the profit or loss 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 directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the statement of financial position date. Deferred tax balances are not discounted.

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.

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)
PREVIOUSLY KNOWN AS ZED TUNNEL GUIDANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities at the period end denominated in a foreign currency are translated into Sterling at the rate of exchange ruling at the statement of financial position date. Exchange differences are taken into account when arriving at the operating profit.

Hire purchase and leasing commitments
Assets acquired and held under finance lease or hire purchase contracts are capitalised in the statement of financial position. Those held under finance leases are depreciated over the shorter of the lease term and the estimated useful life of the asset. Those held under hire purchase contracts are depreciated over the estimated useful life of the asset.

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligation, exclusive of finances charges allocated to future periods, is recognised as a liability with the finance element charged to the income statement over the relevant period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Lease incentives
The company from time to time receives incentives to enter into new lease agreements. These incentives may take the form of an up-front cash payment ("reverse premium") or the initial period of the lease may be rent free or at a reduced rent.

In accordance with the standard accounting treatment for operating lease incentives, the benefits receivable by the company are deducted from the rental costs and are allocated on a straight line basis over the full lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its employees. 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 7 (2022 - 7 ) .

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)
PREVIOUSLY KNOWN AS ZED TUNNEL GUIDANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 January 2023
and 31 December 2023 36,736
AMORTISATION
At 1 January 2023 22,068
Amortisation for year 7,356
At 31 December 2023 29,424
NET BOOK VALUE
At 31 December 2023 7,312
At 31 December 2022 14,668

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 129,460 126,644 148,595 404,699
Additions 4,356 7,621 398 12,375
Disposals (50 ) - - (50 )
Reclassification - 21,831 - 21,831
At 31 December 2023 133,766 156,096 148,993 438,855
DEPRECIATION
At 1 January 2023 2,200 79,120 116,930 198,250
Charge for year 13,233 18,104 8,619 39,956
Reclassification - 8,055 - 8,055
At 31 December 2023 15,433 105,279 125,549 246,261
NET BOOK VALUE
At 31 December 2023 118,333 50,817 23,444 192,594
At 31 December 2022 127,260 47,524 31,665 206,449

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)
PREVIOUSLY KNOWN AS ZED TUNNEL GUIDANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 5,724 7,548
Amounts owed by group undertakings 97,237 101
Other debtors 64,669 117,343
167,630 124,992

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade creditors 6,308 2,691
Taxation and social security 7,124 5,543
Other creditors 21,610 25,569
35,042 33,803

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as
restated
£    £   
100 Ordinary £1 100 100

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion on financial statements
We were not appointed as auditor of the company until after 31 December 2022 and thus did not observe the counting of physical inventories at the end of the year to 31 December 2022. We were unable to satisfy ourselves by alternative means concerning the quantities and condition of inventory held at 31 December 2022, with a carrying value of £358,931 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to the carrying amount at 31 December 2022 was necessary or whether there was any consequential effect on the profit for the year ended 31 December 2023.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Joanne Kingsnorth FCA (Senior Statutory Auditor)
for and on behalf of Seymour Taylor Limited, Statutory Auditor

ZED ENGINEERED SYSTEMS LIMITED (REGISTERED NUMBER: 01774917)
PREVIOUSLY KNOWN AS ZED TUNNEL GUIDANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies not included in the statement of financial position amount to £234,500 (2022 - £301,500), all relates to operating lease commitments due in over 5 years.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The parent company is VMT GmbH, a company incorporated in Germany. The ultimate parent company is Herrenknecht AG, a company incorporated in Germany.

The largest and smallest group, in which this company's information is consolidated is that of Herrenknecht AG. The company is incorporated in Germany and is preparing its consolidated financial statements to 31 December 2023. The registered office for this company is:

Schlehenweg 2, 77963
Schwanau
Germany

Copies of the consolidated financial statements of 31 December 2023 can be obtained from the above address.