Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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ZEON LIMITED
CONTENTS
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ZEON LIMITED
COMPANY INFORMATION
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ZEON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
A strong performance for this year has been delivered through the continued adoption of a defined strategy that is focused on achieving sustainable year on year turnover growth (+10%) and delivering improved levels of profit (+73%) through a committed drive to maximise existing resources. The direct-to-consumer sales channels and the focus on channel penetration within markets with the biggest volume opportunities has been key to this year’s success. In the short term, our objective within these global key markets has been to maintain levels of inventory and increase access to our products to satisfy previously existing, under-supplied demand (in particular for the Vivienne Westwood brand, through Vivienne Westwood owned retail).
The directors monitor the performance of the trading operations on a regular basis. The main KPIs are listed below:
Continuing to build on the wider company mindset of having a customer focused business based on repeat transactional customer relationships driven by great product offerings and cohesive, consistent brand storytelling strategies that overall lead to an elevated customer experience has underpinned the past years' success. As we look to build on the global markets where demand for our products has been under-serviced, we have started to adopt a more local engagement with our partners, including assortment planning and supply chain management that enables a deeper penetration and better serviceability. The focus placed on our direct to consumer e-commerce business continues through various platforms and channels, with an expectation of ensuring the investments made at a local level through distribution partners will retain customers and bring them into our brand ecosystem touchpoints for future potential engagement and transactional conversion.
Principal risks and uncertainties The directors have overall responsibility to assess risk and the systems of internal control. This includes a review of financial, operational and compliance controls and risk management procedures. There is an ongoing process for identifying, evaluating and managing significant risks faced by the Company: Price risk The Company enters into negotiations with major customers and suppliers 6-8 months in advance regarding product selection and prices. This process facilitates planning and enables the Company to negotiate prices with third party suppliers to manage price risk. Credit risk The effectiveness and efficiency in cash flow planning and review enables the Company to stringently manage trade receivables and hence ensure that the terms allowed are adhered to. An excellent relationship is also maintained with the Company's bankers.
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ZEON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Liquidity and cash flow risk
Working capital is managed effectively as internal control procedures are in place to plan and review working capital requirements on a regular basis. Fund flows There is an arrangement for funding from the Parent Company (Herald Group Limited) if required. Foreign exchange risk The Company operates in the global market, both buying and selling products on a global basis. The Company seeks to generate revenues in stronger currencies in order to meet its commitments. Zeon Limited does not consider there to be any further material levels of risk to its operating business. Order Book At 31st March 2024, the Company had confirmed orders in the amount of £0.925m for UK operations (2023: £1.006m) and orders amounting to US $1.287m for Zeon Far East Group business (2023 : $0.07m). Health, safety and the environment We work hard to make sure that Health and Safety policies are well communicated, understood, respected and implemented to protect the health, safety and welfare of all our stakeholders, customers, suppliers, and the public at large. The Company ensures that all products shipped out to customers conform to EU safety guidelines and that the disposal of waste complies with WEE (Waste Electronic and Electrical equipment EU directive 2002/96EC). The volume of waste to landfill is minimized and all paper waste is recycled. The Company also complies with both the Nickel Directive (94/27/EC) where the amount of Nickel substance in our products may not exceed 0.28US/cm2/week and the Restriction of Hazardous Substances EU Directive (2011/65/EU). Outlook The continued customer expectations of convenience, choice and value price will inevitably maintain the dominance of online shopping compared to traditional high streets and shopping malls for our product categories. We are continuing to invest across all our digital platforms and associated customer digital touchpoints through deeper relationship management strategies and by ensuring our licensed brand partners weave those strategies into their businesses to ensure we’re well placed to take advantage of overall brand strength and demand at brand level.
This report was approved by the board on 12 August 2024 and signed on its behalf.
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ZEON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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ZEON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The Company's results for the year are shown in the profit and loss account on page 11.
The business environment remains unpredictable across the world due to ongoing geo political challenges. Conflict in Ukraine and the potential for further global conflicts are all prevalent and remain a significant risk factor. Through continued scenario planning and investment in our relationships with all our international trading partners and customers, we feel confident that the demand and our ability to take advantage of that demand remains solid. The loyalty and performance of our employees and partners, both internally and externally continue to be an intrinsic part of our core strength and company foundations. Going concern The directors have prepared prudent, sensitised forecasts including cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements. The directors note the positive performance of the Company in the year to 31 March 2024 which facilitated a significant repayment the of full amount outstanding to the Company’s ultimate parent undertaking Herald Holdings Limited. During the year the company generated profits of £2.405m (2023: £1.129m) and as at the balance sheet date is in a net asset position of £6.340m (2023: £3.935m). Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. Proposed dividend The directors do not recommend the payment of a dividend on the ordinary shares (2023: £Nil).
The directors who served during the year were:
An indication of likely future developments in the business and particulars of significant events which have occurred since the end of the financial year have been included above or in the Strategic Report on pages 1 to 3.
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ZEON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Retention of staff, especially amongst all key employees has remained high and has helped achieve business objectives across many areas including cost control and effective re deployment of resource and assets.
It is the Company's policy that there should be no discrimination against any person. Training, career development and promotion are made available to all employees. Employees' advancement is based purely on the effectiveness of their performance. In accordance with the Company's equal opportunity policy, disabled persons are given the same consideration as others when they apply for jobs. Depending on their skills and abilities, they enjoy the same career prospects as other employees.
The previous auditor, Grant Thornton UK LLP, did not seek reappointment in accordance with section 485 of the Companies Act 2006 and therefore tendered their resignation. Blick Rothenberg LLP were appointed auditors on 20th March 2024.
This report was approved by the board on
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ZEON LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZEON LIMITED
FOR THE YEAR ENDED 31 MARCH 2024
We have audited the financial statements of Zeon Limited (the 'company') for the year ended 31 March 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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ZEON LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZEON LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
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ZEON LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZEON LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance; and
∙enquiring of management as to actual and potential litigation and claims.
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ZEON LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZEON LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date:
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ZEON LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
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ZEON LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 32 form part of these financial statements.
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ZEON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Zeon Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The company is exempt by virtue of s405 of the Companies Act 2006 from the requirement to prepare group financial statements on the basis that all subsidiaries of the company as a parent are not material for the purposes of giving a true and fair view. These financial statements present information about the company as an individual undertaking and not about its group. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest thousand pounds, £000.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company's financial statements are presented in Sterling and all values are rounded to the nearest thousand (£000) except where otherwise stated.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company's ultimate parent undertaking, Herald Holdings Limited includes the company in its consolidated financial statements. The consolidated financial statements of Herald Holdings Limited are available to the public and may be obtained from http://www.heraldgroup .com.hk/financial_reports .htm. In these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures:
∙Reconciliation of the number of shares outstanding from the beginning to end of the period;
∙Cash Flow Statement and related notes; and
∙Key Management Personnel compensation.
As the consolidated financial statements of Herald Holdings Limited include the equivalent disclosures, the company has also taken the exemptions under FRS 102 available in respect of the following disclosures:
∙The disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other Financial Instruments Issues in respect of financial instruments.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
There have been no judgments made by the directors in the application of these accounting policies that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year.
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The directors have prepared prudent, sensitised forecasts including cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements. The directors note the positive performance of the Company in the year to 31 March 2024 which facilitated a full repayment of the amounts outstanding to the Company's ultimate parent undertaking Herald Holdings Limited. During the year the company generated profits of £2.405m (2023: £1.129m) and as at the balance sheet date is in a net asset position of £6.340m (2023: £3.935m).
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Sales and marketing service income from group undertakings
The company receives commission for sales and marketing from Zeon Far East Ltd accounted for on a monthly basis and is recognised as other income.
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Such financial assets are subsequently measured at fair value through profit or loss, where they are publicly traded, or fair value can be measured reliably, for example by using a valuation technique. Where fair value cannot be measured reliably, the financial asset is measured at cost less impairment. Financial liabilities Basic financial liabilities, including trade and other 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Stock provision (estimate): The Company performs regular review of the carrying amounts of inventories with reference to aged inventories analysis and management judgement. Based on this review, write down of inventories will be made when the estimated net realisable values of inventories decline below their carrying amounts. However, actual consumption may be different from estimation and profit or loss could be affected by differences in this estimation. Recognition of deferred tax asset: There is judgement involved in the recognition of a deferred tax asset in respect of unutilised losses brought forward. Management have made an assessment based on forecasted future profits and the enacted rate of UK tax to estimate the tax losses that can be utilised going forward.
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Analysis of turnover by country of destination:
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11.Taxation (continued)
The company has tax losses of approximately £2.6m (2023: £4.6m) available to carry forward against future trading profits.
There is a potential deferred tax asset of £0.7m (2023: £1.1m) which has only been partially recognised in the financial statements due to the uncertainty concerning the timescale of its recoverability. No deferred tax asset had been recognised in respect of tax losses at 31 March 2023 (2022: £Nil) as the probability of these being utilised was considered uncertain.
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Subsidiary undertakings (continued)
Investment property fair value is based on a valuation performed as at 31 March 2023, by external, independent valuation firm, LCH (Asia Pacific) Surveyors Limited, who have among their staff members, appropriate recognised professional qualifications and recent experience in the location and class of property being valued. The Directors have updated this valuation for the year ended 31 March 2024.
The valuations, which are supported by market evidence, are prepared by considering the aggregate of the net annual rents receivable from the properties and where relevant, associated costs. A yield which reflects the specific risks inherent in the net cash flows is then applied to the net annual rentals to arrive at the property valuation. Any gain or loss arising from a change in fair value is recognised in profit or loss. Rental income from investment property is accounted for as described in the Other Income accounting policy.
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Revaluation reserve
Dividends
Profit and loss account
The Company contractual commitments in respect of minimum guaranteed royalties for licenses are £1,697,652 (2023: £2,081,882).
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ZEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company is a subsidiary undertaking of Herald Group Limited which is incorporated in the British Virgin Islands. The ultimate controlling party is Herald Holdings Limited, incorporated in Bermuda. The address of the parent undertaking's registered office is Clarendon House, 2 Church Street, Hamilton HM11, Bermuda.
The largest group in which the results of the Company are consolidated is that headed by Herald Holdings Limited, incorporated in Bermuda. No other group financial statements include the results of the Company. The consolidated accounts of this company are available to the public and may be obtained from Clarendon House, 2 Church Street, Hamilton HM11, Bermuda.
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