REGISTERED NUMBER: 07197681 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ZIZTEL LIMITED |
REGISTERED NUMBER: 07197681 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
ZIZTEL LIMITED |
ZIZTEL LIMITED (REGISTERED NUMBER: 07197681) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Statement of Income and Retained Earnings | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Notes to the Consolidated Financial Statements | 8 |
ZIZTEL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
29 Arboretum Street |
Nottingham |
Nottinghamshire |
NG1 4JA |
ZIZTEL LIMITED (REGISTERED NUMBER: 07197681) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The financial year ended 31 March 2024 resulted in a number of significant events for Ziztel. |
On 21 September 2023 the company acquired, by way of a share swap, 100% of the capital of Zizcam Limited, a designer and manufacturer of cameras for safety critical applications. Zizcam has been a supplier to Ziztel for a number of years but technical developments have resulted in rapid growth in demand for its products. The shareholders believe the continued growth was best served under unitary management and a single commercial structure. This is justified by Zizcam contributing £247,000 to the consolidated profits declared below. |
The year saw record order intake in excess of £10m. While continuing to operate with oil and gas operators in asset and personal protection, the company is part of the transition away from fossil fuels with significant increase in revenue from global wind and nuclear facilities. With the companies range of lighter weight, energy efficient products on smaller installations represent opportunities for further growth in future years. |
Sales increased 66% year on year to £6.96m and gross profit increased to 35%, up from 13% in the prior year. While sales mix impacts year on year comparisons the directors believe the current year performance is at the top end of the range with 30% being a more realistic medium term objective. |
During the year bank and other debt has reduced by £458,000. The directors believe this rate of reduction will continue and anticipate to be debt free in 2027, subject to the requirement for bank facilities for working capital purposes. |
At the time of writing the Group had sufficient order cover to achieve sales in excess of £10m the year to March 25, representing a further 43% growth. There has been investment in business development and operational headcount to ensure the right resources are in place to manage the growth prospects. We also see projects where the Company's products are already specified which have been dormant for a number of years returning as live investment plans. All of the above results in the Board being confident of the Group's prospects for the foreseeable future. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
ZIZTEL LIMITED (REGISTERED NUMBER: 07197681) |
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER | 6,963,430 | 4,172,349 |
Cost of sales | 4,520,756 | 3,640,940 |
GROSS PROFIT | 2,442,674 | 531,409 |
Administrative expenses | 1,555,581 | 854,622 |
887,093 | (323,213 | ) |
Other operating income | 20,000 | 319,014 |
OPERATING PROFIT/(LOSS) | 4 | 907,093 | (4,199 | ) |
Interest receivable and similar income | 77 | 205 |
907,170 | (3,994 | ) |
Interest payable and similar expenses | 79,908 | 58,438 |
PROFIT/(LOSS) BEFORE TAXATION | 827,262 | (62,432 | ) |
Tax on profit/(loss) | 188,006 | (358,024 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year | 317,123 | 179,739 |
Dividends | (43,618 | ) | (158,208 | ) |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
912,761 |
317,123 |
Profit attributable to: |
Owners of the parent | 639,256 | 295,592 |
ZIZTEL LIMITED (REGISTERED NUMBER: 07197681) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 | 823,013 | 15,518 |
Tangible assets | 7 | 39,065 | 13,922 |
Investments | 8 | - | - |
862,078 | 29,440 |
CURRENT ASSETS |
Stocks | 1,102,980 | 410,653 |
Debtors | 9 | 2,390,630 | 2,543,351 |
Cash at bank and in hand | 139,750 | 40,437 |
3,633,360 | 2,994,441 |
CREDITORS |
Amounts falling due within one year | 10 | 3,281,369 | 2,107,979 |
NET CURRENT ASSETS | 351,991 | 886,462 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,214,069 |
915,902 |
CREDITORS |
Amounts falling due after more than one year | 11 | 301,107 | 598,678 |
NET ASSETS | 912,962 | 317,224 |
CAPITAL AND RESERVES |
Called up share capital | 12 | 201 | 101 |
Retained earnings | 912,761 | 317,123 |
SHAREHOLDERS' FUNDS | 912,962 | 317,224 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group. |
ZIZTEL LIMITED (REGISTERED NUMBER: 07197681) |
CONSOLIDATED BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements have been prepared 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 21 August 2024 and were signed on its behalf by: |
N J Dickens - Director |
ZIZTEL LIMITED (REGISTERED NUMBER: 07197681) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
Tangible assets | 7 |
Investments | 8 |
CURRENT ASSETS |
Stocks |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 11 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 463,165 | 295,592 |
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. |
ZIZTEL LIMITED (REGISTERED NUMBER: 07197681) |
COMPANY BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ZIZTEL LIMITED (REGISTERED NUMBER: 07197681) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Ziztel Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the 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. |
Goodwill |
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. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Income and Retained Earnings, 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. |
ZIZTEL LIMITED (REGISTERED NUMBER: 07197681) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group'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 |
The average number of employees by undertakings that were proportionately consolidated during the year was 2 (2023 - NIL ) . |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging: |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets | 12,888 | 14,553 |
Goodwill amortisation | 42,766 | - |
Intellectual Property Rights amortisation | 5,173 | 5,172 |
5. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
ZIZTEL LIMITED (REGISTERED NUMBER: 07197681) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | INTANGIBLE FIXED ASSETS |
Group |
Intellectual |
Property |
Goodwill | Rights | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | - | 51,725 | 51,725 |
Additions | 855,434 | - | 855,434 |
At 31 March 2024 | 855,434 | 51,725 | 907,159 |
AMORTISATION |
At 1 April 2023 | - | 36,207 | 36,207 |
Amortisation for year | 42,766 | 5,173 | 47,939 |
At 31 March 2024 | 42,766 | 41,380 | 84,146 |
NET BOOK VALUE |
At 31 March 2024 | 812,668 | 10,345 | 823,013 |
At 31 March 2023 | - | 15,518 | 15,518 |
Company |
Intellectual |
Property |
Rights |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
ZIZTEL LIMITED (REGISTERED NUMBER: 07197681) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 | 44,652 | 16,213 | 94,459 | 155,324 |
Additions | 11,653 | 15,341 | 11,037 | 38,031 |
Reclassification/transfer | - | - | 698 | 698 |
At 31 March 2024 | 56,305 | 31,554 | 106,194 | 194,053 |
DEPRECIATION |
At 1 April 2023 | 44,652 | 16,176 | 80,574 | 141,402 |
Charge for year | 1,526 | 1,781 | 9,581 | 12,888 |
Reclassification/transfer | - | - | 698 | 698 |
At 31 March 2024 | 46,178 | 17,957 | 90,853 | 154,988 |
NET BOOK VALUE |
At 31 March 2024 | 10,127 | 13,597 | 15,341 | 39,065 |
At 31 March 2023 | - | 37 | 13,885 | 13,922 |
Company |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
ZIZTEL LIMITED (REGISTERED NUMBER: 07197681) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 |
£ |
Aggregate capital and reserves | ( |
) |
Profit for the year |
On the 21 September 2023 Zizcam Limited became a wholly owned subsidiary of Ziztel Limited. |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Trade debtors | 1,740,158 | 996,605 |
Amounts owed by group undertakings | - | - |
Other debtors | 132,303 | 1,140,375 |
Deferred tax asset | 437,020 | 358,024 | 198,568 | 358,024 |
Prepayments | 81,149 | 48,347 |
2,390,630 | 2,543,351 |
ZIZTEL LIMITED (REGISTERED NUMBER: 07197681) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Bank loans and overdrafts | 327,092 | 488,512 |
Other loans | 35,304 | - |
Trade creditors | 1,323,612 | 850,734 |
Corporation tax | 15 | - |
Social security and other taxes | 34,502 | 34,572 |
Other creditors | 95,107 | 142,960 |
Directors' current accounts | - | 2,000 | - | 2,000 |
Accruals and deferred income | 1,465,737 | 589,201 |
3,281,369 | 2,107,979 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Bank loans | 301,107 | 598,678 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number | Class | Nominal | 31.03.24 | 31.03.23 |
Value |
£ | £ | £ |
1 | Ordinary | £1.00 | 1 | 1 |
350 | Ordinary A | £0.10 | 35 | 35 |
300 | Ordinary B | £0.10 | 30 | 30 |
100 | Ordinary C | £0.10 | 10 | 10 |
25 | Ordinary D | £0.10 | 2.5 | 2.5 |
100 | Ordinary E | £0.10 | 10 | 10 |
25 | Ordinary G | £0.10 | 2.5 | 2.5 |
100 | Ordinary H | £0.10 | 10 | 10 |
1,000 | Ordinary K | £0.10 | 100 | - |
201 | 101 |
On the 21 September 2023 Ziztel Limited acquired 100% of the 1,000 10p Ordinary shares in Zizcam Limited by way of a share for share exchange for 1,000 10p Ordinary K shares. |