REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Z-Card Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Z-Card Limited |
Z-Card Limited (Registered number: 04632419) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Z-Card Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Roland House |
Princes Dock Street |
HULL HU1 2LD |
Z-Card Limited (Registered number: 04632419) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
Z-Card Limited (Registered number: 04632419) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Z-Card Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Due to circumstances, including as a result of the coronavirus pandemic, and in order to reduce costs for the company the Director of the company, who is also a Director of the wider Daneels group, made strategic changes to the company at the end of 2020 which included a reduction in the company's staff force, discontinuing the lease of the London office where it had previously operated from and also the allocation of Daneels group staff to oversee the day to day running of the company. Since the beginning of 2021 the company has operated on a much smaller scale. The company is reliant on this operational support and on the financial support of the Daneels group in order to continue as a going concern. The Daneels group have agreed to defer repayment of the GBP 2.9 million loan owed to them by the company. The company is also reliant on the support from its' bankers, KBC, who provide factoring facilities. |
After reporting losses in previous years, the consolidated results of the Daneels Group showed profits of EUR 31,300 in the year ended 31 March 2022 and profits of EUR 142,000 in the year ended 31 March 2023. The consolidated results for the year ended 31 March 2024 are not yet available. The unaudited figures for internal reporting purposes for the year ended 31 December 2023 shows growth in the Group's profit. The Directors of the Daneels Group expect the Group results to remain stable through until the end of 2025. The Director of Z-Card Limited is confident that he can rely on the support from the Daneels Group, however detailed financial forecasts of the Daneels group have not been prepared. |
The financial statements have been prepared on the going concern basis. |
Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Revenue on the sale of goods is recognised on despatch in accordance with the company's terms of sale. Revenue relating to services is recognised when the company has performed its obligations, in accordance with contractual terms. |
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. |
Amortisation is provided at the following rates: |
Patents | 3-12 years |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Z-Card Limited (Registered number: 04632419) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation 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 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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a workplace pension scheme. Contributions payable to the workplace pension scheme are charged to the profit or loss in the period which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Z-Card Limited (Registered number: 04632419) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
Z-Card Limited (Registered number: 04632419) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
10. | SECURED DEBTS |
The company uses KBC Commercial Finance NV invoice factoring. There is a fixed charge over book debts and proceeds of book debts. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 1,000 | 1,000 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Profit for the year |
At 31 December 2023 | ( |
) |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Z-Card Limited (Registered number: 04632419) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | RELATED PARTY DISCLOSURES |
At the balance sheet date amounts totalling £18,994 (2022: £18,994) were owed by the company to Dankro Ltd, the parent company of Z-Card Ltd. |
During the year the company recharged commissions and costs under normal commercial terms to Z-Media Global, a subsidiary company, which amounted to £247,472 (2022: £218,494). The company received management services under normal commercial terms from Z-Media Global totalling £Nil (2022: £132,930). |
At the balance sheet date amounts totalling £51,063 were owed to the company by Z-Media Global (2022: £69,555 owed to Z-Media Global by the company) . |
During the year the company purchased goods and services totalling £281,449 (2022: £316,284) under normal commercial terms from Drukkerij Daneels BVBA, a sister company. At the balance sheet date, the total outstanding in respect of these goods and services was £1,436,039 (2022: £1,377,050) and is repayable on demand. |
During a previous period a loan was advanced to the company by Drukkerij Daneels BVBA, a sister company, amounting to EUR 1.7m. At the balance sheet date the loan remained outstanding, in full, at a value of £1,473,878 (2022: £1,506,545). The loan is due after more than one year. No interest is being charged on the loan. |
At the balance sheet date a loan totalling £33,222 was owed to the company by Z-Card SAS, a subsidiary company (2022: £74,696 owed to Z-Card SAS by the company). |
At the balance sheet date a loan totalling £15,857 (2022: £15,857) was owed to the company by Daneels Grafische Groep, the parent company for the Daneels Group. |
At the balance sheet date amounts totalling £30 (2022: £43) were owed by the company to EVM Print, a fellow group company. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is K Daneels. |