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REGISTERED NUMBER: 04632419 (England and Wales)












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: K Daneels





SECRETARY: MYUKOFFICE LTD





REGISTERED OFFICE: 8 Northumberland Avenue
London
WC2N 5BY





REGISTERED NUMBER: 04632419 (England and Wales)





AUDITORS: Try Lunn & Co
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 1,090 2,285
Investments 6 41,700 41,700
42,790 43,985

CURRENT ASSETS
Debtors 7 154,619 106,153
Cash at bank 14,535 23,147
169,154 129,300
CREDITORS
Amounts falling due within one year 8 1,549,722 1,636,190
NET CURRENT LIABILITIES (1,380,568 ) (1,506,890 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,337,778

)

(1,462,905

)

CREDITORS
Amounts falling due after more than one
year

9

1,473,878

1,506,545
NET LIABILITIES (2,811,656 ) (2,969,450 )

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Retained earnings 12 (2,812,656 ) (2,970,450 )
SHAREHOLDERS' FUNDS (2,811,656 ) (2,969,450 )

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 8 August 2024 and were signed by:





K Daneels - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

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:

Patents3-12 years

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

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 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 745,117
AMORTISATION
At 1 January 2023
and 31 December 2023 745,117
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 8,295
DEPRECIATION
At 1 January 2023 6,010
Charge for year 1,195
At 31 December 2023 7,205
NET BOOK VALUE
At 31 December 2023 1,090
At 31 December 2022 2,285

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 41,700
NET BOOK VALUE
At 31 December 2023 41,700
At 31 December 2022 41,700

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 48,370 78,744
Amounts owed by group undertakings 100,142 15,857
Other debtors 6,107 11,552
154,619 106,153

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 30,864 17,900
Amounts owed to group undertakings 1,455,063 1,540,339
Other creditors 63,795 77,951
1,549,722 1,636,190

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 1,473,878 1,506,545

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: £    £   
1,000 Ordinary 1 1,000 1,000

12. RESERVES
Retained
earnings
£   

At 1 January 2023 (2,970,450 )
Profit for the year 157,794
At 31 December 2023 (2,812,656 )

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

The Report of the Auditors was unqualified.

Andrew Ewart FCA FCCA (Senior Statutory Auditor)
for and on behalf of Try Lunn & Co

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.