IRIS Accounts Production v24.2.0.383 07992821 Board of Directors 1.7.23 30.6.24 30.6.24 18.9.24 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh079928212023-06-30079928212024-06-30079928212023-07-012024-06-30079928212022-06-30079928212022-07-012023-06-30079928212023-06-3007992821ns15:EnglandWales2023-07-012024-06-3007992821ns14:PoundSterling2023-07-012024-06-3007992821ns10:Director12023-07-012024-06-3007992821ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3007992821ns10:SmallEntities2023-07-012024-06-3007992821ns10:Audited2023-07-012024-06-3007992821ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3007992821ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3007992821ns10:FullAccounts2023-07-012024-06-300799282112023-07-012024-06-3007992821ns5:CurrentFinancialInstruments2024-06-3007992821ns5:CurrentFinancialInstruments2023-06-3007992821ns5:ShareCapital2024-06-3007992821ns5:ShareCapital2023-06-3007992821ns5:RetainedEarningsAccumulatedLosses2024-06-3007992821ns5:RetainedEarningsAccumulatedLosses2023-06-3007992821ns10:RegisteredOffice2023-07-012024-06-3007992821ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3007992821ns5:LeaseholdImprovements2023-07-012024-06-3007992821ns5:PlantMachinery2023-07-012024-06-3007992821ns5:FurnitureFittings2023-07-012024-06-3007992821ns5:ComputerEquipment2023-07-012024-06-3007992821ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-06-3007992821ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-07-012024-06-3007992821ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-06-3007992821ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-06-3007992821ns5:LeaseholdImprovements2023-06-3007992821ns5:PlantMachinery2023-06-3007992821ns5:FurnitureFittings2023-06-3007992821ns5:ComputerEquipment2023-06-3007992821ns5:LeaseholdImprovements2024-06-3007992821ns5:PlantMachinery2024-06-3007992821ns5:FurnitureFittings2024-06-3007992821ns5:ComputerEquipment2024-06-3007992821ns5:LeaseholdImprovements2023-06-3007992821ns5:PlantMachinery2023-06-3007992821ns5:FurnitureFittings2023-06-3007992821ns5:ComputerEquipment2023-06-3007992821ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-06-3007992821ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-30
REGISTERED NUMBER: 07992821 (England and Wales)














Financial Statements

for the Year Ended 30 June 2024

for

AZoNetwork UK Ltd

AZoNetwork UK Ltd (Registered number: 07992821)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


AZoNetwork UK Ltd (Registered number: 07992821)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 607,777 436,459
Tangible assets 6 30,457 36,290
638,234 472,749

CURRENT ASSETS
Debtors 7 1,076,944 1,036,384
Cash at bank and in hand 1,611,970 1,215,220
2,688,914 2,251,604
CREDITORS
Amounts falling due within one year 8 1,110,800 897,690
NET CURRENT ASSETS 1,578,114 1,353,914
TOTAL ASSETS LESS CURRENT LIABILITIES 2,216,348 1,826,663

PROVISIONS FOR LIABILITIES 7,615 9,073
NET ASSETS 2,208,733 1,817,590

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,208,633 1,817,490
SHAREHOLDERS' FUNDS 2,208,733 1,817,590

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





A Coveney - Director


AZoNetwork UK Ltd (Registered number: 07992821)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

AZoNetwork UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07992821

Registered office: Neo
4th Floor
9 Charlotte Street
Manchester
Greater Manchester
M1 4ET

The presentation currency of the financial statements is the Pound Sterling (£).


AZoNetwork UK Ltd is a subsidiary of AZoM.com Limited, a company registered in New South Wales, Australia.

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.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Revenue is recognised as the company becomes entitled to consideration for the services supplied. Therefore, turnover includes the element of work completed but not yet invoiced.

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.

Website development is being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 5 years
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% reducing balance & 20% straight line
Computer equipment - 15% on reducing balance and Straight line over 3 years

Tangible fixed assets are stated at cost net of depreciation and any provision for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


AZoNetwork UK Ltd (Registered number: 07992821)

Notes to the Financial Statements - continued
for the Year Ended 30 June 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.

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.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. 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 46 (2023 - 48 ) .

4. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's financial
statements

7,500

11,045

5. INTANGIBLE FIXED ASSETS
Website
development
£   
COST
At 1 July 2023 669,132
Additions 250,315
At 30 June 2024 919,447
AMORTISATION
At 1 July 2023 232,673
Amortisation for year 78,997
At 30 June 2024 311,670
NET BOOK VALUE
At 30 June 2024 607,777
At 30 June 2023 436,459

AZoNetwork UK Ltd (Registered number: 07992821)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 24,313 1,053 41,669 161,017 228,052
Additions - - - 14,961 14,961
Disposals - - - (4,816 ) (4,816 )
At 30 June 2024 24,313 1,053 41,669 171,162 238,197
DEPRECIATION
At 1 July 2023 24,313 673 37,716 129,060 191,762
Charge for year - 57 822 19,679 20,558
Eliminated on disposal - - - (4,580 ) (4,580 )
At 30 June 2024 24,313 730 38,538 144,159 207,740
NET BOOK VALUE
At 30 June 2024 - 323 3,131 27,003 30,457
At 30 June 2023 - 380 3,953 31,957 36,290

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 895,047 897,698
Other debtors 181,897 138,686
1,076,944 1,036,384

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 198,771 122,890
Amounts owed to group undertakings 364,500 331,716
Taxation and social security 104,660 82,919
Other creditors 442,869 360,165
1,110,800 897,690

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

The Report of the Auditors was unqualified.

Jeremy Bostock BA(Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited

10. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £225,760 (2023: £293,488). This financial commitment represents the total amount of payments remaining on a lease ending in 2027.

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.

AZoNetwork UK Ltd (Registered number: 07992821)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13. ULTIMATE CONTROLLING PARTY

The controlling party is AZoM.com Limited, a company incorporated in Australia. Copies of the consolidated financial statements of the Group, in which the company is included, are available from its registered office: Suite 24, 90 Mona Vale Road, Warriewood, Sydney, New South Wales, 2102, Australia.