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REGISTERED NUMBER: 01074238 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

ZMC ELECON LIMITED

ZMC ELECON LIMITED (REGISTERED NUMBER: 01074238)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ZMC ELECON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: R Salisbury





REGISTERED OFFICE: Wharf Road
Hawkins Lane Industrial Estate
Burton on Trent
Staffordshire
DE14 1PZ





REGISTERED NUMBER: 01074238 (England and Wales)





AUDITORS: BSS & Co (Accountancy Services) Limited
(Statutory Auditor)
75 Aston Road
Shifnal
Shropshire
TF11 8DU

ZMC ELECON LIMITED (REGISTERED NUMBER: 01074238)

BALANCE SHEET
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 73,581 85,948
73,581 85,948

CURRENT ASSETS
Stocks 191,940 219,391
Debtors 6 394,852 587,765
Prepayments and accrued income 5,238 4,660
Cash at bank and in hand 650,855 585,918
1,242,885 1,397,734
CREDITORS
Amounts falling due within one year 7 287,420 414,892
NET CURRENT ASSETS 955,465 982,842
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,029,046

1,068,790

PROVISIONS FOR LIABILITIES 5,229 7,229
NET ASSETS 1,023,817 1,061,561

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 1,023,717 1,061,461
SHAREHOLDERS' FUNDS 1,023,817 1,061,561

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 25 October 2024 and were signed by:





R Salisbury - Director


ZMC ELECON LIMITED (REGISTERED NUMBER: 01074238)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

ZMC Elecon 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 company will cease trading in the year ended 31 January 2025 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company’s assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts supported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgements that the management have made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the total share capital of ZMC Chain Limited, whose trade was subsequently hived up to ZMC Elecon Limited. This cost was reclassified as goodwill in 2015 and was amortised evenly over its estimated useful life of five years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

ZMC ELECON LIMITED (REGISTERED NUMBER: 01074238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Cash and cash Equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, and bank overdrafts.

(ii) Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are stated at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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 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 5 (2023 - 5 ) .

ZMC ELECON LIMITED (REGISTERED NUMBER: 01074238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 54,270
AMORTISATION
At 1 February 2023
and 31 January 2024 54,270
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2023 83,559 234,781 25,503 54,670 398,513
Additions - - 9,920 - 9,920
At 31 January 2024 83,559 234,781 35,423 54,670 408,433
DEPRECIATION
At 1 February 2023 38,433 228,158 24,754 21,220 312,565
Charge for year 1,671 1,325 2,134 6,689 11,819
Impairments - - - 10,468 10,468
At 31 January 2024 40,104 229,483 26,888 38,377 334,852
NET BOOK VALUE
At 31 January 2024 43,455 5,298 8,535 16,293 73,581
At 31 January 2023 45,126 6,623 749 33,450 85,948

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 337,514 399,164
Other debtors 57,338 188,601
394,852 587,765

ZMC ELECON LIMITED (REGISTERED NUMBER: 01074238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors 48,429 35,798
Amounts owed to group undertakings 13,291 268,783
Taxation and social security 74,644 98,078
Other creditors 151,056 12,233
287,420 414,892

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
100 Ordinary £1 100 100

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

The Report of the Auditors was unqualified.


We draw attention to Note 2 to the financial statements which explains that the company will cease to trade and therefore the director does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter.

Taheer Afzal A.C.A. (Senior Statutory Auditor)
for and on behalf of BSS & Co (Accountancy Services) Limited

10. PARENT COMPANY

The company is a wholly owned subsidiary of Z.M.C. Italia S.R.L., a company incorporated in Italy. The financial statements of this company are available to the public and may be obtained from the following address:

Z.M.C. Italia S.R.L.
Piazza Della Repubblica N. 1/A
Milano
CAP 20121
Italy

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Z.M.C. Italia S.P.A., a company incorporated in Italy.