Company Registration No. 11786825 (England and Wales)
Zipzero Global Limited
Unaudited accounts
for the year ended 31 January 2024
Zipzero Global Limited
Unaudited accounts
Contents
Zipzero Global Limited
Company Information
for the year ended 31 January 2024
Directors
Marcin Walaszczyk
Mohsin Rashid
Company Number
11786825 (England and Wales)
Registered Office
125 Kingsway
Aviation House
London
WC2B 6NH
United Kingdom
Accountants
The Accountancy Cloud
1 Fore Street Avenue
London
EC2Y 9DT
Zipzero Global Limited
Statement of financial position
as at 31 January 2024
Intangible assets
196,654
214,479
Tangible assets
2,302
2,946
Cash at bank and in hand
171,063
268,143
Creditors: amounts falling due within one year
(829,776)
(1,283,755)
Net current liabilities
(619,294)
(1,015,488)
Net liabilities
(419,338)
(798,063)
Called up share capital
16,838
14,611
Share premium
4,308,224
2,566,810
Capital contribution reserve
836,930
-
Profit and loss account
(5,581,330)
(3,379,484)
Shareholders' funds
(419,338)
(798,063)
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by
Marcin Walaszczyk
Director
Company Registration No. 11786825
Zipzero Global Limited
Notes to the Accounts
for the year ended 31 January 2024
Zipzero Global Limited is a private company, limited by shares, registered in England and Wales, registration number 11786825. The registered office is 125 Kingsway, Aviation House, London, WC2B 6NH, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Mobile application development costs are recognised as an intangible asset when all of the following criteria are demonstrated:
- The technical feasibility of completing the application so that it will be available for use or sale.
- The intention to complete the application and use or sell it.
- The ability to use the application or to sell it.
- How the application will generate probable future economic benefits.
- The availability of adequate technical, financial and other resources to complete the development and to use or sell the application.
- The ability to measure reliably the expenditure attributable to the application during its development.
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives:
- Mobile Application Development costs - 10 years.
Zipzero Global Limited
Notes to the Accounts
for the year ended 31 January 2024
Expenditure on research and development is written off in the year in which it is incurred. Where appropriate, the development expenditure is capitalised and amortised over its useful economic life.
Research and development tax credit
During the financial year, Zipzero Global Ltd received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Statement of Profit or Loss in line with disclosure requirements under FRS 102.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Other
At 1 February 2023
344,169
At 31 January 2024
352,851
At 1 February 2023
129,690
Charge for the year
26,507
At 31 January 2024
156,197
At 31 January 2024
196,654
At 31 January 2023
214,479
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 February 2023
1,196
3,162
4,358
At 31 January 2024
1,196
3,604
4,800
At 1 February 2023
923
489
1,412
Charge for the year
231
855
1,086
At 31 January 2024
1,154
1,344
2,498
At 31 January 2024
42
2,260
2,302
At 31 January 2023
273
2,673
2,946
Zipzero Global Limited
Notes to the Accounts
for the year ended 31 January 2024
6
Investments
Subsidiary undertakings
Valuation at 1 February 2023
-
Valuation at 31 January 2024
1,000
Investment made in Zipzero UK Ltd - 1000 Shares at £1 per share.
Amounts falling due within one year
Accrued income and prepayments
13,903
-
8
Creditors: amounts falling due within one year
2024
2023
Trade creditors
215,126
1,089,856
Amounts owed to group undertakings and other participating interests
(170,400)
9,305
Taxes and social security
104,395
158,826
Other creditors
688,704
21,694
Loans from directors
(13,049)
(13,766)
The other creditors includes loans from below parties:
MR768 Ltd - £548,000 (2023 : £0)
Nitor Capital Ltd - £1,955 (2023 : £1,954)
Mr Mohsin Rashid - £30,000 (2023 : £0)
Mr Mike Herold - £100,000 (2023 : £0)
The Loans are interest free and repayable on demand.
Allotted, called up and fully paid:
8,773,893 Class A Ordinary shares of £0.001 each
8,773.89
6,543.52
6,964,734 Class B Ordinary shares of £0.001 each
6,964.73
6,964.73
1,099,080 Class C Ordinary shares of £0.001 each
1,099.08
1,102.75
Shares issued during the period:
2,230,371 Class A Ordinary shares of £0.001 each
2,230.37
Zipzero Global Limited
Notes to the Accounts
for the year ended 31 January 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
The directors' loans are interest-free and repayable on demand.
11
Transactions with related parties
During the year the Company purchased goods in the ordinary course of business from Biospace Limited, companies with common directors, at a cost of £35,000 (2023: £32,000).
Amounts owed to Biospace Limited at the reporting date were £3,792 (2023: £5,350).
Also during the year company provided loan of £170,400 to its 100% owned subsidiary Zipzero UK Ltd.
The loans are interest-free and repayable on demand.
12
Average number of employees
During the year the average number of employees was 8 (2023: 4).