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REGISTERED NUMBER: SC459723 (Scotland)






















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

2ZLF LTD

2ZLF LTD (REGISTERED NUMBER: SC459723)

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


2ZLF LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: M H Owen





SECRETARY: Ms S Schneider





REGISTERED OFFICE: 4th Floor
115 George Street
Edinburgh
EH2 4JN





REGISTERED NUMBER: SC459723 (Scotland)





AUDITORS: GKP (Ampthill) Limited
Statutory Auditor
3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW

2ZLF LTD (REGISTERED NUMBER: SC459723)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,379,464 1,470,073

CURRENT ASSETS
Stocks 43,977 55,226
Debtors 6 360,710 339,582
Cash at bank 24,473 51,263
429,160 446,071
CREDITORS
Amounts falling due within one year 7 1,561,357 1,662,046
NET CURRENT LIABILITIES (1,132,197 ) (1,215,975 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

247,267

254,098

CREDITORS
Amounts falling due after more than one
year

8

(90,398

)

(124,668

)

PROVISIONS FOR LIABILITIES (58,827 ) (37,226 )
NET ASSETS 98,042 92,204

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Intercompany loan
capital contribution 68,696 68,696
Retained earnings 19,346 13,508
SHAREHOLDERS' FUNDS 98,042 92,204

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 October 2024 and were signed by:





M H Owen - Director


2ZLF LTD (REGISTERED NUMBER: SC459723)

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


1. STATUTORY INFORMATION

2ZLF Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The company finances its day to day working capital requirements by way of supplier credit, hire purchase agreements and loans from related parties. The director believes that the company is well placed to manage its business risks successfully despite the current ongoing uncertain economic outlook.

In particular, the director has confirmed with the relevant related parties that the loans will not be called for until such time as the company has sufficient cash reserves to do so from its own trading activities in the future.

After making enquires, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Turnover
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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 5% on cost
Plant and machinery - 5% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

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


2ZLF LTD (REGISTERED NUMBER: SC459723)

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


3. 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.

Hire purchase
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 7 ) .

2ZLF LTD (REGISTERED NUMBER: SC459723)

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


5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 211,986 1,928,341 11,543 11,679 2,163,549
Additions - 19,978 350 - 20,328
Disposals - (1,424 ) (5,427 ) (4,728 ) (11,579 )
At 31 January 2024 211,986 1,946,895 6,466 6,951 2,172,298
DEPRECIATION
At 1 February 2023 71,274 602,176 9,266 10,760 693,476
Charge for year 10,601 97,424 657 504 109,186
Eliminated on disposal - (467 ) (4,889 ) (4,472 ) (9,828 )
At 31 January 2024 81,875 699,133 5,034 6,792 792,834
NET BOOK VALUE
At 31 January 2024 130,111 1,247,762 1,432 159 1,379,464
At 31 January 2023 140,712 1,326,165 2,277 919 1,470,073

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 February 2023
and 31 January 2024 152,000
DEPRECIATION
At 1 February 2023 7,600
Charge for year 7,600
At 31 January 2024 15,200
NET BOOK VALUE
At 31 January 2024 136,800
At 31 January 2023 144,400

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 318,417 295,266
Other debtors 29,700 30,300
VAT 593 -
Prepayments 12,000 14,016
360,710 339,582

2ZLF LTD (REGISTERED NUMBER: SC459723)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Included within 'Other debtors' is an amount of £29,700 (2023: £29,700) in respect of a rent deposit due to be recovered more than one year from the balance sheet date.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,001 10,001
Hire purchase contracts (see note 9) 24,270 21,916
Trade creditors 254,673 266,945
Amounts owed to group undertakings 513,764 513,764
Social security and other taxes 5,201 5,574
VAT - 13,964
Other creditors 1,242 872
Other hire purchase contracts 724,510 821,510
Accrued expenses 27,696 7,500
1,561,357 1,662,046

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 4,167 14,166
Hire purchase contracts (see note 9) 76,231 100,502
90,398 124,668

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 24,270 21,916
Between one and five years 76,231 100,502
100,501 122,418

Non-cancellable operating leases
2024 2023
£    £   
Within one year 74,513 66,558
Between one and five years 260,327 256,940
In more than five years 345,000 405,000
679,840 728,498

2ZLF LTD (REGISTERED NUMBER: SC459723)

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


10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 100,501 122,418
Other hire purchase contracts 652,510 821,510
753,011 943,928

There is a floating charge covering all of the property or undertaking of the company in respect of the intercompany loan with Vending Network General Trading Company W.L.L.

Hire purchase liabilities are secured on the assets to which they relate.

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

The Report of the Auditors was unqualified.

Karen Dyer FCCA (Senior Statutory Auditor)
for and on behalf of GKP (Ampthill) Limited

12. RELATED PARTY DISCLOSURES

At the year end the company owed the parent company £513,764 (2023: £513,764). This loan is interest free with no set date for repayment.

During the year the company made sales to a company under common control of £Nil (2023: £2,948) for consulting and equipment. Purchases were made of £102,530 (2023: £325,772) including £5,878 plant and machinery purchase. Included within creditors within one year is an amount of £724,510 (2023: £821,510) in relation to the purchase of plant and machinery. There is an additional amount of £12,559 included in Trade Creditors in 2024 (2023: £9,478). No interest has been charged on this balance during the year (2023: £Nil) and there are no set repayment terms.

13. ULTIMATE CONTROLLING PARTY

Control of the company throughout the year rested with the the ultimate parent company, Vending Network General Trading W.L.L, a privately owned company registered in Kuwait.

Copies of the consolidated financial statements can be obtained from the registered office at Floor 5, Souk Al Wataniya Building, Abdullah Al Salem Street, 13043, Kuwait City.