IRIS Accounts Production v24.3.0.553 SC057167 Board of Directors 1.3.23 29.2.24 29.2.24 true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC0571672023-02-28SC0571672024-02-29SC0571672023-03-012024-02-29SC0571672022-02-28SC0571672022-03-012023-02-28SC0571672023-02-28SC057167ns15:Scotland2023-03-012024-02-29SC057167ns14:PoundSterling2023-03-012024-02-29SC057167ns10:Director12023-03-012024-02-29SC057167ns10:CompanySecretary12023-03-012024-02-29SC057167ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29SC057167ns10:FRS1022023-03-012024-02-29SC057167ns10:Audited2023-03-012024-02-29SC057167ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-03-012024-02-29SC057167ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-03-012024-02-29SC057167ns10:FullAccounts2023-03-012024-02-29SC05716712023-03-012024-02-29SC057167ns10:OrdinaryShareClass12023-03-012024-02-29SC057167ns10:Director22023-03-012024-02-29SC057167ns10:Director32023-03-012024-02-29SC057167ns10:Director42023-03-012024-02-29SC057167ns10:Director52023-03-012024-02-29SC057167ns10:Director62023-03-012024-02-29SC057167ns10:RegisteredOffice2023-03-012024-02-29SC057167ns5:CurrentFinancialInstruments2024-02-29SC057167ns5:CurrentFinancialInstruments2023-02-28SC057167ns5:Non-currentFinancialInstruments2024-02-29SC057167ns5:Non-currentFinancialInstruments2023-02-28SC057167ns5:ShareCapital2024-02-29SC057167ns5:ShareCapital2023-02-28SC057167ns5:RevaluationReserve2024-02-29SC057167ns5:RevaluationReserve2023-02-28SC057167ns5:CapitalRedemptionReserve2024-02-29SC057167ns5:CapitalRedemptionReserve2023-02-28SC057167ns5:RetainedEarningsAccumulatedLosses2024-02-29SC057167ns5:RetainedEarningsAccumulatedLosses2023-02-28SC057167ns5:ShareCapital2022-02-28SC057167ns5:RetainedEarningsAccumulatedLosses2022-02-28SC057167ns5:RevaluationReserve2022-02-28SC057167ns5:CapitalRedemptionReserve2022-02-28SC057167ns5:RetainedEarningsAccumulatedLosses2022-03-012023-02-28SC057167ns5:RevaluationReserve2022-03-012023-02-28SC057167ns5:CapitalRedemptionReserve2022-03-012023-02-28SC057167ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-29SC057167ns5:RevaluationReserve2023-03-012024-02-29SC057167ns5:CapitalRedemptionReserve2023-03-012024-02-29SC057167ns5:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-29SC057167ns15:UnitedKingdom2023-03-012024-02-29SC057167ns15:UnitedKingdom2022-03-012023-02-28SC057167ns15:Europe2023-03-012024-02-29SC057167ns15:Europe2022-03-012023-02-28SC057167ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-03-012024-02-29SC057167ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-03-012023-02-28SC057167ns10:HighestPaidDirector2023-03-012024-02-29SC057167ns10:HighestPaidDirector2022-03-012023-02-28SC057167ns5:OwnedAssets2023-03-012024-02-29SC057167ns5:OwnedAssets2022-03-012023-02-28SC057167ns5:LeasedAssets2023-03-012024-02-29SC057167ns5:LeasedAssets2022-03-012023-02-28SC057167ns5:ComputerSoftware2023-03-012024-02-29SC057167ns5:ComputerSoftware2022-03-012023-02-28SC05716712023-03-012024-02-29SC05716712022-03-012023-02-28SC05716752023-03-012024-02-29SC05716752022-03-012023-02-28SC057167ns5:HirePurchaseContracts2023-03-012024-02-29SC057167ns5:HirePurchaseContracts2022-03-012023-02-28SC057167ns10:OrdinaryShareClass12022-03-012023-02-28SC057167ns5:ComputerSoftware2023-02-28SC057167ns5:ComputerSoftware2024-02-29SC057167ns5:ComputerSoftware2023-02-28SC057167ns5:LandBuildings2023-02-28SC057167ns5:PlantMachinery2023-02-28SC057167ns5:FurnitureFittings2023-02-28SC057167ns5:MotorVehicles2023-02-28SC057167ns5:LandBuildings2023-03-012024-02-29SC057167ns5:PlantMachinery2023-03-012024-02-29SC057167ns5:FurnitureFittings2023-03-012024-02-29SC057167ns5:MotorVehicles2023-03-012024-02-29SC057167ns5:LandBuildings2024-02-29SC057167ns5:PlantMachinery2024-02-29SC057167ns5:FurnitureFittings2024-02-29SC057167ns5:MotorVehicles2024-02-29SC057167ns5:LandBuildings2023-02-28SC057167ns5:PlantMachinery2023-02-28SC057167ns5:FurnitureFittings2023-02-28SC057167ns5:MotorVehicles2023-02-28SC057167ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-28SC057167ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-28SC057167ns5:LeasedAssetsHeldAsLessee2023-02-28SC057167ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-012024-02-29SC057167ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-012024-02-29SC057167ns5:LeasedAssetsHeldAsLessee2023-03-012024-02-29SC057167ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-02-29SC057167ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-02-29SC057167ns5:LeasedAssetsHeldAsLessee2024-02-29SC057167ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-28SC057167ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-28SC057167ns5:LeasedAssetsHeldAsLessee2023-02-28SC057167ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-29SC057167ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28SC057167ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-02-29SC057167ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-02-28SC057167ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-02-29SC057167ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-02-28SC057167ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-29SC057167ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28SC057167ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-02-29SC057167ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-02-28SC057167ns5:HirePurchaseContracts2024-02-29SC057167ns5:HirePurchaseContracts2023-02-28SC057167ns5:WithinOneYear2024-02-29SC057167ns5:WithinOneYear2023-02-28SC057167ns5:BetweenOneFiveYears2024-02-29SC057167ns5:BetweenOneFiveYears2023-02-28SC057167ns5:AllPeriods2024-02-29SC057167ns5:AllPeriods2023-02-28SC057167ns5:Secured2024-02-29SC057167ns5:Secured2023-02-28SC057167ns5:AcceleratedTaxDepreciationDeferredTax2024-02-29SC057167ns5:AcceleratedTaxDepreciationDeferredTax2023-02-28SC057167ns5:DeferredTaxation2023-02-28SC057167ns5:DeferredTaxation2023-03-012024-02-29SC057167ns5:DeferredTaxation2024-02-29SC057167ns10:OrdinaryShareClass12024-02-29
REGISTERED NUMBER: SC057167 (Scotland)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 29 February 2024

for

ZOT Engineering Limited

ZOT Engineering Limited (Registered number: SC057167)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


ZOT Engineering Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: C Antonelli
J R Cross
S G Mollart
J T Patton
G Falconer
W Paterson



SECRETARY: G T Barrie



REGISTERED OFFICE: Inveresk Mills Industrial Park
Musselburgh
East Lothian
EH21 7UQ



REGISTERED NUMBER: SC057167 (Scotland)



AUDITORS: Gibson McKerrell Brown LLP
Chartered Accountants and Statutory Auditors
14 Rutland Square
Edinburgh
Midlothian
EH1 2BD



BANKERS: The Royal Bank of Scotland plc
36 St Andrew Square
Edinburgh
EH2 2AD



SOLICITORS: Anderson Strathern LLP
58 Morrison Street
Edinburgh
EH3 8BP

ZOT Engineering Limited (Registered number: SC057167)

Strategic Report
for the Year Ended 29 February 2024

The directors present their strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
The principal activities of the Company in the year under review were that of light engineering, the manufacture of printed circuit boards, sheet metal work and assembly. The key strategies of the Company remain on increasing turnover and profitability through continually investing in customer and supplier relationships.

The Company has continued to produce strong results despite facing a challenging external environment in the light of Brexit and the uncertainties it brings in relation to the purchase price of raw materials and components from overseas suppliers as a result of currency fluctuations. Despite this, the board continue to focus on their long term strategic goals, strengthened corporate governance and continual internal investment to ensure the Company performs well operationally and financially.

KEY PERFORMANCE INDICATORS
We consider our key performance indicators to be those which reflect the financial performance and strength of the company as a whole. The following KPIs are viewed as being most significant by the directors:

2024 2023
Turnover £22,811,972 £23,052,593
Gross Profit £6,625,253 £5,978,671
Gross Profit % 29.04% 25.93%
Operating Profit £2,005,375 £1,832,473
Pre Tax Profit £2,006,640 £1,747,588

In the year to 29 February 2024 retained earnings increased by £733,404 from £10,769,423 to £11,502,827, resulting in the shareholders' fund and net assets balance of £13,819,201 (2023, £13,105,951).

PRINCIPAL RISKS AND UNCERTAINTIES
The Company is exposed to a number of risks and uncertainties on both operational and financial levels. The directors acknowledge that it is their responsibility to actively assess these risks and ensure appropriate mitigating controls are in place. The directors have undertaken a rigorous and systematic review of the principal risks and uncertainties which pose the greatest threat to the future performance of the company which are as follows:

Regulatory Risk
Working in the manufacturing industry, the Company must ensure to comply with regulations in respect of the technical, legal and corporate environment. Regulations in quality control must also be complied with in relation to all products and departments within the Company. The board continues to update and review memberships with appropriate regulatory bodies and ensure staff are adequately trained in their respective areas.

Credit Risk
This risk arises from delayed or non-payment from trade debtors. The Company mitigates this risk through the use of a debt factoring facility which transfers the risk of non-payment and ensures a constant cash inflow throughout the year. The Company also monitors credit risk via continual review of balances due from customers and also through use of credit limits.

Liquidity Risk
The Company is at risk of having insufficient liquid assets to meet its short-term debt obligations. Exposure to such risk is mitigated by ensuring that adequate bank facilities are in place to meet working capital requirements. Furthermore, the directors employ tight management over the cash position to ensure bank covenants do not fall below pre determined levels.

Interest Rate Risk
The Company is exposed to interest rate risk through movements in the Bank of England's base rate on interest bearing instruments. This risk is mitigated through a balance of fixed and variable interest rate financial instruments.

Currency Risk
The trading activities of the Company are such that various components are sourced from overseas suppliers and settled in a foreign currency, principally US Dollars. The Company operates a US Dollar account to mitigate exposure to exchange rate fluctuations, reduce administration and foreign exchange costs and to eliminate the need to transfer funds into the Sterling account.


ZOT Engineering Limited (Registered number: SC057167)

Strategic Report
for the Year Ended 29 February 2024

FUTURE DEVELOPMENTS
The Company will continue to invest in the latest technologies to ensure it remains at the cutting edge of its industry. Through regular capital investment, the Company is able to improve efficiencies, reduce maintenance costs and subsequently improve their gross margins over time.

ON BEHALF OF THE BOARD:





G T Barrie - Secretary


14 November 2024

ZOT Engineering Limited (Registered number: SC057167)

Report of the Directors
for the Year Ended 29 February 2024

The directors present their report with the financial statements of the company for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of light engineering, the manufacturing of printed circuit boards, sheet metal work and assembly.

DIVIDENDS
Interim dividends totalling £5.15 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 29 February 2024 will be £ 700,400 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

C Antonelli
J R Cross
S G Mollart
J T Patton
G Falconer

Other changes in directors holding office are as follows:

W Paterson - appointed 9 February 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:



G T Barrie - Secretary


14 November 2024

Report of the Independent Auditors to the Members of
ZOT Engineering Limited

Opinion
We have audited the financial statements of ZOT Engineering Limited (the 'company') for the year ended 29 February 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
ZOT Engineering Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also;

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. The auditor includes an explanation in the auditor's report of the extent to which the audit was capable of detecting irregularities, including fraud.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that the use of the going concern basis of accounting is appropriate and no material uncertainties have been identified, we report these conclusions in our auditor's report. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Julian Cordery FCCA FCA CA (Senior Statutory Auditor)
for and on behalf of Gibson McKerrell Brown LLP
Chartered Accountants and Statutory Auditors
14 Rutland Square
Edinburgh
Midlothian
EH1 2BD

14 November 2024

ZOT Engineering Limited (Registered number: SC057167)

Income Statement
for the Year Ended 29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   

TURNOVER 3 22,811,972 23,052,593

Cost of sales 16,186,719 17,073,922
GROSS PROFIT 6,625,253 5,978,671

Distribution costs 130,998 128,058
Administrative expenses 4,583,142 4,048,601
4,714,140 4,176,659
1,911,113 1,802,012

Other operating income 94,262 30,461
OPERATING PROFIT 6 2,005,375 1,832,473

Interest receivable and similar income 164,575 38,851
2,169,950 1,871,324

Interest payable and similar expenses 7 163,310 123,736
PROFIT BEFORE TAXATION 2,006,640 1,747,588

Tax on profit 8 538,818 256,201
PROFIT FOR THE FINANCIAL YEAR 1,467,822 1,491,387

ZOT Engineering Limited (Registered number: SC057167)

Other Comprehensive Income
for the Year Ended 29 February 2024

29.2.24 28.2.23
Notes £    £   

PROFIT FOR THE YEAR 1,467,822 1,491,387


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,467,822

1,491,387

ZOT Engineering Limited (Registered number: SC057167)

Statement of Financial Position
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 48,538 60,208
Tangible assets 11 7,270,043 6,710,304
7,318,581 6,770,512

CURRENT ASSETS
Stocks 12 2,526,819 2,977,816
Debtors 13 5,374,158 6,509,078
Cash at bank 4,463,557 2,775,067
12,364,534 12,261,961
CREDITORS
Amounts falling due within one year 14 3,442,640 3,920,300
NET CURRENT ASSETS 8,921,894 8,341,661
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,240,475

15,112,173

CREDITORS
Amounts falling due after more than one
year

15

(1,772,339

)

(1,667,330

)

PROVISIONS FOR LIABILITIES 20 (594,763 ) (338,892 )
NET ASSETS 13,873,373 13,105,951

CAPITAL AND RESERVES
Called up share capital 21 136,000 136,000
Revaluation reserve 2,177,374 2,197,528
Capital redemption reserve 3,000 3,000
Retained earnings 11,556,999 10,769,423
SHAREHOLDERS' FUNDS 13,873,373 13,105,951

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:





C Antonelli - Director


ZOT Engineering Limited (Registered number: SC057167)

Statement of Changes in Equity
for the Year Ended 29 February 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 March 2022 136,000 9,257,882 2,217,682 3,000 11,614,564

Changes in equity
Total comprehensive income - 1,511,541 (20,154 ) - 1,491,387
Balance at 28 February 2023 136,000 10,769,423 2,197,528 3,000 13,105,951

Changes in equity
Dividends - (700,400 ) - - (700,400 )
Total comprehensive income - 1,487,976 (20,154 ) - 1,467,822
Balance at 29 February 2024 136,000 11,556,999 2,177,374 3,000 13,873,373

ZOT Engineering Limited (Registered number: SC057167)

Statement of Cash Flows
for the Year Ended 29 February 2024

29.2.24 28.2.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,641,901 1,027,228
Interest paid (127,550 ) (99,548 )
Interest element of hire purchase payments
paid

(35,760

)

(24,188

)
Tax paid (96,610 ) (172,646 )
Net cash from operating activities 3,381,981 730,846

Cash flows from investing activities
Purchase of tangible fixed assets (1,285,765 ) (1,086,892 )
Sale of tangible fixed assets 21,724 -
Interest received 164,575 38,851
Net cash from investing activities (1,099,466 ) (1,048,041 )

Cash flows from financing activities
Loan repayments in year (91,012 ) (104,891 )
Capital repayments in year 197,387 87,176
Equity dividends paid (700,400 ) -
Net cash from financing activities (594,025 ) (17,715 )

Increase/(decrease) in cash and cash equivalents 1,688,490 (334,910 )
Cash and cash equivalents at beginning
of year

2

2,775,067

3,109,977

Cash and cash equivalents at end of year 2 4,463,557 2,775,067

ZOT Engineering Limited (Registered number: SC057167)

Notes to the Statement of Cash Flows
for the Year Ended 29 February 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

29.2.24 28.2.23
£    £   
Profit before taxation 2,006,640 1,747,588
Depreciation charges 733,136 720,937
Profit on disposal of fixed assets (17,163 ) -
Finance costs 163,310 123,736
Finance income (164,575 ) (38,851 )
2,721,348 2,553,410
Decrease/(increase) in stocks 1,027,737 (664,098 )
Decrease/(increase) in trade and other debtors 558,179 (1,285,254 )
(Decrease)/increase in trade and other creditors (665,363 ) 423,170
Cash generated from operations 3,641,901 1,027,228

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 4,463,557 2,775,067
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 2,775,067 3,109,977


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank 2,775,067 1,688,490 4,463,557
2,775,067 1,688,490 4,463,557
Debt
Finance leases (571,220 ) (197,387 ) (768,607 )
Debts falling due within 1 year (97,863 ) 19,447 (78,416 )
Debts falling due after 1 year (1,329,489 ) 71,565 (1,257,924 )
(1,998,572 ) (106,375 ) (2,104,947 )
Total 776,495 1,582,115 2,358,610

ZOT Engineering Limited (Registered number: SC057167)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

ZOT Engineering Limited 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. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the company's principal activity of light engineering, the manufacture of printed circuit boards, sheet metal work and assembly.

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 calculated, using the straight line method, to amortise the depreciable amount of the assets to their residual values over their estimated useful lives as follows.

Computer software- 8 years on cost

Amortisation and impairment losses are charged to the Income Statement within administrative expenses.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of the computer software, the amortisation is revised prospectively to reflect the new expectation.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly attributable to bringing the asset to its present location and into its present condition. After initial recognition, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is shorter. Land is not depreciated.

Buildings- 2% on valuation
Plant and machinery- 12.5% on cost
Fixtures and fittings- 10% on cost
Motor vehicles- 25% on cost

Depreciation and impairment losses are charged to the Income Statement within administrative expenses.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The loss is recognised immediately in the Income Statement.

ZOT Engineering Limited (Registered number: SC057167)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, factoring, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position as substantially all of the risks and rewards incidental to ownership have been transferred from the leasing company.

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 shorter.

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

Rentals under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

ZOT Engineering Limited (Registered number: SC057167)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

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. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

29.2.24 28.2.23
£    £   
United Kingdom 19,693,990 20,047,294
Europe 2,801,058 2,660,137
Rest of the World 316,924 345,162
22,811,972 23,052,593

4. EMPLOYEES AND DIRECTORS
29.2.24 28.2.23
£    £   
Wages and salaries 6,584,101 5,774,048
Social security costs 77,699 69,325
Other pension costs 293,296 242,968
6,955,096 6,086,341

The average number of employees during the year was as follows:
29.2.24 28.2.23

Office and Admin 16 16
Manufacturing 199 190
215 206

5. DIRECTORS' EMOLUMENTS
29.2.24 28.2.23
£    £   
Directors' remuneration 287,575 242,647
Directors' pension contributions to money purchase schemes 43,323 18,048

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 3

Information regarding the highest paid director is as follows:
29.2.24 28.2.23
£    £   
Emoluments etc 95,460 88,952
Pension contributions to money purchase schemes 15,082 6,776

ZOT Engineering Limited (Registered number: SC057167)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

29.2.24 28.2.23
£    £   
Other operating leases 38,522 34,116
Depreciation - owned assets 480,581 536,498
Depreciation - assets on hire purchase contracts 240,884 171,716
Profit on disposal of fixed assets (17,163 ) -
Computer software amortisation 11,670 12,723
Audit fees 16,000 12,000
Foreign exchange differences 11,761 48,102

7. INTEREST PAYABLE AND SIMILAR EXPENSES
29.2.24 28.2.23
£    £   
Loan interest 94,963 68,199
Factoring 32,587 31,349
Hire purchase interest 35,760 24,188
163,310 123,736

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
29.2.24 28.2.23
£    £   
Current tax:
UK corporation tax 313,276 126,939
Adjustment to tax charge in
respect of prior periods (30,329 ) -
Total current tax 282,947 126,939

Deferred tax 255,871 129,262
Tax on profit 538,818 256,201

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

29.2.24 28.2.23
£    £   
Profit before tax 2,006,640 1,747,588
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

501,660

332,042

Effects of:
Expenses not deductible for tax purposes 1,289 -
Income not taxable for tax purposes (4,291 ) -
Capital allowances in excess of depreciation (123,585 ) (168,053 )
Adjustments to tax charge in respect of previous periods (30,329 ) -
Enhanced expenditure - (37,050 )
Movement in deferred tax provision 255,871 129,262
Adjustment for tax rate changes (7,625 ) -
Total tax charge 592,990 256,201

** TAX CHARGE FOR CURRENT YEAR ON CLIENT SCREEN OF 592,990
DOES NOT AGREE TO AMOUNT PER TB OF 538,818

ZOT Engineering Limited (Registered number: SC057167)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

9. DIVIDENDS
29.2.24 28.2.23
£    £   
Interim 700,400 -

10. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 March 2023
and 29 February 2024 177,456
AMORTISATION
At 1 March 2023 117,248
Amortisation for year 11,670
At 29 February 2024 128,918
NET BOOK VALUE
At 29 February 2024 48,538
At 28 February 2023 60,208

11. TANGIBLE FIXED ASSETS
Fixtures
Land & Plant and and Motor
Buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 March 2023 4,100,000 11,195,529 877,376 109,776 16,282,681
Additions - 1,185,242 53,168 47,355 1,285,765
Disposals - (20,850 ) - (48,235 ) (69,085 )
At 29 February 2024 4,100,000 12,359,921 930,544 108,896 17,499,361
DEPRECIATION
At 1 March 2023 164,002 8,680,117 642,271 85,987 9,572,377
Charge for year 82,000 597,132 35,014 7,319 721,465
Eliminated on disposal - (16,289 ) - (48,235 ) (64,524 )
At 29 February 2024 246,002 9,260,960 677,285 45,071 10,229,318
NET BOOK VALUE
At 29 February 2024 3,853,998 3,098,961 253,259 63,825 7,270,043
At 28 February 2023 3,935,998 2,515,412 235,105 23,789 6,710,304

Cost or valuation at 29 February 2024 is represented by:

Fixtures
Land & Plant and and Motor
Buildings machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2021 1,007,656 - - - 1,007,656
Cost 3,092,344 12,359,921 930,544 108,896 16,491,705
4,100,000 12,359,921 930,544 108,896 17,499,361

ZOT Engineering Limited (Registered number: SC057167)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

11. TANGIBLE FIXED ASSETS - continued

The directors have reviewed the value of the properties and have concluded that there are no material change from the last revaluation date.

The net book value of land and buildings comprises:

Freehold Land and Buildings £3,853,998 (2023 £3,935,998).

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 March 2023 1,670,728 32,267 1,702,995
Additions 609,379 - 609,379
At 29 February 2024 2,280,107 32,267 2,312,374
DEPRECIATION
At 1 March 2023 588,286 32,267 620,553
Charge for year 240,884 - 240,884
At 29 February 2024 829,170 32,267 861,437
NET BOOK VALUE
At 29 February 2024 1,450,937 - 1,450,937
At 28 February 2023 1,082,442 - 1,082,442

12. STOCKS
29.2.24 28.2.23
£    £   
Raw materials 2,526,819 2,977,816

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 4,125,854 4,594,607
Amounts recoverable on contract 1,123,128 1,699,869
Other debtors - 3,318
Loans 72,686 74,511
Prepayments 52,490 136,773
5,374,158 6,509,078

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts (see note 16) 78,416 97,863
Hire purchase contracts (see note 17) 254,192 233,379
Trade creditors 1,812,452 2,383,971
Corporation tax 313,276 126,939
Social security and other taxes 126,547 116,946
VAT 371,263 461,241
Other creditors 486,494 499,961
3,442,640 3,920,300

ZOT Engineering Limited (Registered number: SC057167)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans (see note 16) 1,257,924 1,329,489
Hire purchase contracts (see note 17) 514,415 337,841
1,772,339 1,667,330

16. LOANS

An analysis of the maturity of loans is given below:

29.2.24 28.2.23
£    £   
Amounts falling due within one year or on demand:
Within one year and on demand 78,416 97,863

Amounts falling due between one and two years:
Between one and two years 84,545 102,440

Amounts falling due between two and five years:
Between two and five years 295,395 336,977

Amounts falling due in more than five years:

Repayable by instalments
After more than five years 877,984 890,072

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 254,192 233,379
Between one and five years 514,415 337,841
768,607 571,220

Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 22,325 19,887
Between one and five years 12,271 18,915
34,596 38,802

ZOT Engineering Limited (Registered number: SC057167)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank loans 1,336,340 1,427,352
Hire purchase contracts 768,607 571,220
2,104,947 1,998,572

The Royal Bank of Scotland have standard securities in place over units A, B, C, D and E Inveresk Mills Industrial Park, Musselburgh and 7 Inveresk Industrial Estate, Musselburgh. The Royal Bank of Scotland also have a bond and floating charge in place over the whole assets of the company.

The hire purchase contracts in place are secured over the assets concerned.

19. FINANCIAL INSTRUMENTS

Financial assets that are debt instruments measured at amortised cost £4,198,540 (2023: £4,669,118)

Financial liabilities measured at amortised cost £3,917,399 (2023: £4,382,543).

20. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax
Accelerated capital allowances 594,763 338,892

Deferred
tax
£   
Balance at 1 March 2023 338,892
Charge to Income Statement during year 255,871
Movement in the year
Balance at 29 February 2024 594,763

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
136,000 Ordinary £1 136,000 136,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

In the years to 29 February 2024 and 28 February 2023, there were no transactions with directors.

23. RELATED PARTY DISCLOSURES

As at 29 February 2024, Cross Properties Limited, a company which J R Cross is a shareholder and director, was due £72,686 (2023 £74,511) to ZOT Engineering Limited. This loan bore interest of between 4% and 5.5% monthly, with repayment terms reviewed annually.

24. ULTIMATE CONTROLLING PARTY

The directors are of the opinion that there is no single controlling party of the company during the year to 29 February 2024.