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REGISTERED NUMBER: 00826635 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

ZINTELLO MERCHANTS LIMITED

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


ZINTELLO MERCHANTS LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: B J Fisher
T Johnson
Mrs V Clay



REGISTERED OFFICE: c/o Fisher & Partners
Princes Drive Estate
Coventry Road
Kenilworth
Warwickshire
CV8 2FD



REGISTERED NUMBER: 00826635 (England and Wales)



SENIOR STATUTORY AUDITOR: Gregg Olner MPhil BA (Hons) FCA



AUDITORS: Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditor
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

GROUP STRATEGIC REPORT
for the year ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
Turnover has increased to £18,341,250 (2023 - £17,789,250) while margins have remained relatively consistent at 31.8% (2023 - 31.5%). Current net assets reduced to £6,035,294 (2023 - £9,242,968) due to an addition to the property portfolio. The roup remains profitable and as such net assets increased to £10,366,254 (2023 - £10,092,377).

The directors are satisfied with the group's performance during the year considering the disruption and cost pressures effecting the global supply chains.

There were lingering effects on global trade from the pandemic with the war in Ukraine and political uncertainty in the UK leading to a volatile currency market and rising taxation.

The directors are confident that, securing product supply cost effectively, hedging against currency fluctuations and with the groups low gearing, performance will be maintained.

PRINCIPAL RISKS AND UNCERTAINTIES
Exposure to exchange rate fluctuations continues to be a threat however as in previous years we manage these risks by hedging.

Despite the uncertain economic outlook the directors are confident that with the measures taken to protect the business and employees safety, together with the good relationships we have with our trading partners, the Group will continue to prosper.

ON BEHALF OF THE BOARD:





B J Fisher - Director


26 November 2024

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of wholesaling of stationery and ancillary goods.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £ 200,000 .

During the year the preference shareholders exercised their right to a dividend amounting to £55,000.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 April 2023 to the date of this report.

The beneficial interests of the directors holding office at 31 March 2024 in the shares of the company, according to the register of directors' interests, were as follows:

31.3.24 1.4.23
Ordinary shares of £1 each
B J Fisher - -
T Johnson 1,300 1,300
Mrs V Clay 650 650

"A" Reedemable preference shares of £2,500 each
B J Fisher - -
T Johnson 10 10
Mrs V Clay 5 5

These directors did not hold any beneficial interests in the following:

Ordinary A shares of £1 each

"B" Redeemable preference shares of £2,500 each

"C" Redeemable preference shares of £2,500 each

These directors did not hold any non-beneficial interests in any of the shares of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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.


ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





B J Fisher - Director


26 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ZINTELLO MERCHANTS LIMITED

Opinion
We have audited the financial statements of Zintello Merchants Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ZINTELLO MERCHANTS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and 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 group's and the parent 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 group or the parent 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:

The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ZINTELLO MERCHANTS LIMITED


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.




Gregg Olner MPhil BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditor
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT

26 November 2024

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 March 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 18,341,250 17,789,250

Cost of sales 12,513,077 12,186,999
GROSS PROFIT 5,828,173 5,602,251

Distribution costs 771,005 1,054,693
Administrative expenses 4,379,911 3,702,259
5,150,916 4,756,952
677,257 845,299

Other operating income 24,000 36,920
OPERATING PROFIT 5 701,257 882,219

Interest receivable and similar income 15,727 7,517
716,984 889,736

Interest payable and similar expenses 6 56,879 57,159
PROFIT BEFORE TAXATION 660,105 832,577

Tax on profit 7 186,228 185,798
PROFIT FOR THE FINANCIAL YEAR 473,877 646,779
Profit attributable to:
Owners of the parent 473,877 646,779

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 473,877 646,779


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

473,877

646,779

Total comprehensive income attributable to:
Owners of the parent 473,877 646,779

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

CONSOLIDATED BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 3,787,783 317,404
Investments 11 - -
Investment property 12 626,169 626,169
4,413,952 943,573

CURRENT ASSETS
Stocks 13 3,030,779 3,696,818
Debtors 14 3,614,937 2,511,882
Cash at bank and in hand 1,499,001 5,558,997
8,144,717 11,767,697
CREDITORS
Amounts falling due within one year 15 2,109,423 2,524,729
NET CURRENT ASSETS 6,035,294 9,242,968
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,449,246

10,186,541

CREDITORS
Amounts falling due after more than one
year

16

(29,957

)

(36,226

)

PROVISIONS FOR LIABILITIES 19 (53,035 ) (57,938 )
NET ASSETS 10,366,254 10,092,377

CAPITAL AND RESERVES
Called up share capital 20 12,500 12,500
Share premium 21 497,500 497,500
Capital redemption reserve 21 596 596
Retained earnings 21 9,855,658 9,581,781
SHAREHOLDERS' FUNDS 10,366,254 10,092,377

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





B J Fisher - Director


ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

COMPANY BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 27,043 36,058
Investments 11 123,099 123,099
Investment property 12 4,129,509 626,169
4,279,651 785,326

CURRENT ASSETS
Debtors 14 1,312,750 503,572
Cash at bank 331,885 3,150,924
1,644,635 3,654,496
CREDITORS
Amounts falling due within one year 15 1,870,734 640,904
NET CURRENT (LIABILITIES)/ASSETS (226,099 ) 3,013,592
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,053,552

3,798,918

CREDITORS
Amounts falling due after more than one
year

16

29,957

36,226
NET ASSETS 4,023,595 3,762,692

CAPITAL AND RESERVES
Called up share capital 20 12,500 12,500
Share premium 21 497,500 497,500
Capital redemption reserve 21 596 596
Retained earnings 21 3,512,999 3,252,096
SHAREHOLDERS' FUNDS 4,023,595 3,762,692

Company's profit for the financial year 460,903 255,957

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





B J Fisher - Director


ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 12,500 9,135,002 497,500 596 9,645,598

Changes in equity
Dividends - (200,000 ) - - (200,000 )
Total comprehensive income - 646,779 - - 646,779
Balance at 31 March 2023 12,500 9,581,781 497,500 596 10,092,377

Changes in equity
Dividends - (200,000 ) - - (200,000 )
Total comprehensive income - 473,877 - - 473,877
Balance at 31 March 2024 12,500 9,855,658 497,500 596 10,366,254

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 12,500 3,196,139 497,500 596 3,706,735

Changes in equity
Dividends - (200,000 ) - - (200,000 )
Total comprehensive income - 255,957 - - 255,957
Balance at 31 March 2023 12,500 3,252,096 497,500 596 3,762,692

Changes in equity
Dividends - (200,000 ) - - (200,000 )
Total comprehensive income - 460,903 - - 460,903
Balance at 31 March 2024 12,500 3,512,999 497,500 596 4,023,595

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (134,018 ) 197,593
Interest element of hire purchase payments
paid

(1,879

)

(2,159

)
Finance costs paid (55,000 ) (55,000 )
Tax paid (136,029 ) (126,354 )
Net cash from operating activities (326,926 ) 14,080

Cash flows from investing activities
Purchase of tangible fixed assets (3,543,122 ) (207,392 )
Sale of tangible fixed assets 314 -
Interest received 15,727 7,517
Net cash from investing activities (3,527,081 ) (199,875 )

Cash flows from financing activities
Capital repayments in year (5,989 ) (5,710 )
Transactions with directors - (21,329 )
Equity dividends paid (200,000 ) (200,000 )
Net cash from financing activities (205,989 ) (227,039 )

Decrease in cash and cash equivalents (4,059,996 ) (412,834 )
Cash and cash equivalents at beginning of
year

2

5,558,997

5,971,831

Cash and cash equivalents at end of year 2 1,499,001 5,558,997

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2024

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

2024 2023
£    £   
Profit before taxation 660,105 832,577
Depreciation charges 72,673 61,577
Profit on disposal of fixed assets (244 ) -
Finance costs 56,879 57,159
Finance income (15,727 ) (7,517 )
773,686 943,796
Decrease/(increase) in stocks 666,039 (1,016,107 )
(Increase)/decrease in trade and other debtors (1,103,055 ) 72,741
(Decrease)/increase in trade and other creditors (470,688 ) 197,163
Cash generated from operations (134,018 ) 197,593

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,499,001 5,558,997
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 5,558,997 5,971,831


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 5,558,997 (4,059,996 ) 1,499,001
5,558,997 (4,059,996 ) 1,499,001
Debt
Finance leases (41,936 ) 5,989 (35,947 )
Debts falling due within 1 year (550,000 ) - (550,000 )
(591,936 ) 5,989 (585,947 )
Total 4,967,061 (4,054,007 ) 913,054

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Zintello Merchants 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous year.

Basis of consolidation
The consolidated financial statements incorporate those of Zintello Merchants Limited and all of its subsidiary undertakings. All financial statements are made up to 31 March 2024.

The assets, liabilities, costs and revenues of the subsidiary entities are adjusted to represent transactions with external third parties and combined. The consolidated financial statements present financial information for the group as a single economic entity.

Related party exemption
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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
Zintello Merchants Limited:

Accounting judgements and estimates relate primarily to investment property valuation which is noted below. The directors do not believe that any other accounting judgements or estimates are significant to the reported results of the entity.

Tallon International Limited:

Accounting estimates:

i) Stock provisioning
When calculating the stock provision management considers the potential resale ability of stock items, at or above cost, when determining the associated provision required.

Accounting judgements:
ii) Stock provisioning
The business model is to buy goods in bulk quantities and sell it to distributors in smaller quantities. The key judgements in the financial statements are:

a) whether to make a provision or not for stock, given that some goods such as calendars and diaries are time appropriate; and

b) the level of such a provision, given any potential sale incentives offered to customers for old goods.

Stock provisions have been made in these financial statements. The amounts and effect are disclosed in the notes below.

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

Investment income receivable is recognised in accordance with lease agreements.

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.
Improvements to properties - over the lease term
Plant and machinery - 25% on reducing balance and 20% on reducing balance
Fixtures and fittings - at variable rates on reducing balance
Motor vehicles - 25% on reducing balance

Freehold property is initially recognised at cost. Subsequently the group applies a valuation methodology similar to that followed for its investment property.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is held at a carrying value determined by the directors with reference to rental yield models. The valuation is reviewed annually and tested for impairment during this process. Any impairments are recognised in profit or loss when they arise.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 a standard rate set on an annual basis and considered to be reflective of market conditions. Exchange differences are taken into account in arriving at the operating result.

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account over the life of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Product development expenditure
Product development expenditure is charged to the profit and loss account as the expenditure is incurred. The company is continually developing its products by upgrading its existing products, extending its range of current products and creating new products.

Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Open foreign currency contracts are revalued at the period end with the surplus and deficits being recognised in the profit and loss account.

Investments
Investments are stated at historic cost less any provision for diminution in value.

Preference shares
Preference shares that provide for mandatory redemption by the issuer for a fixed or determinable amount at a fixed or determinable future date, or give the holder the right to require the issuer to redeem the instrument at or after a particular date for a fixed or determinable amount are classified as financial liabilities. Preference shares without these characteristics are classified within equity.

Operating leases
Rentals paid under operating leases are charged to the profit and loss account over the life of the lease.

3. TURNOVER

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

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 18,317,250 17,765,250
Investment income 24,000 24,000
18,341,250 17,789,250

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 15,650,176 15,204,746
Europe 2,268,213 2,259,961
Rest of world 422,861 324,543
18,341,250 17,789,250

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,112,575 1,933,313
Social security costs 206,986 188,158
Other pension costs 121,684 128,557
2,441,245 2,250,028

The average number of employees during the year was as follows:
2024 2023

Employees including executive directors 53 53

2024 2023
£    £   
Directors' remuneration 70,770 71,172
Directors' pension contributions to money purchase schemes 1,800 40,000

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

Money purchase schemes 1 1

5. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 63,704 49,619
Depreciation - assets on hire purchase contracts 8,969 11,958
Profit on disposal of fixed assets (244 ) -
Auditors' remuneration 10,286 10,600
Taxation advisory services - 1,830
Operating leases - plant and machinery 40,998 44,134
Operating leases - other 299,448 305,352
Operating lease income (24,000 ) (24,000 )

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 1,879 2,159
Preference shares 55,000 55,000
56,879 57,159

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 191,131 136,028

Deferred tax (4,903 ) 49,770
Tax on profit 186,228 185,798

UK corporation tax has been charged at 25 % (2023 - 19 %).

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:

2024 2023
£    £   
Profit before tax 660,105 832,577
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

165,026

158,190

Effects of:
Expenses not deductible for tax purposes 21,442 21,957
Capital allowances in excess of depreciation - (41,966 )
Depreciation in excess of capital allowances 1,188 -
Movement on temporary timing differences (523 ) 49,371
Small variances - (1,754 )
Effect of marginal rate relief (905 ) -
Total tax charge 186,228 185,798

From April 2023, there was an increase in the main rate of corporation tax to 25%, which is expected to remain unchanged for the foreseeable future.

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 200,000 200,000

10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
buildings properties machinery
£    £    £   
COST
At 1 April 2023 - 56,016 358,958
Additions 3,503,340 - 35,551
Disposals - - -
At 31 March 2024 3,503,340 56,016 394,509
DEPRECIATION
At 1 April 2023 - 25,485 173,426
Charge for year - 9,129 40,706
Eliminated on disposal - - -
At 31 March 2024 - 34,614 214,132
NET BOOK VALUE
At 31 March 2024 3,503,340 21,402 180,377
At 31 March 2023 - 30,531 185,532

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 252,628 154,617 822,219
Additions 4,231 - 3,543,122
Disposals - (875 ) (875 )
At 31 March 2024 256,859 153,742 4,364,466
DEPRECIATION
At 1 April 2023 194,654 111,250 504,815
Charge for year 12,012 10,826 72,673
Eliminated on disposal - (805 ) (805 )
At 31 March 2024 206,666 121,271 576,683
NET BOOK VALUE
At 31 March 2024 50,193 32,471 3,787,783
At 31 March 2023 57,974 43,367 317,404

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 56,000
DEPRECIATION
At 1 April 2023 20,125
Charge for year 8,969
At 31 March 2024 29,094
NET BOOK VALUE
At 31 March 2024 26,906
At 31 March 2023 35,875

Company
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 1,823 56,000 57,823
DEPRECIATION
At 1 April 2023 1,640 20,125 21,765
Charge for year 46 8,969 9,015
At 31 March 2024 1,686 29,094 30,780
NET BOOK VALUE
At 31 March 2024 137 26,906 27,043
At 31 March 2023 183 35,875 36,058

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

10. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 56,000
DEPRECIATION
At 1 April 2023 20,125
Charge for year 8,969
At 31 March 2024 29,094
NET BOOK VALUE
At 31 March 2024 26,906
At 31 March 2023 35,875

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 123,099
NET BOOK VALUE
At 31 March 2024 123,099
At 31 March 2023 123,099

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Tallon International Limited
Registered office: Unit 4 Cyan Park, Coventry, CV2 4QP
Nature of business: Wholesalers of stationery
%
Class of shares: holding
Ordinary 100.00

Tallon International Limited owns a dormant subsidiary incorporated in Ireland, Tallon Stationery EU Limited.


ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 626,169
NET BOOK VALUE
At 31 March 2024 626,169
At 31 March 2023 626,169

Investment property is shown at a fair value derived from rental yield as calculated by the directors.

Company
Total
£   
FAIR VALUE
At 1 April 2023 626,169
Additions 3,503,340
At 31 March 2024 4,129,509
NET BOOK VALUE
At 31 March 2024 4,129,509
At 31 March 2023 626,169

Investment property is shown at a fair value derived from rental yield as calculated by the directors.

13. STOCKS

Group
2024 2023
£    £   
Stocks 3,030,779 3,696,818

14. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,263,535 2,019,220 - -
Amounts owed by group undertakings - - - 362,240
Other debtors 752,797 263,243 581,250 58,640
VAT 308,597 - 650,481 -
Prepayments 210,814 148,591 1,825 1,864
3,535,743 2,431,054 1,233,556 422,744

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

14. DEBTORS - continued

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due after more than one year:
Other debtors 79,194 80,828 79,194 80,828

Aggregate amounts 3,614,937 2,511,882 1,312,750 503,572

An impairment loss of £45,433 (2023 - £95,963) was recognised against trade debtors.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Preference shares (see note 17) 550,000 550,000 550,000 550,000
Hire purchase contracts (see note 18) 5,990 5,710 5,990 5,710
Trade creditors 641,364 788,282 9,955 5,147
Amounts owed to related parties - 1,259 1,223,232 1,259
Tax 193,282 138,180 4,840 50,364
Social security and other taxes 40,200 43,325 1,748 1,833
VAT - 411,698 - 184
Other creditors 19,157 19,157 19,157 19,157
Accrued expenses 659,430 567,118 55,812 7,250
2,109,423 2,524,729 1,870,734 640,904

The bank loan and overdrafts are secured by a legal mortgage over the group's freehold properties and a debenture incorporating fixed and floating charges over the assets of the group.

The group's bankers also hold cross guarantees from Zintello Merchants Limited and Tallon International Limited.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 18) 29,957 36,226 29,957 36,226

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Preference shares 550,000 550,000 550,000 550,000

Preference shares are redeemable at their par value on the company's part following 12 months written notice. They are redeemable at their par value on the holders part following 12 months written notice, or 1 months written notice for B shares.

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 "A" Reedemable preference £2,50 0 250,000 250,000
40 "B" Redeemable preference £2,50 0 100,000 100,000
80 "C" Redeemable preference £2,50 0 200,000 200,000
550,000 550,000

Preference shares are redeemable at their par value on the company's part following 12 months written notice. They are redeemable at their par value on the holders part following 12 months written notice, or 1 months written notice for B shares.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 5,990 5,710
Between one and five years 29,957 36,226
35,947 41,936

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 5,990 5,710
Between one and five years 29,957 36,226
35,947 41,936

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

18. LEASING AGREEMENTS - continued

The group has the following non-cancellable operating leases:

2024 2023
£ £
Within one year 342,448 342,753
Between one and five years 925,308 1,213,369
In more than five years - -
1,556,122 1,556,122

One investment property is occupied under a rolling agreement capable of cancellation with 30 days notice on either part. As such the non-cancellable operating lease income represents one month's rental at £2,000 (2023 - £2,000).

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 54,642 59,022
Other timing differences (1,607 ) (1,084 )
53,035 57,938

Group
Deferred
tax
£   
Balance at 1 April 2023 57,938
Credit to Income Statement during year (4,903 )
Balance at 31 March 2024 53,035

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000
2,500 Ordinary A £1 2,500 2,500
12,500 12,500

Each class of share capital has consistent voting rights and rank pari passu with each other on a return of capital.

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

21. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 9,581,781 497,500 596 10,079,877
Profit for the year 473,877 473,877
Dividends (200,000 ) (200,000 )
At 31 March 2024 9,855,658 497,500 596 10,353,754

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2023 3,252,096 497,500 596 3,750,192
Profit for the year 460,903 460,903
Dividends (200,000 ) (200,000 )
At 31 March 2024 3,512,999 497,500 596 4,011,095

Retained earnings

This reserve represents all current and prior period realised profits and losses.

Share premium

This reserve represents the amount paid in excess over the nominal value of the shares of the company to acquire the shares.

Capital redemption reserve

This reserve represents amounts relating to adjustments in the share capital of the company.

22. PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of the directors and staff. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £121,684 (2023 - £128,557). Included within creditors is an amount due to scheme providers totalling £81,428 (2023 - £58,336).

23. CONTINGENT LIABILITIES

The directors of the company are not aware of any other contingent liability apart from those outlined as part of the bank security arrangements explained further in the notes to the financial statements.

ZINTELLO MERCHANTS LIMITED (REGISTERED NUMBER: 00826635)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

24. OTHER FINANCIAL COMMITMENTS

As at 31 March 2024 the subsidiary company had the following financial commitments under forward exchange contracts:-

Contract detail Commitment Rate
$ $/ £1


Contracts dated November 2023, maturing April to August 2024

3,500,000
1.2542 to
1.2701
Contracts dated December 2023, maturing April to August 2024 750,000 1.2701 to 1.272
Contracts dated March 2024, maturing September to October 2024 1,000,000 1.2823 to 1.282
The commitments above are in the ordinary course of the company's business and form part of the directors' risk management strategy, whose aim is to reduce the company's exposure to adverse exchange rate movements on its purchasing, a significant proportion of which is denominated in US dollars.

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
T Johnson
Balance outstanding at start of year 21,329 -
Amounts advanced - 24,000
Amounts repaid (3,736 ) (2,671 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 17,593 21,329

Directors' loans are repayable on demand and attract no interest.

26. RELATED PARTY DISCLOSURES

During the year, total dividends of £39,000 (2023 - £39,000) were paid to the directors.

Preference dividends totalling £3,750 (2023 - £3,750) were voted to the directors during the year.

The directors are considered to be key management. Their remuneration is outlined in the notes to the financial statements.

During the year, Zintello Merchants Ltd paid and received amounts on behalf of trusts, which are significant shareholders of Zintello Merchants Ltd. At the year end, a debtor of £1,861 is recognised within other debtors (2023 - £1,705).

27. CONTROLLING INTERESTS

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.