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Zimmermann U.K. Limited

Registered number: 10189074
Annual report
For the year ended 30 June 2024

 
ZIMMERMANN U.K. LIMITED
 
 
COMPANY INFORMATION


Directors
N Zimmermann 
S Zimmermann 




Registered number
10189074



Registered office
30 Old Bailey

London

United Kingdom

EC4M 7AU




Trading Address
23A Bruton Street

Mayfair

London

W1J 6QG






Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

2nd Floor

6 Sutton Plaza

Sutton Court Road

Sutton

Surrey

SM1 4FS





 
ZIMMERMANN U.K. LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditor's Report
3 - 6
Statement of Comprehensive Income
7
Statement of Financial Position
8 - 9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 19

 
ZIMMERMANN U.K. LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the audited financial statements for the year ended 30 June 2024.

Principal activity

The principal activity of the Company is the selling of fashion design clothing.

Results and dividends

The profit for the year, after taxation, amounted to £149,601 (2023: profit of £230,595).

The directors do not recommend the payment of a dividend for the year (2023: £nil). 

Directors

The directors who served during the year and to the date of this report were: 

N Zimmermann 
S Zimmermann 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; and

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Going concern

The financial statements are prepared on a going concern basis. The Company remains assured of the financial support by the immediate parent company. The directors have received confirmation that the immediate parent company will continue to support the Company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due in the foreseeable future. On this basis, the directors consider it reasonable to prepare the financial statements on a going concern basis.

Page 1

 
ZIMMERMANN U.K. LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Qualifying third party indemnity provisions

The directors benefit from a qualifying indemnity provision in the form permitted by the Section 234 of the Companies Act 2006 in respect of certain third party actions against directors. No claim or notice of claim in respect of these indemnities has been received in the year. The qualifying indemnity provision was in force throughout the financial period and up to the date of approval of the Directors' Report.

Economic impact of global events

UK businesses are currently facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Provision of information to the auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf by: 
 




S Zimmermann
Director

Date: 2 December 2024
Page 2

 
ZIMMERMANN U.K. LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIMMERMANN U.K. LIMITED
 

Opinion

We have audited the financial statements of Zimmermann U.K. Limited (the ‘Company’) for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and 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 FRS 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 30 June 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 Auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
Page 3

 
ZIMMERMANN U.K. LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIMMERMANN U.K. LIMITED
 

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 course of 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In 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 the Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Page 4

 
ZIMMERMANN U.K. LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIMMERMANN U.K. LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 is 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor’s report 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.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation. 

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such tax legislation, pension legislation and the Companies Act 2006. 
Page 5

 
ZIMMERMANN U.K. LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIMMERMANN U.K. LIMITED
 

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to occurrence), and significant one-off or unusual transactions. 

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit 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 an auditor's report 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.
 


Gerhard Bonthuys (Senior statutory auditor)
for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
2nd Floor
6 Sutton Plaza
Sutton Court Road
Sutton
Surrey
SM1 4FS

3 December 2024
Page 6

 
ZIMMERMANN U.K. LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

  

Turnover
  
5,242,394
6,249,295

Cost of sales
  
(3,304,492)
(4,363,691)

Gross profit
  
1,937,902
1,885,604

Administrative expenses
  
(1,605,853)
(1,393,987)

Other operating income
  
63,333
-

Operating profit
  
395,382
491,617

Interest payable and similar expenses
  
(148,088)
(173,225)

Profit before tax
  
247,294
318,392

Tax on profit
  
(97,693)
(87,797)

Profit for the financial year
  
149,601
230,595

Other comprehensive income
  
-
-

Total comprehensive income for the year
  
149,601
230,595

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 19 form part of these financial statements.
Page 7

 
ZIMMERMANN U.K. LIMITED
REGISTERED NUMBER: 10189074

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
871,993
583,576

  
871,993
583,576

Current assets
  

Stocks
  
2,847,329
1,717,516

Debtors: amounts falling due after more than one year
 5 
338,568
426,987

Debtors: amounts falling due within one year
 5 
539,592
836,041

Cash and cash equivalents
  
3,661,095
4,702,200

  
7,386,584
7,682,744

Creditors: amounts falling due within one year
 6 
(5,021,474)
(4,521,311)

Net current assets
  
 
 
2,365,110
 
 
3,161,433

Total assets less current liabilities
  
3,237,103
3,745,009

Creditors: amounts falling due after more than one year
 7 
(804,893)
(1,518,498)

Provisions for liabilities
  

Deferred tax
 8 
(35,702)
(24,675)

Provisions
 10 
(71,777)
(26,706)

Net assets
  
 
 
2,324,731
 
 
2,175,130


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
2,324,631
2,175,030

Total equity
  
2,324,731
2,175,130

Page 8

 
ZIMMERMANN U.K. LIMITED
REGISTERED NUMBER: 10189074
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



S Zimmermann
Director

Date: 2 December 2024

The notes on pages 11 to 19 form part of these financial statements.
Page 9

 
ZIMMERMANN U.K. LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
100
1,944,435
1,944,535


Comprehensive income for the year

Profit for the year
-
230,595
230,595


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
230,595
230,595



At 1 July 2023
100
2,175,030
2,175,130


Comprehensive income for the year

Profit for the year
-
149,601
149,601


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
149,601
149,601


At 30 June 2024
100
2,324,631
2,324,731


The notes on pages 11 to 19 form part of these financial statements.
Page 10

 
ZIMMERMANN U.K. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Zimmermann U.K. Limited is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The Company's registered number is 10189074.
The address of the registered office is 30 Old Bailey, London, EC4M 7AU and the address of the principal place of business is 23A Bruton Street, Mayfair, London, W1J 6QG.
The principal activity of the Company is the selling of fashion design clothing.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared in Pounds Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis. The Company remains assured of the financial support by the immediate parent company. The directors have received confirmation that the immediate parent company will continue to support the Company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due in the foreseeable future. On this basis, the directors consider it reasonable to prepare the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 11

 
ZIMMERMANN U.K. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover generated from store sales is recognised when the transaction occurs. 
Turnover arising from online sales is recognised when the item is dispatched by the Company.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest payable and similar expenses

Interest payable and similar expenses are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 12

 
ZIMMERMANN U.K. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost plus dismantling costs less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Leasehold improvements
-
10
years
Plant and machinery
-
3
years
Fixtures and fittings
-
10
years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Depreciation is included within the Statement of Comprehensive Income within administrative expenses.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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 impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 13

 
ZIMMERMANN U.K. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

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 creditors, loans from other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Page 14

 
ZIMMERMANN U.K. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including the directors, during the year was 14 (2023: ). 


4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost 


At 1 July 2023
1,242,612
20,632
169,249
1,432,493


Additions
389,429
7,015
69,913
466,357



At 30 June 2024

1,632,041
27,647
239,162
1,898,850



Depreciation


At 1 July 2023
720,311
17,561
111,045
848,917


Charge for the year 
171,297
2,032
4,611
177,940



At 30 June 2024

891,608
19,593
115,656
1,026,857



Net book value



At 30 June 2024
740,433
8,054
123,506
871,993



At 30 June 2023
522,301
3,071
58,204
583,576

Page 15

 
ZIMMERMANN U.K. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Prepaid rent
338,568
426,987


The amount shown in other debtors due after more than one year relates to a premium paid on commencement of the trading store lease and is being released to the profit and loss account over the lease term.

As restated
2024
2023
£
£

Due within one year

Trade debtors
-
253

Other debtors
378,943
615,525

Prepayments and accrued income
140,129
113,077

Tax recoverable
20,520
107,186

539,592
836,041


The directors have restated the debtors note to show tax recoverable of £107,186 that was included within other debtors in the prior year. 


6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
321,899
111,855

Amounts owed to group undertakings (note 8)
3,987,854
3,729,967

Other taxation and social security
281,881
304,392

Other creditors
88,163
75,434

Accruals and deferred income
341,677
299,663

5,021,474
4,521,311


Page 16

 
ZIMMERMANN U.K. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
770,077
1,494,396

Other creditors
34,816
24,102

804,893
1,518,498


Amounts owed to group undertakings are unsecured, incur interest at a rate of 10.32% (2023: 8.33%) and are repayable in 7 equal annual instalments to 30 June 2030.


8.


Deferred taxation




2024
2023


£

£






At beginning of year
(24,675)
(25,949)


(Charged)/credited to the Statement of Comprehensive Income
(11,027)
1,274



At end of year
(35,702)
(24,675)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(35,702)
(24,675)

(35,702)
(24,675)


9.


Contingent liabilities

The Company had entered into an unlimited multilateral guarantee with HSBC Australia alongside other group companies to secure a group loan facility. The liabilities of other group companies secured over the assets of the Company total £nil (2023: £4,192,796). During the year the Group sold a 70% shareholding in the Group and the group loan facility was repaid as a result.
The Company entered into a debenture on 25 March 2022 containing fixed and floating charges over all of the assets of the Company in favour of Global Loan Agency Services Australia PTY Ltd. The charge also contains a negative pledge.

Page 17

 
ZIMMERMANN U.K. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Provisions




Lease dilapidation provision

£





At 1 July 2023
26,706


Capitalised in the year
45,071



At 30 June 2024
71,777

The lease dilapidation provision relates to returning retail spaces to their original condition.


11.


Called up share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023: 100) ordinary shares of £1 each
100
100

The ordinary shares entitle each holder to one voting right and no right to fixed income.



12.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
215,000
215,000

Later than 1 year and not later than 5 years
698,750
913,750

913,750
1,128,750


13.


Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 18

 
ZIMMERMANN U.K. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Controlling party

The parent of smallest group in which the results of the Company are consolidated into is Oceania (TopCo) Pty Limited. The registered office is 120 Dunning Avenue, Rosebery, New South Wales, NSW 2018, Australia.
The parent of largest group in which the results of the Company are consolidated into is AI Grace Aus Holdco Pty Limited. The registered office is 120 Dunning Avenue, Rosebery, New South Wales, NSW 2018, Australia.

Page 19