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REGISTERED NUMBER: SC243067 (Scotland)
























STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

ZANTRA LIMITED

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 July 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


ZANTRA LIMITED

COMPANY INFORMATION
For The Year Ended 31 July 2024







DIRECTORS: M D G Mackay
E K Mackay
C Bean
K Hayter
P B Carr





SECRETARY: E K Mackay





REGISTERED OFFICE: Westwood Rattar Mains
Scarfskerry
Thurso
Caithness
KW14 8XW





REGISTERED NUMBER: SC243067 (Scotland)





AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

STRATEGIC REPORT
For The Year Ended 31 July 2024


The directors present their strategic report for the year ended 31 July 2024.

REVIEW OF BUSINESS
The Financial Year of 2024 was again a year of contrasts, with the Autumn season being very wet whilst early Spring was wet and dull whereas later Spring improved to be dryer and brighter. The wet conditions in 2023 started in October and continued through to winter. This season was one of the wettest on record with many areas suffering flood conditions. This resulted in many growers struggling to get their winter crops drilled and those that did, suffered with crops becoming waterlogged and ultimately failing. Spring 24 was generally warm, unsettled and wet. The early demand for fungicides and insecticides was strong in February, but then cold weather in March and through Easter suppressed demand before the weather improved and demand picked up rapidly. During this time, the business worked hard to satisfy our customers.

The very congested nature of the Spring 24 season, in particular, showed the strength and dedication of our Team throughout the Company with everyone supporting each other to get the best advice and products to our customers so that they could make the most of the season.

Despite the reduced activity in the Autumn season, turnover has exceeded £31m with margins being maintained and significant reductions in costs, meaning that the profit for the year has only been bettered by last year, which had far better growing conditions.

Overall, the statutory profit before tax for the year was £1,802,982, slightly down on last year.

The company's key financial performance indicators during the year were:

2024 2023 Change %
Turnover 31,290,785 35,919,055 -12.9%
Gross Profit % 17.6% 17.6% 0.0%
Operating Profit 1,830,078 2,197,628 -17.1%
Profit before tax 1,802,982 2,117,159 -14.8%

Net Assets 7,117,269 6,614,287
Average number of employees 45 45


There remain many challenges ahead for the sector; uncertainty over the political outlook for growers in the UK, inflation, higher interest rates than experienced over the last decade, high energy prices and high raw material prices. Zantra remain well placed to continue to provide the exceptional service levels expected by our customers. Zantra will adapt to the challenges and continue to develop market leading solutions through its in-house Research and Development work. Coupled with our stable flat management structure, decisions can be made quickly and effectively to respond to any marketplace changes. This has again benefited our customers and the business significantly during the year and will continue to do so in the future.

While the market in the UK remains competitive, Zantra continues to benefit from the trust and partnership that has been built with both customers and suppliers. With the number of product revocations continuing to outpace the introduction of new molecules, these partnerships will become even more important. The bespoke solutions provided to our Farmers by our Agronomists, on the back of our Research and Development department, has both supported existing customers and attracted new ones. This combined support will continue to drive the business forward to deliver cost effective and innovative solutions for our Farmers.

Zantra is a family business with a passionate and hardworking team that see success through the eyes of our customers. The results of the business are not possible without the support and dedication of all our Team and the Board thanks everyone for their efforts.

Post balance sheet events
After the Balance Sheet date, Zantra Limited has been reorganised to move the properties held (Freehold Property and Investment Property) into a new entity Zantra Properties Limited. Whilst a new holding entity has been created, Zantra Holdings Limited, which now holds 100% of the shareholding of Zantra Limited, with the same beneficial owners. Subsequent to this, there has been a demerger to remove Zantra Properties Limited out of the Zantra Group.


ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

STRATEGIC REPORT
For The Year Ended 31 July 2024

PRINCIPAL RISKS AND UNCERTAINTIES
As the business is supporting the agricultural industry, the weather conditions represent the principal uncertainty both in terms of the products needed and when they are needed. The company addresses this risk by keeping the supply chain as flexible as possible, working with strategic suppliers and monitoring stock levels against forecast.

The company uses several financial instruments which include loans, trade debtors and trade creditors which arise directly from its operations. The existence of these financial instruments exposes the company to a number of financial risks which the directors review and agree the policies for each of these risks which are noted below.

Liquidity Risk - the company manages the financial risk by monitoring cash flow to ensure that the company is able to meet its foreseeable debts as they fall due.

Credit risk - the company sets credit limits for customers based on a combination of payment history and knowledge of the industry with customer follow up where debts are not paid to terms.

ON BEHALF OF THE BOARD:





M D G Mackay - Director


29 January 2025

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

REPORT OF THE DIRECTORS
For The Year Ended 31 July 2024


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of agricultural merchants, supporting individual farmers, independent agronomists and buying groups across the UK.

DIVIDENDS
Interim dividends of £850,000 (2023: £1,216,500) were paid during the year. The directors recommend that no final dividend be paid.

RESEARCH AND DEVELOPMENT
The company spends time, effort and its monies in supporting our client's product development requirements with substantial research and development activities in the early stages of material and product life cycles. The company's intention being to ensure we remain part of the supply chain as both materials and manufacturing processes develop.

FUTURE DEVELOPMENTS
The company intends to continue its present management policies for the foreseeable future and will continue to seek to grow the business through organic growth and, where appropriate, acquisition.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

M D G Mackay
E K Mackay
C Bean
K Hayter
P B Carr

FINANCIAL INSTRUMENTS
The company utilises various financial instruments including loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these is to raise finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail in the Strategic Report.

DISCLOSURE IN THE STRATEGIC REPORT
As permitted by Paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report instead. These matters relate to Business review, Principal risks and uncertainties and Key performance indicators.

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). 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.

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

REPORT OF THE DIRECTORS
For The Year Ended 31 July 2024


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 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 company's auditors are aware of that information.

AUDITORS
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M D G Mackay - Director


29 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ZANTRA LIMITED


Opinion
We have audited the financial statements of Zantra Limited (the 'company') for the year ended 31 July 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 July 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
ZANTRA 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.

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.

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

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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
ZANTRA 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.




John Grant FCCA (Senior Statutory Auditor)
for and on behalf of TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

3 February 2025

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

STATEMENT OF COMPREHENSIVE
INCOME
For The Year Ended 31 July 2024

2024 2023
Notes £    £    £    £   

TURNOVER 31,290,785 35,919,055

Cost of sales 25,795,086 29,608,472
GROSS PROFIT 5,495,699 6,310,583

Distribution costs 1,830,951 2,131,647
Administrative expenses 1,959,617 2,107,301
3,790,568 4,238,948
1,705,131 2,071,635

Other operating income 124,947 125,993
OPERATING PROFIT 4 1,830,078 2,197,628

Interest receivable and similar income 69,720 9,470
1,899,798 2,207,098

Interest payable and similar expenses 5 96,816 89,939
PROFIT BEFORE TAXATION 1,802,982 2,117,159

Tax on profit 6 450,000 400,000
PROFIT FOR THE FINANCIAL YEAR 1,352,982 1,717,159

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,352,982

1,717,159

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

BALANCE SHEET
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 2,383,666 2,353,856
Investments 9 100 100
Investment property 10 875,000 875,000
3,258,766 3,228,956

CURRENT ASSETS
Stocks 11 4,774,987 6,429,357
Debtors 12 8,641,644 7,532,701
Cash at bank and in hand 3,132,335 2,435,627
16,548,966 16,397,685
CREDITORS
Amounts falling due within one year 13 11,975,173 12,182,392
NET CURRENT ASSETS 4,573,793 4,215,293
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,832,559

7,444,249

CREDITORS
Amounts falling due after more than one
year

14

(560,367

)

(675,039

)

PROVISIONS FOR LIABILITIES 18 (154,923 ) (154,923 )
NET ASSETS 7,117,269 6,614,287

CAPITAL AND RESERVES
Called up share capital 19 100,000 100,000
Revaluation reserve 558,293 558,293
Capital redemption reserve 100,000 100,000
Investment property revaluation reserve 266,846 266,846
Retained earnings 6,092,130 5,589,148
SHAREHOLDERS' FUNDS 7,117,269 6,614,287

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





M D G Mackay - Director


ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 July 2024

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 August 2022 100,000 5,088,489 558,293

Changes in equity
Dividends - (1,216,500 ) -
Total comprehensive income - 1,717,159 -
Balance at 31 July 2023 100,000 5,589,148 558,293

Changes in equity
Dividends - (850,000 ) -
Total comprehensive income - 1,352,982 -
Balance at 31 July 2024 100,000 6,092,130 558,293
Investment
Capital property
redemption revaluation Total
reserve reserve equity
£    £    £   
Balance at 1 August 2022 100,000 266,846 6,113,628

Changes in equity
Dividends - - (1,216,500 )
Total comprehensive income - - 1,717,159
Balance at 31 July 2023 100,000 266,846 6,614,287

Changes in equity
Dividends - - (850,000 )
Total comprehensive income - - 1,352,982
Balance at 31 July 2024 100,000 266,846 7,117,269

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

CASH FLOW STATEMENT
For The Year Ended 31 July 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,963,230 1,417,200
Interest paid (49,854 ) (42,802 )
Interest element of hire purchase payments
paid

(10,806

)

(8,145

)
Finance costs paid (36,156 ) (38,992 )
Tax paid (314,075 ) (264,105 )
Net cash from operating activities 2,552,339 1,063,156

Cash flows from investing activities
Purchase of tangible fixed assets (168,575 ) (171,531 )
Sale of tangible fixed assets 10,184 11,429
Interest received 69,720 9,470
Net cash from investing activities (88,671 ) (150,632 )

Cash flows from financing activities
New loans in year - 791,895
Loan repayments in year (904,795 ) (1,349,175 )
Capital repayments in year (96,215 ) (72,764 )
Amount introduced by directors 849,601 388,017
Amount withdrawn by directors (889,126 ) (366,684 )
New HP 123,575 135,610
Equity dividends paid (850,000 ) (1,216,500 )
Net cash from financing activities (1,766,960 ) (1,689,601 )

Increase/(decrease) in cash and cash equivalents 696,708 (777,077 )
Cash and cash equivalents at beginning
of year

2

2,435,627

3,212,704

Cash and cash equivalents at end of year 2 3,132,335 2,435,627

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

NOTES TO THE CASH FLOW STATEMENT
For The Year Ended 31 July 2024


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

2024 2023
£    £   
Profit before taxation 1,802,982 2,117,159
Depreciation charges 138,765 148,375
Profit on disposal of fixed assets (10,184 ) (11,429 )
Finance costs 96,816 89,939
Finance income (69,720 ) (9,470 )
1,958,659 2,334,574
Decrease/(increase) in stocks 1,654,370 (601,397 )
(Increase)/decrease in trade and other debtors (1,108,943 ) 2,742,691
Increase/(decrease) in trade and other creditors 459,144 (3,058,668 )
Cash generated from operations 2,963,230 1,417,200

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 July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 3,132,335 2,435,627
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 2,435,627 3,212,704


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank and in hand 2,435,627 696,708 3,132,335
2,435,627 696,708 3,132,335
Debt
Finance leases (158,855 ) (27,359 ) (186,214 )
Debts falling due within 1 year (904,795 ) 791,895 (112,900 )
Debts falling due after 1 year (595,212 ) 112,900 (482,312 )
(1,658,862 ) 877,436 (781,426 )
Total 776,765 1,574,144 2,350,909

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 July 2024


1. STATUTORY INFORMATION

Zantra 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 company's place of business is located at The Orchard, Garden Farm, St Neots, PE19 5BE.

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.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts.

There were no material departures from that standard.

The Company's functional and presentational currency is GBP rounded to the nearest pound.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. We have considered the estimates and assumptions made by the company and have not identified any which are deemed to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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 recognised upon the goods being transferred to the customer. All turnover relates to the sale of goods. No geographical analysis of turnover is disclosed as the directors consider that this information would be prejudicial to the company's interest. On this basis disaggregated information has not been disclosed.

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued

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.
Short leasehold - 50% on cost
Plant and machinery - 33% on cost
Motor vehicles - 25% on cost

The land element of freehold property is not depreciated. The cost of newly acquired buildings is depreciated on a straight line basis over it's estimated useful economic life of 40 years (or 20 years in the case of buildings of a less permanent nature).

Tangible fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

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.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is an indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Payments on account in respect of tangible fixed assets which are not yet operational in the business are recorded in a separate fixed asset category called "Assets in the course of construction", and represent the cost of purchasing, constructing and installing tangible fixed assets ahead of their productive use.

No depreciation is charged on assets in the course of construction until they are brought into operational use in the business, at which point the assets are transferred into the relevant asset category on the fixed asset register and depreciated over their useful economic lives.

Investment property
Investment property is included in the balance sheet at its open market value at the balance sheet date. Any change in such valuation is shown in the statement of comprehensive income and as a movement in the investment revaluation reserve.

No depreciation is provided on investment properties. This represents a departure from the requirements of the Companies Act 2006. In the opinion of the directors such properties are held primarily for their investment potential and so their current value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view.

Stocks
Goods for resale are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is determined on average cost.

Livestock are valued at the lower of cost and estimated selling price less costs to complete and sell for purchased animals.

At each balance sheet 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 the profit and loss account.

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows 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) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, and loans from fellow Group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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


ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued

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 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 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 profit or loss on a straight line basis over the period of the lease.

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.

Going concern
As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,355,903 2,586,037
Social security costs 271,711 286,211
Other pension costs 210,171 313,848
2,837,785 3,186,096

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

Sales 13 14
Distribution 24 23
Admin 8 8
45 45

2024 2023
£    £   
Directors' remuneration 761,819 891,954
Directors' pension contributions to money purchase schemes 131,117 154,009

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

Money purchase schemes 3 5

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 324,999 354,209
Pension contributions to money purchase schemes 2,844 5,734

4. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 40,170 39,763
Depreciation - owned assets 68,334 98,312
Depreciation - assets on hire purchase contracts 70,431 50,061
Profit on disposal of fixed assets (10,184 ) (11,429 )
Auditors' remuneration 19,025 17,000
Auditors' remuneration for non audit work 5,925 5,575
Foreign exchange differences (8,534 ) 879

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 49,854 42,802
Hire purchase 10,806 8,145
Invoice finance charges 36,156 38,992
96,816 89,939

6. 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 450,000 400,000
Tax on profit 450,000 400,000

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


6. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 1,802,982 2,117,159
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.389%)

450,746

474,011

Effects of:
Expenses not deductible for tax purposes 26,754 22,260
Capital allowances in excess of depreciation (2,500 ) -
Depreciation in excess of capital allowances - 4,479
R&D enhanced expenditure (62,500 ) (134,334 )
Provisions tax adjustment 37,500 33,584
Total tax charge 450,000 400,000

From 1st April 2023 the corporation tax main rate increased from 19% to 25% for companies with profits over £250,000. The small company rate remains at 19% for taxable profits under £50,000. For profits falling between £50,000 and £250,000 marginal relief is applied. Deferred tax has therefore been calculated at 25%.

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 850,000 1,216,500

8. TANGIBLE FIXED ASSETS
Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 August 2023 2,382,133 24,808 426,371 695,705 3,529,017
Additions 45,000 - - 123,575 168,575
Disposals - - (6,250 ) (61,780 ) (68,030 )
At 31 July 2024 2,427,133 24,808 420,121 757,500 3,629,562
DEPRECIATION
At 1 August 2023 225,737 24,808 419,104 505,512 1,175,161
Charge for year 46,704 - 7,068 84,993 138,765
Eliminated on disposal - - (6,250 ) (61,780 ) (68,030 )
At 31 July 2024 272,441 24,808 419,922 528,725 1,245,896
NET BOOK VALUE
At 31 July 2024 2,154,692 - 199 228,775 2,383,666
At 31 July 2023 2,156,396 - 7,267 190,193 2,353,856

Included in cost of land and buildings is freehold land of £650,246 (2023: £650,246) which is not depreciated.


ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 August 2023 242,716
Additions 123,575
Transfer to ownership (56,900 )
At 31 July 2024 309,391
DEPRECIATION
At 1 August 2023 73,304
Charge for year 70,431
Transfer to ownership (42,675 )
At 31 July 2024 101,060
NET BOOK VALUE
At 31 July 2024 208,331
At 31 July 2023 169,412

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 100
NET BOOK VALUE
At 31 July 2024 100
At 31 July 2023 100

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

Chem-Wise Limited
Registered office: Westwood, Rattar Mains, Thurso, Caithness, KW14 8XW
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00

10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023
and 31 July 2024 875,000
NET BOOK VALUE
At 31 July 2024 875,000
At 31 July 2023 875,000

Investment properties are stated at fair value based on the directors valuation as at 31 July 2024.

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


10. INVESTMENT PROPERTY - continued

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2015 30,000
Valuation in 2018 136,480
Cost 708,520
875,000

11. STOCKS
2024 2023
£    £   
Finished goods 4,736,820 6,391,190
Livestock 38,167 38,167
4,774,987 6,429,357

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,402,975 6,377,564
Other debtors 2,113,801 1,042,842
Prepayments 124,868 112,295
8,641,644 7,532,701

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 112,900 112,900
Other loans (see note 15) - 791,895
Hire purchase contracts (see note 16) 108,159 79,028
Trade creditors 7,824,528 6,254,599
Corporation tax 563,623 427,698
Social security and other taxes 50,792 48,046
VAT 432,122 537,159
Other creditors 319,430 494,327
Directors' current accounts 849,299 888,824
Accruals 1,714,320 2,547,916
11,975,173 12,182,392

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 15) 482,312 595,212
Hire purchase contracts (see note 16) 78,055 79,827
560,367 675,039

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 112,900 112,900
Other loans - 791,895
112,900 904,795

Amounts falling due between one and two years:
Bank loans - 1-2 years 112,900 112,900

Amounts falling due between two and five years:
Bank loans - 2-5 years 369,412 482,312

Bank loans between 2 and 5 years are repayable by monthly instalments.

Interest rates on the bank loan are variable based on the bank's prevailing base rate plus an agreed margin.

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Gross obligations repayable:
Within one year 95,706 68,555
Between one and five years 72,545 72,404
168,251 140,959

Finance charges repayable:
Within one year (12,453 ) (10,473 )
Between one and five years (5,510 ) (7,423 )
(17,963 ) (17,896 )

Net obligations repayable:
Within one year 108,159 79,028
Between one and five years 78,055 79,827
186,214 158,855

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 595,212 708,112
Other loans - 791,895
Hire purchase contracts 186,214 158,855
781,426 1,658,862

Bank loans, letters of credit and overdrafts are secured by debentures creating a fixed and floating charge over the assets and undertaking of the Company and by legal charges over land, buildings and investment property owned by the Company.

Hire purchase liabilities are secured against the assets in which they relate.

Cash advanced from the debtor finance facility is secured against the trade debtor balances.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 154,923 154,923

Deferred
tax
£   
Balance at 1 August 2023 154,923
Balance at 31 July 2024 154,923

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary £1 100,000 100,000

20. PENSION COMMITMENTS

During the year the Company made contributions £131,117 (2023: £154,009) into the personal pension funds in respect of three of its directors. In addition contributions £79,054 (2023: £159,839) were made into the personal pension funds of certain other employees.

At the balance sheet date included in other creditors contributions due were £15,213 (2023: £13,611).

21. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 53,965 -

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
M D G Mackay and E K Mackay
Balance outstanding at start of year (888,824 ) (867,491 )
Amounts advanced 889,125 877,539
Amounts repaid (849,600 ) (898,872 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (849,299 ) (888,824 )


23. RELATED PARTY DISCLOSURES

People with control, joint control or significant influence over the entity

Mr M D G Mackay and his wife Mrs E K Mackay are directors of the company. The following transactions have taken place involving them and the company.

In both financial years the company occupied grazing land owned by Mr and Mrs Mackay for which no rent was charged. In recognition of this, the company took on responsibility for maintenance of the boundaries and other incidental costs in respect of the land.

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Remuneration 892,936 1,027,773

Key management personnel of the entity are deemed to be the directors of the company.

24. POST BALANCE SHEET EVENTS

On the 1st August 2024 there was a change in ownership of Zantra Limited and the company became fully owned by Zantra Holdings Limited. On the 2nd August 2024, freehold property with a NBV of £2,154,692 (2023: £2,156,692) and investment property with a NBV of £875,000 (2023: £875,000) was sold to group company Zantra Properties Limited. Zantra Properties Limited was owned by Zantra Holdings Limited up to the 29th October 2024, the ownership changed to EIM Property Group Limited from this date.

On the 2nd August 2024 the 29,500 EMI options referred to in note 26 were transferred to Zantra Holdings Limited.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Zantra Holdings Limited (previously controlled by Mr M D G Mackay and his wife Mrs E K Mackay, who are two of the directors of the company).

ZANTRA LIMITED (REGISTERED NUMBER: SC243067)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


26. SHARE-BASED PAYMENT TRANSACTIONS

The company has a share option scheme for some employees. Exercise of the options are at the discretion of the Board or in relation to a future corporate qualifying event. These options protect the value these employees bring to the business and also protect the employees future careers. The options are settled from existing equity once exercised.

If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Options are forfeited if the employee leaves the company before the options vest.

Share options were granted during 2020 for a maximum of 30,500 Ordinary Shares, with an exercise price of £20.00

The share options outstanding at the end of the year were as follows:


Expiry date
Exercise
price

2024

2023
£   NoNo
5 March 203020.0029,50029,500