Registered number
04323929
Zilco Europe Limited
Filleted Accounts
30 June 2024
Zilco Europe Limited
Registered number: 04323929
Balance Sheet
as at 30 June 2024
As restated
Notes 2024 2023
£ £
Current assets
Stocks 9,097 5,276
Debtors 4 1,318,984 1,563,612
Cash at bank and in hand 130,050 97,953
1,458,131 1,666,841
Creditors: amounts falling due within one year 5 (93,103) (76,110)
Net current assets 1,365,028 1,590,731
Net assets 1,365,028 1,590,731
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,364,028 1,589,731
Shareholder's funds 1,365,028 1,590,731
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A C Strachan
Director
Approved by the board on 11 March 2025
Zilco Europe Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings over 3-4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 13,654
At 30 June 2024 13,654
Depreciation
At 1 July 2023 13,654
At 30 June 2024 13,654
Net book value
At 30 June 2024 -
4 Debtors As restated
2024 2023
£ £
Trade debtors 146,064 165,338
Amounts owed by parent company 1,136,465 1,365,681
Other debtors 36,455 32,593
1,318,984 1,563,612
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 16,019 8,051
Taxation and social security costs 28,936 15,943
Other creditors 48,148 52,116
93,103 76,110
6 Prior year adjustment
The accounts for the year ended 30 June 2022 included an interim dividend of £1M in error. The directors did consider declaring an interim dividend in that year, however no dividend was approved or paid, so the figures as at 30 June 2023 have been restated accordingly.
7 Related party transactions
During the year the company purchased £898,612 of goods from its parent company. There is loan arrangement with the parent company. The loan is repayable on demand and attracts interest at the rate of 5%.The balance outstanding on the loan as at 30 June 2024 was £1,136,465 (2023: £1,365,681). Management fees of £106,529 (2023: £108,620) were paid to the parent company during the year. During the year the company paid an interim dividend of £315,681 to the parent company (2023: £nil).
8 Controlling party
The company is a wholly owned subsidiary of Zilco International Proprietary Limited of 7 Averill Street, Rhodes, New South Wales, Australia.
9 Other information
Zilco Europe Limited is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor, Flattermaker House,
Sugarswell Business Park, Shennington,
Banbury, Oxon,
England,
OX15 6HW
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