Registration number:
for the Year Ended 31 December 2024
Zim UK Limited
Contents
Company Information |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Zim UK Limited
Company Information
Directors |
Natasha Griffin Yacov Barak Esen Erorta |
Registered office |
|
Auditors |
|
Zim UK Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
This report has been prepared in accordance with the special provisions of section 381 of the Companies Act 2006 relating to small companies. The directors has taken exemption under this regime not to disclose the strategic report.
Directors' of the company
The directors, who held office during the year, were as follows:
Principal activity
The principal activity of the company is that of a shipping and logistics agent serving the UK and Irish market.
Going concern
The financial statements have been prepared on a going concern basis, per the accounting policies in Note 2 to the financial statements, which the directors consider to be appropriate for the following reasons:
The company generated a profit before tax for the year of £46,307 and has a net asset position of £827,170 for the year then ended, however the directors acknowledge that the company would be unable to continue as a going concern without the requirement of the company's ultimate parent company, Zim Integrated Shipping Services Limited, to utilise the services provided by Zim UK Limited, as well as without the continued financial support of Zim Integrated Shipping Services Limited.
The directors have prepared budgets and projections for a period of 12 months from the date of approval of these financial statements which indicate that the company will have sufficient funding from its ultimate parent company to meet its liabilities as they fall due for that period. Those forecasts are dependent upon Zim Integrated Shipping Services Limited providing additional financial support during that period. Zim Integrated Shipping Services Limited has indicated its intention to continue to make available such funds as are required by the company for the period covered by the forecasts.
Furthermore, Zim Integrated Shipping Services Limited has indicated its intention to continue to utilise the services of Zim UK Limited for at least 12 months from the date of approval of these financial statements. Based on the indications that have been provided, in addition to ongoing financial support, the directors consider it appropriate for the financial statements to be prepared on a going concern basis. The directors acknowledge that as with any company placing reliance on other group entities for financial support, there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do so.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Zim UK Limited
Directors' Report for the Year Ended 31 December 2024
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution proposing that Williamson and Croft Audit Ltd be appointed as auditor of the company for the year ended 31 December 2023 was passed at a General Board meeting.
A resolution for the re-appointment of Williamson and Croft Audit Ltd as auditors of the company for the year ended 31 December 2024 is to be proposed at a forthcoming General Board meeting.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the
......................................... |
Zim UK Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework' ('FRS 101'). 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 apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether FRS 101 has been followed, subject to any material departures disclosed and explained in the financial statements; 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 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.
Zim UK Limited
Independent Auditor's Report to the Members of Zim UK Limited
Opinion
We have audited the financial statements of Zim UK Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework', in accordance with the provisions applicable to companies subject to the small companies regime.
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 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 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 original financial statements were 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Zim UK Limited
Independent Auditor's Report to the Members of Zim UK Limited
Opinion on other matter 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 the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
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; 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' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. |
Responsibilities of directors
As explained more fully in the [set out on page 4], 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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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:
• |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company through discussions with management and determined that the most significant are the Companies Act 2006, GDPR, Employment Law and General Health and Safety Regulations. |
• |
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the documented policies and procedures, legal costs incurred during the period and discussions with key management personnel. |
Zim UK Limited
Independent Auditor's Report to the Members of Zim UK Limited
• |
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements. We assessed this risk as low due to oversight by management and by the Board of Directors as well as by management of entities holding controlling interests in the company. |
• |
We have reviewed the company’s control environment and assessed that it is adequate for an entity of its size and nature. |
• |
We designed our audit testing to review the presumed risks under ISA (UK and Ireland) 240 that that revenue may be misstated due to the improper recognition of revenue and that management over-ride of controls is present in all entities. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 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.
......................................
For and on behalf of
York House
20 York Street
M2 3BB
Zim UK Limited
Profit and Loss Account for the Year Ended 31 December 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(7,487) |
(7,177) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the year |
|
|
The above results were derived from continuing operations.
Zim UK Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
2024 |
2023 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Zim UK Limited
(Registration number: 03556934)
Balance Sheet as at 31 December 2024
Note |
31 December |
31 December |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Right of use assets |
|
|
|
|
|
||
Current assets |
|||
Trade and other debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
200 |
200 |
|
Retained earnings |
826,970 |
792,263 |
|
Shareholders' funds |
827,170 |
792,463 |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the
......................................... |
Zim UK Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
Share capital |
Retained earnings |
Total |
|
At 1 January 2024 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 December 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 January 2023 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 December 2023 |
200 |
792,263 |
792,463 |
Zim UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
General information |
The company is a private company limited by share capital, incorporated and domiciled in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.
The functional currency of the company and the presentational currency of these financial statements is Pound Sterling (£).
Summary of disclosure exemptions
In these financial statements, the company has taken advantage of the disclosure exemptions available under FRS 101 in relation to share-based payment, business combinations, non-current assets held for sale, financial instruments, fair value measurements, capital management, revenue from contracts with customers, presentation of comparative period reconciliations for share capital, tangible fixed assets, intangible assets and investment property, presentation of a cash-flow statement, the effects of new standards not yet effective, impairment of assets and disclosures in respect of the compensation of key management personnel and of transactions with a management entity that provides key management personnel services to the company.
Going concern
The directors acknowledge that the company would be unable to continue as a going concern without the requirement of the company's ultimate parent company, Zim Integrated Shipping Services Limited, to utilise the services provided by Zim UK Limited, as well as without the continued financial support of Zim Integrated Shipping Services Limited.
Zim Integrated Shipping Services Limited has indicated its intention to continue to utilise the services of Zim UK Limited for at least 12 months from the date of approval of these financial statements. The directors acknowledge that as with any company placing reliance on other group entities for financial support, there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do so. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Changes in accounting policy
None of the standards, interpretations and amendments effective for the first time from 1 January 2024 have had a material effect on the financial statements.
Zim UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Revenue recognition
Recognition
The company earns revenue from the provision of services relating to amounts receivable from the ultimate holding company, Zim Integrated Shipping Services Ltd, on a cost-plus basis for local costs rather than by commission on trading. Quarterly revenue invoices are raised by Zim Integrated Shipping Services Ltd in line with the cost-plus agreement. This revenue is recognised in the accounting period when the services are rendered at an amount that reflects the consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets is stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Right-of-use assets consists of a lease of an office and leases of motor vehicles which are all carried under the cost model.
Depreciation
Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the underlying asset. Depreciation starts at the commencement date of the lease.
Depreciation of owned assets is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & fittings |
10 - 25% on a straight line basis |
Computer equipment |
20 - 25% on a straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Zim UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as fixed assets.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors 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 (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Definition
A lease is a contract, or a part of a contract, that conveys the right to use an asset or a physically distinct part of an asset (“the underlying asset”) for a period of time in exchange for consideration. Further, the contract must convey the right to the company to control the asset or a physically distinct portion thereof. A contract is deemed to convey the right to control the underlying asset if, throughout the period of use, the company has the right to:
· Obtain substantially all the economic benefits from the use of the underlying asset, and;
· Direct the use of the underlying asset (e.g. direct how and for what purpose the asset is used)
Initial recognition and measurement
The company initially recognises a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term.
The lease liability is measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments, purchase options at exercise price (where payment is reasonably certain), expected amount of residual value guarantees, termination option penalties (where payment is considered reasonably certain) and variable lease payments that depend on an index or rate.
The right-of-use asset is initially measured at the amount of the lease liability, adjusted for lease prepayments, lease incentives received, the company’s initial direct costs (e.g., commissions) and an estimate of restoration, removal and dismantling costs.
Zim UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Subsequent measurement
After the commencement date, the company measures the lease liability by:
(a) Increasing the carrying amount to reflect interest on the lease liability;
(b) Reducing the carrying amount to reflect the lease payments made; and
(c) Re-measuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in substance fixed lease payments or on the occurrence of other specific events.
Interest on the lease liability in each period during the lease term is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. Interest charges are included in finance costs in the profit and loss account, unless the costs are included in the carrying amount of another asset applying other applicable standards. Variable lease payments not included in the measurement of the lease liability, are included in operating expenses in the period in which the event or condition that triggers them arises.
The related right-of-use asset is accounted for using the Cost model in IAS 16 and depreciated and charged in accordance with the depreciation requirements of IAS 16 Property, Plant and Equipment as disclosed in the accounting policy for tangible assets. Adjustments are made to the carrying value of the right of use asset where the lease liability is re-measured in accordance with the above. Right of use assets are tested for impairment in accordance with IAS 36 Impairment of assets as disclosed in the accounting policy in impairment.
Short term and low value leases
The company has made an accounting policy election, by class of underlying asset, not to recognise lease assets and lease liabilities for leases with a lease term of 12 months or less (i.e., short-term leases).
The company has made an accounting policy election on a lease-by-lease basis, not to recognise lease assets on leases for which the underlying asset is of low value.
Lease payments on short term and low value leases are accounted for on a straight line bases over the term of the lease or other systematic basis if considered more appropriate. Short term and low value lease payments are included in operating expenses in the profit and loss account.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
The company operates a defined contribution pension plan under which the company pays contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expenses in the income statement as incurred.
Defined benefit pension obligation
The company participated in a group pension scheme providing the benefits based on final pensionable pay until 31 March 2006 when all employees became deferred members. The assets of the scheme are held separately from those of the company. The company is unable to identify its share of the underlying assets and liabilities on a consistent and reasonable basis and therefore, as required by IAS 19 - Employee benefits, accounts for the scheme as is it were a defined contribution scheme.
Zim UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Depreciation of tangible fixed assets
The expected useful economic life of each asset in use in the business along with each assets' expected residual value is estimated on acquisition of the asset to determine the depreciation over the life of each relevant asset. This is done on an asset by asset basis based on management's expectation of the use of the asset but the actual residual value and economic life may vary from the initial estimate.
Lease liabilities
Under IFRS 16 management are required to determine an interest / discount rate in respect of each relevant lease when recognising the right-of-use assets and associated lease liabilites. The determination of this interest rate is judgemental, although the net impact on the accounts of the charges to the profit and loss account are not impacted, but only the split between interest expenses and depreciation charges for each lease.
Turnover |
The entirety of the turnover in the current and preceding financial years was generated within the United Kingdom from the sole principal activity of the Company, being from the ultimate parent company, Zim Integrated Shipping Services Ltd, in line with the cost-plus agreement
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Depreciation on right of use assets - machinery |
16,803 |
14,272 |
Depreciation on right of use assets - property |
34,783 |
34,783 |
Zim UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
- |
Interest expense on leases |
6,587 |
7,177 |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Redundancy costs |
- |
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Sales |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
|
|
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
Zim UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
186,573 |
228,076 |
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Income tax |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of temporary differences |
( |
( |
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
Increase (decrease) from effect of capital allowances depreciation |
29 |
(117) |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
(1,528) |
- |
Increase (decrease) from effect of expenses not deductible in determining taxable profit (tax loss) |
1,522 |
868 |
Total tax charge |
|
|
Zim UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Net deferred tax |
Accelerated capital allowances |
- |
|
|
- |
|
|
2023 |
Asset |
Liability |
Net deferred tax |
Accelerated capital allowances |
- |
|
|
- |
|
|
Deferred tax movement during the year:
At 1 January 2024 |
Recognised in income |
At |
|
Accelerated capital allowances |
|
( |
|
|
( |
|
Deferred tax movement during the prior year:
At 1 January 2023 |
Recognised in income |
At |
|
Accelerated capital allowances |
|
( |
|
|
( |
|
Zim UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets |
Other tangible assets |
Total |
|
Cost or valuation |
||
At 1 January 2024 |
|
|
Additions |
|
|
At 31 December 2024 |
|
|
Depreciation |
||
At 1 January 2024 |
|
|
Charge for the year |
|
|
At 31 December 2024 |
|
|
Carrying amount |
||
At 31 December 2024 |
|
|
At 31 December 2023 |
|
|
Right of use assets |
Motor vehicles |
Property |
Total |
||
Cost or valuation |
||||
At 1 January 2024 |
|
|
|
|
Additions |
|
- |
|
|
At 31 December 2024 |
|
|
|
|
Depreciation |
||||
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
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At 31 December 2024 |
|
|
|
Zim UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade and other debtors |
31 December |
31 December |
|
Amounts due from group undertakings |
|
|
Prepayments |
|
|
Other debtors |
|
|
618,333 |
585,972 |
The company's exposure to credit and market risks, including maturity analysis, relating to trade and other debtors are disclosed in note "".
Cash at bank and in hand |
31 December |
31 December |
|
Cash on hand |
|
- |
Cash at bank |
|
|
|
|
Creditors: amounts falling due within one year |
31 December |
31 December |
|
Trade creditors |
|
|
Accrued expenses |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Income tax liability |
|
|
Current portion of long term lease liabilities |
|
|
|
|
Creditors: amounts falling due after more than one year |
31 December |
31 December |
|
Long term lease liabilities |
|
|
Zim UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Leases |
Leases included in creditors
31 December |
31 December |
|
Current portion of long term lease liabilities |
|
|
Long term lease liabilities |
|
|
Lease liabilities maturity analysis
A maturity analysis of lease liabilities based on undiscounted gross cash flow is reported in the table below:
31 December |
31 December |
|
Less than one year |
|
|
2 years |
|
|
3 years |
|
|
Total lease liabilities (undiscounted) |
|
|
Share capital |
Allotted, called up and fully paid shares
31 December |
31 December |
|||
No. |
£ |
No. |
£ |
|
|
|
200 |
|
200 |
Reserves |
Share capital:
Share capital is the amount subscribed for shares at nominal value
Retained earnings:
Cumulative net gains and losses recognised in the income statement
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £81,968 (2023 - £72,558).
Zim UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Parent and ultimate parent undertaking |
The ultimate parent is
The most senior parent entity producing publicly available financial statements is