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Registration number: 03556934

Zim UK Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Zim UK Limited

Contents

Company Information

1

Directors' Report

2 to 3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 23

 

Zim UK Limited

Company Information

Directors

Natasha Griffin

Yacov Barak

Esen Erorta

Registered office

Suite 7 One Derby Square
Derby Square
Liverpool
L2 9QR

Auditors

Williamson & Croft Audit Ltd
Statutory Auditor
York House
20 York Street
Manchester
M2 3BB

 

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:

Natasha Griffin

Yacov Barak

Esen Erorta

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 board on 3 February 2025 and signed on its behalf by:
 

.........................................
Natasha Griffin
Director

 

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.

......................................
Tor Stringfellow FCA (Senior Statutory Auditor)
For and on behalf of Williamson & Croft Audit Ltd, Statutory Auditor

York House
20 York Street
Manchester
M2 3BB

3 February 2025

 

Zim UK Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

4

1,589,849

1,879,208

Administrative expenses

 

(1,536,055)

(1,835,184)

Operating profit

5

53,794

44,024

Interest payable and similar expenses

6

(7,487)

(7,177)

 

(7,487)

(7,177)

Profit before tax

 

46,307

36,847

Tax on profit

10

(11,600)

(11,027)

Profit for the year

 

34,707

25,820

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

34,707

25,820

Total comprehensive income for the year

34,707

25,820

 

Zim UK Limited

(Registration number: 03556934)
Balance Sheet as at 31 December 2024

Note

31 December
2024
£

31 December
2023
£

Fixed assets

 

Tangible assets

11

15,727

26,351

Right of use assets

12

96,475

132,100

 

112,202

158,451

Current assets

 

Trade and other debtors

13

618,333

585,972

Cash at bank and in hand

14

288,430

290,444

 

906,763

876,416

Creditors: Amounts falling due within one year

15

(154,334)

(157,253)

Net current assets

 

752,429

719,163

Total assets less current liabilities

 

864,631

877,614

Creditors: Amounts falling due after more than one year

16

(35,042)

(80,408)

Provisions for liabilities

(2,419)

(4,743)

Net assets

 

827,170

792,463

Capital and reserves

 

Called up share capital

18

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 board on 3 February 2025 and signed on its behalf by:
 

.........................................
Natasha Griffin
Director

 

Zim UK Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

200

792,263

792,463

Profit for the year

-

34,707

34,707

Total comprehensive income

-

34,707

34,707

At 31 December 2024

200

826,970

827,170


 

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

200

766,443

766,643

Profit for the year

-

25,820

25,820

Total comprehensive income

-

25,820

25,820

At 31 December 2023

200

792,263

792,463

 

Zim UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

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:
Suite 7 One Derby Square
Derby Square
Liverpool
L2 9QR

These financial statements were authorised for issue by the board on 3 February 2025.

2

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

3

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.

4

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

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

11,611

12,059

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

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

900

-

Interest expense on leases

6,587

7,177

7,487

7,177

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,071,244

1,334,914

Social security costs

122,698

149,101

Pension costs, defined contribution scheme

81,968

72,558

Redundancy costs

-

52,412

1,275,910

1,608,985

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

6

4

Sales

18

18

24

22

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

175,957

218,794

Contributions paid to money purchase schemes

10,616

9,282

186,573

228,076

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

 

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

175,957

218,794

Company contributions to money purchase pension schemes

10,616

9,282

186,573

228,076

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

15,750

15,750


 

10

Income tax

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

13,924

11,382

Deferred taxation

Arising from origination and reversal of temporary differences

(2,324)

(355)

Tax expense in the profit and loss account

11,600

11,027

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

46,307

36,847

Corporation tax at standard rate

11,577

8,666

Deferred tax expense relating to changes in tax rates or laws

-

1,610

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

11,600

11,027

 

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

-

2,419

2,419

-

2,419

2,419

2023

Asset
£

Liability
£

Net deferred tax
£

Accelerated capital allowances

-

4,743

4,743

-

4,743

4,743

Deferred tax movement during the year:

At 1 January 2024
£

Recognised in income
£

At
31 December 2024
£

Accelerated capital allowances

4,743

(2,324)

2,419

4,743

(2,324)

2,419

Deferred tax movement during the prior year:

At 1 January 2023
£

Recognised in income
£

At
31 December 2023
£

Accelerated capital allowances

5,098

(355)

4,743

5,098

(355)

4,743

 

Zim UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

49,816

49,816

Additions

987

987

At 31 December 2024

50,803

50,803

Depreciation

At 1 January 2024

23,465

23,465

Charge for the year

11,611

11,611

At 31 December 2024

35,076

35,076

Carrying amount

At 31 December 2024

15,727

15,727

At 31 December 2023

26,351

26,351

12

Right of use assets

Motor vehicles
£

Property
£

Total
£

Cost or valuation

At 1 January 2024

34,642

279,638

314,280

Additions

15,961

-

15,961

At 31 December 2024

50,603

279,638

330,241

Depreciation

At 1 January 2024

6,886

175,294

182,180

Charge for the year

16,803

34,783

51,586

At 31 December 2024

23,689

210,077

233,766

Carrying amount

At 31 December 2024

26,914

69,561

96,475

 

Zim UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

13

Trade and other debtors

31 December
2024
£

31 December
2023
£

Amounts due from group undertakings

566,049

539,277

Prepayments

24,476

19,316

Other debtors

27,808

27,379

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 "".

14

Cash at bank and in hand

31 December
2024
£

31 December
2023
£

Cash on hand

571

-

Cash at bank

287,859

290,444

288,430

290,444

15

Creditors: amounts falling due within one year

31 December
2024
£

31 December
2023
£

Trade creditors

3,841

13,074

Accrued expenses

22,219

22,057

Social security and other taxes

34,333

35,425

Other creditors

22,503

20,311

Income tax liability

13,924

11,382

Current portion of long term lease liabilities

57,514

55,004

154,334

157,253

16

Creditors: amounts falling due after more than one year

31 December
2024
£

31 December
2023
£

Long term lease liabilities

35,042

80,408

 

Zim UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

17

Leases

Leases included in creditors

31 December
2024
£

31 December
2023
£

Current portion of long term lease liabilities

57,514

55,004

Long term lease liabilities

35,042

80,408

Lease liabilities maturity analysis

A maturity analysis of lease liabilities based on undiscounted gross cash flow is reported in the table below:

31 December
2024
£

31 December
2023
£

Less than one year

61,746

59,193

2 years

34,874

55,660

3 years

930

29,152

Total lease liabilities (undiscounted)

97,550

144,005

18

Share capital

Allotted, called up and fully paid shares

31 December
2024

31 December
2023

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

       

19

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

20

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

21

Parent and ultimate parent undertaking

The company is owned 50% by Zim Netherlands BV, a company registered in the Netherlands, and 50% by Zim Integrated Shipping Services Limited, a company registered in Israel.
 
The ultimate parent is Zim Integarated Shipping Services Limited.

The most senior parent entity producing publicly available financial statements is Zim Integarated Shipping Services Limited. These financial statements are available upon request from 9 Andrei Sakharov Street, PO Box 1723, Haifa 31016, Israel