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Registration number: 12245699

NZO Vape Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

NZO Vape Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

NZO Vape Limited

Company Information

Director

Mr I Kara

Registered office

Elizabeth House
Victoria Street
Manchester
M11 2NX

Accountants

Coates and Partners Limited
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

NZO Vape Limited

(Registration number: 12245699)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,500

37,500

Tangible assets

5

127,390

156,549

Investments

6

102,278

102,278

 

242,168

296,327

Current assets

 

Stocks

7

5,326,595

1,359,831

Debtors

8

4,694,395

4,465,098

Cash at bank and in hand

 

314,804

100,170

 

10,335,794

5,925,099

Creditors: Amounts falling due within one year

9

(12,316,303)

(8,392,563)

Net current liabilities

 

(1,980,509)

(2,467,464)

Total assets less current liabilities

 

(1,738,341)

(2,171,137)

Creditors: Amounts falling due after more than one year

9

(33,573)

(33,148)

Net liabilities

 

(1,771,914)

(2,204,285)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(1,772,014)

(2,204,385)

Shareholders' deficit

 

(1,771,914)

(2,204,285)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

 

NZO Vape Limited

(Registration number: 12245699)
Balance Sheet as at 31 March 2024 (continued)

Approved and authorised by the director on 18 March 2025
 

.........................................
Mr I Kara
Director

   
     
 

NZO Vape Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 12245699.

The address of its registered office is:
Elizabeth House
Victoria Street
Manchester
M11 2NX
England

These financial statements were authorised for issue by the director on 18 March 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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis. The company has the continued support and funding from connected parties and the parent company. Loans will not be repaid unless funds and cash flow are available.

 

NZO Vape Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are 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.

Depreciation

Depreciation 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:

 

NZO Vape Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance basis

Computer equipment

33% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

NZO Vape Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 5).

 

NZO Vape Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

125,000

125,000

At 31 March 2024

125,000

125,000

Amortisation

At 1 April 2023

87,500

87,500

Amortisation charge

25,000

25,000

At 31 March 2024

112,500

112,500

Carrying amount

At 31 March 2024

12,500

12,500

At 31 March 2023

37,500

37,500

5

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

57,949

185,304

243,253

Additions

9,966

-

9,966

At 31 March 2024

67,915

185,304

253,219

Depreciation

At 1 April 2023

34,185

52,519

86,704

Charge for the year

19,207

19,918

39,125

At 31 March 2024

53,392

72,437

125,829

Carrying amount

At 31 March 2024

14,523

112,867

127,390

At 31 March 2023

23,764

132,785

156,549

 

NZO Vape Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Investments

2024
£

2023
£

Investments in associates

102,278

102,278

Associates

£

Cost

At 1 April 2023

102,278

Provision

Carrying amount

At 31 March 2024

102,278

At 31 March 2023

102,278

7

Stocks

2024
£

2023
£

Stock

5,326,595

1,359,831

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

4,150,415

3,995,899

Amounts owed by related parties

10

519,349

226,972

Prepayments

 

23,410

241,005

Other debtors

 

1,221

1,222

   

4,694,395

4,465,098

 

NZO Vape Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

2,340,205

4,516,202

Trade creditors

 

5,167,508

1,316,675

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

1,589,918

1,598,918

Taxation and social security

 

3,207,161

946,459

Accruals and deferred income

 

9,552

12,057

Other creditors

 

1,959

2,252

 

12,316,303

8,392,563

Creditors include bank loans which are secured by the government of £2,069 (2023 - £1,907).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

33,573

33,148

Creditors include bank loans which are secured by the government of £33,574 (2023 - £33,148).

10

Related party transactions

The company has an interest free loans from companies which are connected to the director amounting to £1,249,702 (2023 - £3,400,860), loans from the parent company of £1,598,918 (2023 - £1,598,918). All these loans are repayable on demand.

The company has made interest free loans to companies which are controlled by the director amounting to £519,349 (2023 - £226,972), All these loans are repayable on demand.