REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Zoomo London Ltd |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Zoomo London Ltd |
Zoomo London Ltd (Registered number: 11309092) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
Zoomo London Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants and |
Statutory Auditors |
122 Feering Hill |
Feering |
Colchester |
Essex |
CO5 9PY |
Zoomo London Ltd (Registered number: 11309092) |
Strategic Report |
for the Year Ended 31 December 2023 |
Purpose of the Strategic Report |
This strategic report aims to inform the stakeholders of Zoomo about the development, performance, and position of the company for the financial year ending 12/31/23. The report has been prepared in compliance with Sections 414A to 414D of the Companies Act 2006 (as amended by the Strategic Report and Directors' Report Regulations 2013) and aims to provide a fair review of the company's business, principal risks, and future prospects. |
Business Review |
Zoomo operates as a leading provider of e-bike rentals across the UK, Spain, France, Germany, Canada, US and Australia. The company caters to both individual and business customers, focusing on sustainable and cost-effective transportation solutions. |
Development and Performance |
- Revenue Growth: Revenue decreased by 41% year-on-year, reflecting the reduction in B2B revenue for e-bike rentals and fleet management solutions from 10 min grocery run companies. However, business has continued to grow its B2C revenue. |
- Innovation: Introduced advanced e-bike models with improved battery life and enhanced safety features. |
- Customer Base: Achieved a growth in the B2C customer base, driven by strategic marketing initiatives and partnerships. |
Position |
Zoomo maintains a strong market position as a sustainable mobility provider, with an expanding footprint in urban transportation. The company's focus on quality, innovation, and customer satisfaction ensures continued leadership in the e-bike rental market. |
Principal Risks and Uncertainties |
Operational Risks |
- Supply Chain Disruptions: Potential delays in receiving components from suppliers could impact operations. |
- Regulatory Changes: Variations in local and international e-mobility regulations may affect compliance and operational strategy. |
Financial Risks |
- Currency Fluctuations: Operating across multiple countries exposes the company to currency exchange risks. |
- Credit Risk: Delays in customer payments may affect cash flow. |
Environmental Risks |
- Weather Dependency: Seasonal variations and adverse weather conditions could impact rental demand. |
- Sustainability Challenges: Ensuring the environmental friendliness of the supply chain and end-of-life disposal of e-bike components. |
Key Performance Indicators (KPIs) |
1. Revenue Growth: Achieved growth. |
2. Fleet Utilization Rate: Maintained a utilization rate of 85%, reflecting efficient use of assets. |
Future Outlook |
Zoomo aims to strengthen its position as a leader in sustainable urban mobility by: |
1. Enhancing the e-bike portfolio with cutting-edge technology. |
2. Building strategic partnerships to promote shared mobility solutions. |
3. Focusing on cost optimization and operational efficiency. |
Strategic Importance of Disclosure |
The company recognizes the significance of transparent reporting and has included information of strategic importance that aligns with the requirements under the Companies Act. Additional environmental, social, and governance (ESG) disclosures are highlighted in the ESG report included in the annual financial statements. |
Zoomo London Ltd (Registered number: 11309092) |
Strategic Report |
for the Year Ended 31 December 2023 |
ON BEHALF OF THE BOARD: |
Zoomo London Ltd (Registered number: 11309092) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Granite Morgan Smith Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Zoomo London Ltd |
Qualified opinion |
We have audited the financial statements of Zoomo London Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements: |
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss 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 qualified opinion |
We were not able to observe the counting of physical inventories, being that of spare parts and not vehicles, at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2023, which are included in the balance sheet at £1,051,427, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. We did however observe the counting of physical inventories at 31 December 2024 and no issues were identified. |
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's 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 qualified 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 entity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,051,427 held at 31 December 2023. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason. |
Report of the Independent Auditors to the Members of |
Zoomo London Ltd |
Opinions on other matters prescribed by the Companies Act 2006 |
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit: |
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. |
Arising solely from the limitation on the scope of our work relating to inventory, referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
- we were unable to determine whether adequate accounting records have been kept. |
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: |
- 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 |
Responsibilities of directors |
As explained more fully in the directors' responsibilities statement set out on page 2 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. |
Report of the Independent Auditors to the Members of |
Zoomo London Ltd |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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: |
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
The following laws and regulations were identified as being of significance to the entity: |
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and legislation, and distributable profits legislation. |
- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations, health and safety legislation. |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to |
whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes and the performance of analytical |
review to identify unexpected movements in account balances which may be indicative of fraud. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, |
timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
A further description of our responsibilities is located on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. |
Report of the Independent Auditors to the Members of |
Zoomo London Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants and |
Statutory Auditors |
122 Feering Hill |
Feering |
Colchester |
Essex |
CO5 9PY |
Zoomo London Ltd (Registered number: 11309092) |
Income Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest receivable and similar income |
(3,086,129 | ) | 589,617 |
Interest payable and similar expenses | 5 | ( |
) |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 6 | ( |
) | ( |
) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Zoomo London Ltd (Registered number: 11309092) |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ |
LOSS FOR THE YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
Note |
Prior year adjustment | 7 |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(3,078,178 |
) |
Zoomo London Ltd (Registered number: 11309092) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 | 1.1.22 |
as restated |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 | 3,258,879 |
Cash at bank |
6,956,614 |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Zoomo London Ltd (Registered number: 11309092) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 |
Prior year adjustment | - |
As restated |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2023 | ( |
) | ( |
) |
Zoomo London Ltd (Registered number: 11309092) |
Cash Flow Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of intangible fixed assets |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Repayment of overdraft | (150,344 | ) | - |
Capital repayments in year | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
2,056,992 |
1,109,425 |
Cash and cash equivalents at end of year | 2 | 287,972 |
Zoomo London Ltd (Registered number: 11309092) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance costs | 125,757 | - |
Finance income | (1,128 | ) | (1,845 | ) |
176,810 | 1,063,912 |
Decrease in stocks |
Decrease in trade and other debtors |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 287,972 | 2,207,336 |
Bank overdrafts | ( |
) |
287,972 | 2,056,992 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
as restated |
£ | £ |
Cash and cash equivalents | 2,207,336 | 1,109,425 |
Bank overdrafts | ( |
) |
2,056,992 | 1,109,425 |
Zoomo London Ltd (Registered number: 11309092) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
Other |
non-cash |
At 1.1.23 | Cash flow | changes | At 31.12.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 2,207,336 | (1,919,364 | ) | 287,972 |
Bank overdrafts | (150,344 | ) | 150,344 | - |
2,056,992 | ( |
) | 287,972 |
Debt |
Finance leases | - | 8,825 | - | (161,258 | ) |
- | 8,825 | - | (161,258 | ) |
Total | 2,056,992 | (1,760,195 | ) | - | 126,714 |
Zoomo London Ltd (Registered number: 11309092) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Zoomo London Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The parent company, Zoomo Holdings Pty Ltd will continue to provide any financial support which may be |
necessary in order that the company can meet its liabilities, as they fall due, for a period of no less than one year and one day from the date the financial statements are signed. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements. |
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 is reduced for estimated customer returns, rebates and other similar allowances. |
Sale of goods |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. |
Rendering of services |
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably. |
Intangible assets |
Other intangible assets are trademarks. They are amortised to profit and loss account over their estimated economic life of 10 years. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery etc - 3-5 years (with batteries at 3 years useful life and some LEVs 4-5years) |
Stocks and work in progress |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses. Stock is held on an average cost basis. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Zoomo London Ltd (Registered number: 11309092) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102. |
3. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
as restated |
Central Europe | 3 | 4 |
Commerical | 15 | 20 |
Country Operations | 31 | 43 |
Executive | 3 | 4 |
Finance | 9 | 13 |
Frontline Operations | 3 | 4 |
People & Culture | 11 | 15 |
Strategy and Marketing | 5 | 9 |
Supply Chain & Procurement | 11 | 14 |
Zoomo London Ltd (Registered number: 11309092) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
Patents and licences amortisation |
Auditors' remuneration |
Foreign exchange differences |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Bank loan interest |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Deferred tax |
Tax on (loss)/profit |
7. | PRIOR YEAR ADJUSTMENT |
The accounts have been restated to incorporate the changes to the customer deposit policy, adjustments to both accruals and prepayments and the removal of research & development. The changes resulted in an additional loss of £181,292. |
Zoomo London Ltd (Registered number: 11309092) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | STOCKS |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Stocks |
Zoomo London Ltd (Registered number: 11309092) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes | ( |
) |
VAT | - | 760,062 |
Other creditors |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Hire purchase contracts (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Zoomo London Ltd (Registered number: 11309092) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Within one year |
Between one and five years |
16. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Deferred tax | 656,204 | 608,620 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Income Statement during year |
Balance at 31 December 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | as restated |
£ | £ |
Ordinary | 100 | 100 | 100 |
Zoomo London Ltd (Registered number: 11309092) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Prior year adjustment |
Deficit for the year | ( |
) |
At 31 December 2023 | ( |
) |
19. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. The ultimate parent company is Zoomo Holdings Pty Ltd, a company |
incorporated in Australia. |
20. | SECURITIES |
Fixed and floating charges are held over the intellectual property and other assets of the Company. |