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REGISTERED NUMBER: 12044821 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Zwings Ltd.

Zwings Ltd. (Registered number: 12044821)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Zwings Ltd.

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: D Young
D O'Reilly





REGISTERED OFFICE: The Stable Yard
25-33 Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN





REGISTERED NUMBER: 12044821 (England and Wales)





ACCOUNTANTS: Connolly Accountants & Business Advisors Ltd
Chartered Certified Accountants
The Stable Yard
25-33 Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN

Zwings Ltd. (Registered number: 12044821)

Balance Sheet
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 25,008 219,345

CURRENT ASSETS
Debtors 5 74,891 2,979
Cash at bank 723 2,043
75,614 5,022
CREDITORS
Amounts falling due within one year 6 604,715 627,607
NET CURRENT LIABILITIES (529,101 ) (622,585 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(504,093

)

(403,240

)

CREDITORS
Amounts falling due after more than one
year

7

11,289

30,387
NET LIABILITIES (515,382 ) (433,627 )

CAPITAL AND RESERVES
Called up share capital 2 2
Share premium 834,149 834,149
Retained earnings (1,349,533 ) (1,267,778 )
SHAREHOLDERS' FUNDS (515,382 ) (433,627 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Zwings Ltd. (Registered number: 12044821)

Balance Sheet - continued
31 DECEMBER 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:





D Young - Director


Zwings Ltd. (Registered number: 12044821)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Zwings Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The accounts have been prepared on the going concern basis. The company has net liabilities on the balance sheet and is reliant upon the continued support of the parent company.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & machinery - at varying rates on cost
Motor vehicles - 25% straight line on cost
Computer equipment - 3 years

Zwings Ltd. (Registered number: 12044821)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from related companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Zwings Ltd. (Registered number: 12044821)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant & Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2024 653,665 69,690 1,264 724,619
Disposals (184,362 ) (17,500 ) - (201,862 )
At 31 December 2024 469,303 52,190 1,264 522,757
DEPRECIATION
At 1 January 2024 485,921 18,145 1,208 505,274
Charge for year 44,836 16,693 56 61,585
Eliminated on disposal (61,454 ) (7,656 ) - (69,110 )
At 31 December 2024 469,303 27,182 1,264 497,749
NET BOOK VALUE
At 31 December 2024 - 25,008 - 25,008
At 31 December 2023 167,744 51,545 56 219,345

Zwings Ltd. (Registered number: 12044821)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 69,690
Disposals (17,500 )
At 31 December 2024 52,190
DEPRECIATION
At 1 January 2024 18,145
Charge for year 16,693
Eliminated on disposal (7,656 )
At 31 December 2024 27,182
NET BOOK VALUE
At 31 December 2024 25,008
At 31 December 2023 51,545

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 134 -
Amounts owed by group undertakings 74,757 -
Other debtors - 2,979
74,891 2,979

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5 -
Hire purchase contracts 12,502 16,540
Trade creditors - 18,073
Amounts owed to group undertakings 579,651 576,747
Taxation and social security 10,859 12,837
Other creditors 1,698 3,410
604,715 627,607

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 11,289 30,387

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Eco Urban Scooters Ltd.