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COMPANY REGISTRATION NUMBER: 3629472
Zook Europe Limited
Filleted Financial Statements
31 December 2024
Zook Europe Limited
Financial Statements
Year ended 31 December 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3 to 8
Zook Europe Limited
Officers and Professional Advisers
The board of directors
Mr D Harrington
Mrs J A Babyak
Company secretary
Mrs JA Babyak
Registered office
Navigation House
Bridge Street
Killamarsh
Sheffield
S21 1AL
Auditor
Hebblethwaites
Chartered accountants & statutory auditors
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
Zook Europe Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
12,002
14,472
Current assets
Stocks
151,710
Debtors
6
821,567
1,049,048
Cash at bank and in hand
464,617
550,311
------------
------------
1,286,184
1,751,069
Creditors: amounts falling due within one year
7
699,672
816,495
------------
------------
Net current assets
586,512
934,574
---------
---------
Total assets less current liabilities
598,514
949,046
Provisions
Taxation including deferred tax
2,904
3,500
---------
---------
Net assets
595,610
945,546
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
594,610
944,546
---------
---------
Shareholders funds
595,610
945,546
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 5 May 2025 , and are signed on behalf of the board by:
Mr D Harrington
Mrs J A Babyak
Director
Director
Company registration number: 3629472
Zook Europe Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a wholly owned subsidiary, limited by shares and registered in England and Wales. The address of the registered office is Navigation House, Bridge Street, Killamarsh, Sheffield, S21 1AL. The principal activity of the company during the year was that of a selling agent for the USA based parent company, selling rupture disks .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 14 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2024
8,759
56,209
66,445
131,413
Additions
1,532
1,532
-------
--------
--------
---------
At 31 December 2024
8,759
56,209
67,977
132,945
-------
--------
--------
---------
Depreciation
At 1 January 2024
8,606
53,554
54,781
116,941
Charge for the year
39
664
3,299
4,002
-------
--------
--------
---------
At 31 December 2024
8,645
54,218
58,080
120,943
-------
--------
--------
---------
Carrying amount
At 31 December 2024
114
1,991
9,897
12,002
-------
--------
--------
---------
At 31 December 2023
153
2,655
11,664
14,472
-------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
742,156
948,331
Other debtors
79,411
100,717
---------
------------
821,567
1,049,048
---------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
523,235
537,113
Corporation tax
130,220
156,669
Social security and other taxes
29,471
31,858
Other creditors
16,746
90,855
---------
---------
699,672
816,495
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
46,740
44,568
Later than 1 year and not later than 5 years
11,685
55,710
--------
---------
58,425
100,278
--------
---------
9. Summary audit opinion
The auditor's report dated 12 May 2025 was unqualified .
The senior statutory auditor was Richard Murdoch BA (Hons) FCA , for and on behalf of Hebblethwaites .
10. Related party transactions
The company was under the ultimate control of HTV Industries Incorporated throughout the current and previous year. During the year dividends of £1,210,184 (2023 £746,540) were paid to HTV Industries Incorporated. Zook Europe Limited , Zook Enterprises LLC and Zook Canada Inc are all subsidiaries of HTV Industries Incorporated. During the year Zook Europe Limited purchased goods from fellow subsidiaries amounting to :- Zook Enterprises LLC £719,568 (2023 £661,485) Zook Canada Inc £3,742,038 (2023 £4,557,084) During the year Zook Europe Limited sold goods to fellow subsidiaries amounting to :- Zook Enterprises LLC £31,403 (2023 £35,073) Zook Canada Inc £36,028 (2023 £58,275) At the balance sheet date the following balances were included in creditors relating to fellow subsidiaries :- Zook Enterprises LLC £53,332 (2023 £46,558) Zook Canada Inc £375,005 (2023 £317,632) At the balance sheet date the following balances were included in debtors relating to fellow subsidiaries :- Zook Enterprises LLC £370 (2023 £1,077) Zook Canada Inc £971 (2023 £12,619)
11. Controlling party
The company is a subsidiary of RD (UK) LLC, which is itself a subsidiary of HTV Industries Incorporated . HTV Industries Incorporated prepares consolidated group accounts, and is registered in the United States of America.