| REGISTERED NUMBER: |
| ZAPI UK LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| ZAPI UK LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| ZAPI UK LIMITED (REGISTERED NUMBER: 02376439) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 4 |
| Statement of Comprehensive Income | 7 |
| Balance Sheet | 8 |
| Statement of Changes in Equity | 9 |
| Notes to the Financial Statements | 10 |
| ZAPI UK LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| (Statutory Auditor) |
| Sovereign House |
| 12 Warwick Street |
| Coventry |
| CV5 6ET |
| ZAPI UK LIMITED (REGISTERED NUMBER: 02376439) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| The company's principle activities are to import, distribute and support Zapi Group products into the UK. The primary application of our products and services, is electrification of industrial vehicles. |
| REVIEW OF BUSINESS |
| Turnover for the year was down 8% to £13.7m (2023: £14.8m), resulting in a gross profit margin of 12.2% (2023: |
| 12.2%). The decrease of growth was mainly seen in domestic market, specifically from a downturn in electrically powered Construction Equipment sales. Profit before tax reduced from £1.3m to £1.1m. |
| Net assets increased to £8.4m at the year-end (2023: £7.6m), while net cash and cash equivalents have increased to £3.1m (2023: £2.2m). |
| Our main target markets in order of success; Material Handling, Construction Equipment, Access Work Platforms and OPE/Turf. Supporting customers with system integration and design of sub-assemblies remains a key activity for the company. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company monitors risks in line with our ISO 9001 accreditation. Risks are evaluated and actions to mitigate are carried out and reviewed. |
| The uncertainty around the world, driven by the multifaceted global geopolitical challenges, will potentially cause impacts to the business of Zapi UK Ltd. The company is well placed to weather the storm from the global turbulence, due to a proactive effort to diversify into multiple markets and applications. |
| The Construction market is seeing significant slowdowns and Material Handling is still sluggish to bounce back after the post Covid overstock situation. Other markets and customers are doing well and while we have a mixed bag, the overall situation weights the balance positively in favour of growth for the next years. |
| The risk of supply chain disruption risk is being mitigated by diversifying the supply chain, ensuring minimal reliance of any specific geographical area. |
| FUTURE DEVELOPMENTS AND R&D |
| The company is engaged in multiple projects which will assist the move to a 'net zero' future. The company believes in this and is using its existing experience around electrification, to enable our customers to electrify their machines. |
| The company will be further expanding the scope of supply, that it offers to its customer base, as the group acquires companies to increase the product portfolio. The latest additions bring more capability and products in the telematics and automation sectors, which the company will use to further grow the business. |
| The Company is investing in people and is growing the headcount, signalling expectation for future growth and expansion. |
| The company is finding lots of new electrification projects and while the global position on electrification has relaxed a little, we are still able to easily find enough good opportunities for future revenue growth. |
| OTHER KPI’S |
| The company reduced the electricity consumption during the year to 26,152kWh (28,719 kWh 2023) maintaining the trend seen over the past 3 years. This has been achieved through several initiatives, including upgrading the heating and lighting within the company. The company reduced the total Carbon emissions by over 10% and achieved the lowest carbon emissions/ revenue since we started to monitor. |
| AUDITS |
| The company had its surveillance audits for ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018, which were all passed without any Non Conformities. |
| ON BEHALF OF THE BOARD: |
| 1 April 2025 |
| ZAPI UK LIMITED (REGISTERED NUMBER: 02376439) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of manufacture of electrical control equipment. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 December 2024. |
| There have been no dividends since the year end up to the date of this report. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Burrows Scarborough Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ZAPI UK LIMITED |
| Opinion |
| We have audited the financial statements of Zapi Uk Limited (the 'company') for the year ended 31 December 2024 which comprise the 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, 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 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 Auditors' 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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. We have nothing to report in this regard. |
| Opinions on other matters 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| 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 Report of the Directors. |
| 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ZAPI UK LIMITED |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
| 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 a Report of the Auditors 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: |
| It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the company's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: |
| - obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory frameworks; |
| - enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; |
| - discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
| As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are the health and safety legislation, employment law, FRS 102, the Companies Act 2006 and tax law. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements, which included: |
| - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
| - Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and assessing whether the judgements made in making accounting estimates are indicative of potential bias. |
| - Enquiring of management around actual and potential litigation and claims, including health and safety. |
| - Enquiring of company's staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. |
| - Reviewing minutes of meetings of management. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ZAPI UK LIMITED |
| 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 |
| (Statutory Auditor) |
| Sovereign House |
| 12 Warwick Street |
| Coventry |
| CV5 6ET |
| ZAPI UK LIMITED (REGISTERED NUMBER: 02376439) |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 1,015,205 | 1,281,485 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| ZAPI UK LIMITED (REGISTERED NUMBER: 02376439) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Stocks | 8 |
| Debtors | 9 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 13 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Revaluation reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ZAPI UK LIMITED (REGISTERED NUMBER: 02376439) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Depreciation on revaluation | - | 7,324 | (7,324 | ) | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Depreciation on revaluation | - | 7,324 | (7,324 | ) | - |
| Balance at 31 December 2024 |
| ZAPI UK LIMITED (REGISTERED NUMBER: 02376439) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Zapi Uk Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Critical accounting judgements and key sources of estimation uncertainty |
| Many of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances, having regard to prior experience, but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimation is contained in these accounting policies and/or the notes to the financial statements and the key areas are summarised below: |
| Judgements in applying accounting policies |
| The main judgemental area in the financial statements is the valuation of the freehold land and property. The company regularly reviews the average square foot rental prices of similar advertised local units and compares it to the price used in the current valuation. If any material variation is noted, the valuation is updated. |
| The main assumptions in applying this policy are that the quality and condition of the company's property is average compared to the other properties in the local area and that the advertised rent prices are actually achieved. |
| On a year by year basis this judgement is not very sensitive to changes in rental yields. Rental yields would need to fluctuate by at total of more than 20% from the initial valuation in order for the market valuation to be materially different from the carrying value in the accounts. |
| Sources of estimation uncertainty |
| Depreciation rates are based on estimates of the useful lives and residual values of the assets involved (see the Tangible fixed assets accounting policy). |
| Slow moving stock provisions are based on estimates of the likely recoverable amounts (see the Stocks accounting policy). |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods). |
| Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
| ZAPI UK LIMITED (REGISTERED NUMBER: 02376439) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| With the exception of land and buildings, tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. |
| From 31st December 2021, the revaluation model has been adopted for Land and buildings. Land and buildings are carried at the fair value at the date of revaluation less subsequent accumulated depreciation and impairment losses. Land is not depreciated. |
| Revaluations shall be made with sufficient regularity to ensure that the carrying amount of land and buildings does not differ materially from the fair value at the reporting date. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
| 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. |
| 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. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| ZAPI UK LIMITED (REGISTERED NUMBER: 02376439) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | TURNOVER - continued |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom |
| Overseas | 6,151,602 | 5,787,645 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Operations | 13 | 12 |
| Sales & engineering | 6 | 6 |
| Management & administrative | 3 | 4 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| Foreign exchange (gains)/losses | ( |
) |
| ZAPI UK LIMITED (REGISTERED NUMBER: 02376439) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Overprovision in prior years | (57,582 | ) | (43,187 | ) |
| Total current tax |
| Deferred tax | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
| deferred tax |
| Effect of super deduction | - | (410 | ) |
| Other effects | - | 715 |
| Total tax charge | 215,947 | 272,338 |
| Deferred tax: |
| The defereed tax charge credit consists of a credit for the deferred tax on the property revaluation (£4,055) and a credit related to accelerated capital allowances (£4,215). |
| Deferred tax included in the balance sheet is as follows: |
| 2024 | 2023 |
| £ | £ |
| Included in provisions for liabilities (note 14) | 131,634 | 139,904 |
| The expectation is that the deferred tax liability will decrease by £31,730 in the next financial year. £27,865 of this consists of the tax on depreciation that will be charged in excess of capital allowances to be claimed in the year to 31st December 2025 on the specific assets on the balance sheet at 31st December 2024 that are eligible for capital allowances. The remaining £3,866 relates to the deferred tax unwinding relating to the depreciation of the revalued freehold property. |
| ZAPI UK LIMITED (REGISTERED NUMBER: 02376439) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 7. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Included in cost or valuation of land and buildings is freehold land of £ 100,000 (2023 - £ 100,000 ) which is not depreciated. |
| Cost or valuation at 31 December 2024 is represented by: |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| Valuation in 2015 | 106,209 | - | - | 106,209 |
| Valuation in 2021 | 260,000 | - | - | 260,000 |
| Cost | 518,717 | 217,530 | 183,421 | 919,668 |
| 884,926 | 217,530 | 183,421 | 1,285,877 |
| If the freehold property had not been revalued it would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 518,717 | 518,717 |
| Aggregate depreciation | 26,361 | 16,930 |
| Value of land in freehold land and buildings | 100,000 | 100,000 |
| The freehold land & building was valued on an open market basis on 31 December 2021 by Butters John Bee RICS Chartered Surveyors . |
| 8. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Raw materials |
| Finished goods |
| The replacement cost of stocks is not materially different from the value stated above. |
| ZAPI UK LIMITED (REGISTERED NUMBER: 02376439) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Tax |
| Prepayments and accrued income |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Payments on account |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 11. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 12. | FINANCIAL INSTRUMENTS |
| All financial assets and liabilities are measured at amortised cost. |
| 13. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 131,634 | 139,904 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Provided during year | ( |
) |
| Balance at 31 December 2024 |
| The deferred tax liability is broken down as follows: |
| 2024 | 2023 |
| £ | £ |
| Accelerated capital allowances | 51,897 | 56,112 |
| Deferred tax on property revaluation | 79,737 | 83,792 |
| Total | 131,634 | 139,904 |
| ZAPI UK LIMITED (REGISTERED NUMBER: 02376439) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 14. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 40,000 | 40,000 |
| 15. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company amounted to £16,245 (2023 £18,840). |
| At the balance sheet date £4,028 (2023 £3,484) was due to the pension scheme. |
| 16. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 17. | ULTIMATE CONTROLLING PARTY |
| The parent company is Zapi S.p.A, Via Parma 59 - 42028 Poviglio RE, Italy. |
| The ultimate parent company is ZF S.p.A, Viale Mentana, 27 - 43121 Parma (PR), Italy. Copies of group accounts can be obtained from this address. |
| The company is under the control of Mr Zanichelli by virtue of his shareholding in ZF S.p.A. |