Company registration number 02723476 (England and Wales)
ZIVTEX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
ZIVTEX LIMITED
COMPANY INFORMATION
Director
Mr I Zivan
Secretary
Mrs V Zivan
Company number
02723476
Registered office
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Accountants
S&W Partners (Thames Valley) Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Business address
Unit 9
Thrales End Farm & Business Centre
Thrales End Lane
HARPENDEN
Hertfordshire
AL5 3NS
ZIVTEX LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ZIVTEX LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
28 February 2025
31 January 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
82,471
98,617
Current assets
Stocks
444,675
442,709
Debtors
4
374,506
406,445
Investments
5
2,660,805
2,852,939
Cash at bank and in hand
1,520,840
566,750
5,000,826
4,268,843
Creditors: amounts falling due within one year
6
(1,120,039)
(966,875)
Net current assets
3,880,787
3,301,968
Total assets less current liabilities
3,963,258
3,400,585
Provisions for liabilities
(11,131)
Net assets
3,952,127
3,400,585
Capital and reserves
Called up share capital
8
100,000
100,000
Profit and loss reserves
3,852,127
3,300,585
Total equity
3,952,127
3,400,585
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 21 July 2025
Mr I Zivan
Director
Company registration number 02723476 (England and Wales)
ZIVTEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 2 -
1
Accounting policies
Company information
Zivtex Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
1.1
Reporting period
The company changed its balance sheet date to 28 February 2025. The current reporting period covers thirteen months from 1 February 2024 to 28 February 2025. The comparative period covers twelve months, therefore the figures are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the sale of goods less returns received in the normal course of business, and is shown net of discounts and VAT.
Turnover from the sale of goods is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.
1.4
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition.
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% on written down value
Motor vehicles
25% on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.
ZIVTEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Fair value measurement of financial instruments
Derivative financial instruments are initially recognised at fair value at the date the derivative contract is entered into and are subsequently measured at fair value at each reporting date.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment.
Derecognition of financial assets
Derivative financial instruments are derecognised when the contractual rights to the cash flows from the asset expire or are settled, or the contractual obligations to the liability are discharged or cancelled.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including loans from connected companies, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
ZIVTEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.10
Foreign exchange
Transactions in currencies other than Pounds Sterling are recorded at the rates of exchange prevailing at the date of the transaction, or at an average rate for the period if the rates do not fluctuate significantly. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2025
2024
Number
Number
Total
2
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2024 and 28 February 2025
216,742
Depreciation and impairment
At 1 February 2024
118,125
Depreciation charged in the period
16,146
At 28 February 2025
134,271
Carrying amount
At 28 February 2025
82,471
At 31 January 2024
98,617
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
350,965
345,697
Other debtors
23,541
26,216
374,506
371,913
Deferred tax asset
34,532
374,506
406,445
ZIVTEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
- 5 -
5
Current asset investments
2025
2024
£
£
Other investments
2,660,805
2,852,939
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
20,602
59,022
Corporation tax
93,755
75,206
Other taxation and social security
24,546
20,076
Other creditors
981,136
812,571
1,120,039
966,875
7
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
350,965
357,794
Instruments measured at fair value through profit or loss
2,681,414
2,864,186
3,032,379
3,221,980
Carrying amount of financial liabilities
Measured at amortised cost
962,561
813,548
962,561
813,548
The company utilises currency derivatives to manage risk, significant future transactions and cash flows. The company is party to foreign exchange forward contracts in the management of its exchange rate exposures. The instruments purchased are primarily denominated in the currencies of the company's principal markets.
At the balance sheet date the total nominal amount of outstanding foreign exchange forward contracts that the company was committed to was £1,571,236 (2024 - £2,647,174).
Fair value measurements for forward rate agreements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. The fair values of derivative instruments are calculated using quoted prices and are carried at fair value through profit and loss account.
Foreign currency forward contracts are measured using quoted forward exchange rates matching the contracts. At 28 February 2025, the amounts due to the company for currency derivatives are £20,609 (2024 - £11,247 due from), which are included within cost of sales within the profit and loss account. These amounts are based on market values of equivalent instruments at the balance sheet date.
ZIVTEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2025
7
Financial instruments
(Continued)
- 6 -
Financial security, risk management objective and policies
Credit risk
The company's principal financial assets are bank balances, and trade and debtors.
The company's credit risk is principally attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for impairments for doubtful debts estimated by the company's management based on prior experience and its assessment of the current economic environment.
The company only has a small number of customers but the exposure is spread equally over these and the directors consider there is no significant concentration of credit risk to the company.
Foreign exchange risk
The company purchases and sells products in foreign currencies and as such is exposed to foreign exchange risk. To protect cash flows against high levels of exchange rate risk, the net exposure is calculated and forward exchange contracts are entered into to limit this risk.
These assets are included at fair value through profit and loss and are valued in the financial statements based on their market value at the balance sheet date. These assets are generally de-recognised when the contract that gives rise to them is settled, sold, cancelled or expires.
Financial security and liquidity
The company is financed by the issue of ordinary shares. At 28 February 2025, the company had £1,520,840 (2024 - £566,750) of cash and cash equivalents. The company reviews its cash and capital position regularly to ensure it has adequate resources to meet its liabilities as they fall due.
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
9
Directors' transactions
At the balance sheet date £5,056 was owed to the director from the company (2024 - £12,097 was owed by the director to the company). Advances and repayments totaling £nil (2024 - £23,186) and £17,198 (2024 - £7,099), respectively, were made during the year. The loan is repayable on demand and subject to interest at 2.25%.