| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2023 |
| for |
| Izipizi Uk Ltd |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2023 |
| for |
| Izipizi Uk Ltd |
| Izipizi Uk Ltd (Registered number: 11357630) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Izipizi Uk Ltd |
| Company Information |
| for the Year Ended 31 December 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Plumpton House |
| Plumpton Road |
| Hoddesdon |
| Herts |
| EN11 0LB |
| Izipizi Uk Ltd (Registered number: 11357630) |
| Balance Sheet |
| 31 December 2023 |
| 31.12.23 | 31.12.22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Izipizi Uk Ltd (Registered number: 11357630) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2023 |
| 1. | STATUTORY INFORMATION |
| Izipizi Uk Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention and amounts are rounded to the nearest £. |
| Turnover |
| Turnover represents amounts receivable for goods net of VAT. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Leasehold improvement - over the lease term |
| Short leasehold - over the lease term |
| Plant and machinery - 20% on cost |
| Fixtures and fittings - 20% on cost |
| Software - 33% on cost |
| 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 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. |
| Izipizi Uk Ltd (Registered number: 11357630) |
| 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. |
| Going concern |
| The company is dependent upon the continued financial support of its parent company which has undertaken to financially support the company for at least 12 months after the date of the signing of these accounts and for the foreseeable future. The financial statements have therefore been prepared on a going concern basis. |
| Employees benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
| The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Izipizi Uk Ltd (Registered number: 11357630) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| Short | to | Plant and |
| leasehold | property | machinery |
| £ | £ | £ |
| COST |
| At 1 January 2023 |
| Additions |
| At 31 December 2023 |
| DEPRECIATION |
| At 1 January 2023 |
| Charge for year |
| At 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2023 |
| Additions |
| At 31 December 2023 |
| DEPRECIATION |
| At 1 January 2023 |
| Charge for year |
| At 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Izipizi Uk Ltd (Registered number: 11357630) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Other creditors |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
| value: | £ | £ |
| Ordinary | £1 | 1,061,000 | 1,061,000 |
| Izipizi Uk Ltd (Registered number: 11357630) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was qualified on the following basis: |
| Basis for disclaimer of audit 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 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 opinion. |
| During the audit we identified a significant number of assets and liabilities for which we could not find adequate audit evidence to support their validity. The magnitude of these items is such that we are unable to form an audit opinion. In particular, there are supplier debit balances in excess of £150,000, unverified cash balances of almost £90,000, unsubstantiated VAT debtor of almost £50,000, shortfall of depreciation charge of almost £30,000. There are various credit balances that we unable to validate amounting to just under £45,000. We were unable to obtain appropriate audit evidence or sufficient information or explanations from the company or its advisors. |
| for and on behalf of |
| 11. | ULTIMATE CONTROLLING PARTY |
| The parent company and controlling party Izipizi SAS, a company registered in France, whose registered address is 19 Rue De Calais, 75009, Paris, France. |