Company registration number 05909550 (England and Wales)
MAZUMA MOBILE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
MAZUMA MOBILE LIMITED
COMPANY INFORMATION
Directors
Ms S Fort
Mr C R Smith
Mr T C Hill
(Appointed 19 June 2024)
Company number
05909550
Registered office
Suite 5A & Suite 5B, Second Floor
Office Building 11, 2 Mannin Way
Lancaster Business Park, Caton Road
Lancaster
LA1 3SU
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
MAZUMA MOBILE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 22
MAZUMA MOBILE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -
The directors present the strategic report for the year ended 31 March 2025.
Review of the business
The directors are delighted to report that the company has had another outstanding year achieving pre tax profits of £3.2m.
Mazuma continues its success and cements its place at the forefront of consumer trade in within the UK. This year has seen a diversification of its customer portfolio, with significant wins within the public sector. The company continues to be strongly backed by its shareholders, with significant investment available to further develop both its position in the UK and support opportunities within the EU.
With the focus on the circular economy, Mazuma continues to leverage the investment in our value-add department to help fulfill this burgeoning demand with high quality, like new devices. The company continues to harvest the parts of devices that cannot be repaired or improved, ensuring 0% landfill.
Mazuma prides itself on its attention to detail in providing the best possible service to its customers. Our years of experience have furnished us with skills to develop and perfect a unique sales experience. We are extremely proud of our employees' hard work and loyalty over the years. They are the backbone of our company and the excellence they drive for each day shines through in their work. We have a variety of schemes in place to support and reward our staff, and their satisfaction is reflected in their longevity of service.
Data and statistics play a vital part in the company’s daily function, quickly highlighting areas performing well and those requiring review and attention. Each member of the team has access to key data allowing them to make informed decisions in a timely manner. Mazuma has also invested heavily in its IT systems, ensuring transparency with its customers seamlessly allowing them access to their data.
Mazuma continuously strives to look at ways to improve operations to give our customers a fast and efficient service. We are currently exploring both customer-facing and operational AI tools to make us even more dynamic in an ever-changing market.
The company has improved its supply chain resulting in a more efficient turnaround time. This, coupled with further investment in digital marketing and analytics, has propelled the company into this new financial year.
Principal risks and uncertainties
The past twelve months have seen a consolidation in the market with buying prices becoming more aggressive and selling prices becoming ever more competitive. A knock-on effect of this is buyers have become less speculative with their purchasing, which has driven a positive, in the broadening of the group’s customer base.
The company continues to monitor new legislation and ensures it is compliant. We have an extremely competent compliance and legal team ensuring we are kept abreast of current and future requirements.
The environment is a concern not only due to the nature of our business but also because we want a bright future for all our employees and their families. It remains at the core of the group's mission statement helping to ensure companies and individuals responsibly recycle and reuse their assets in the most environmentally friendly way.
MAZUMA MOBILE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Key performance indicators
The group overall has several key performance indicators (KPIs) which are used to monitor the business on a monthly basis. The main KPIs are as follows:
• Profit before tax - £3,184,877 (2024: £3,856,842)
• Cash flow - decreased by £1,553,260 (2024: increased by £682,795)
• Gross margin - 23% (2024: 24%)
• Customer visits to the website, conversion rates and retention rates
• Processing throughput
Other information and explanations
Financial instruments
The company holds or issues financial instruments in order to achieve three main objectives, being:
to finance its operations;
to manage its exposure to interest and currency risks arising from its operations and from its sources of finance, and
for trading purposes.
In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from the group's operations.
Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below.
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meeting the operating needs of the business.
Currency risk
The company's principal currency exposures arise from trading with overseas companies. The company seeks to invoice and be invoiced in its principal trading currency wherever possible so as to minimise its exposure to foreign currency movements.
Credit risk
Investments of cash surpluses and borrowing are made through banks and companies which must fulfil credit rating criteria approval. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts whenever considered necessary.
Mr C R Smith
Director
12 August 2025
MAZUMA MOBILE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2025.
Principal activities
The principal activity of the company continued to be that of reuse, repair and renewal of mobile technology.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £1,068,425. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms S Fort
Mr C R Smith
Ms S Gray
(Resigned 31 May 2024)
Mr T C Hill
(Appointed 19 June 2024)
Auditor
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments and future developments.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr C R Smith
Director
12 August 2025
MAZUMA MOBILE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
The directors are responsible for preparing the annual report 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.
MAZUMA MOBILE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAZUMA MOBILE LIMITED
- 5 -
Opinion
We have audited the financial statements of Mazuma Mobile Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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 March 2025 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.
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 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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
MAZUMA MOBILE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAZUMA MOBILE LIMITED (CONTINUED)
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 directors' report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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.
Auditor 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 an auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
Enquiries with management, about any known or suspected instances of non-compliance with laws and regulations and fraud;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;
Reviewing legal and professional expenditure to identify any evidence of ongoing litigation or enquiries;
Reviewing the systems for recording revenue and testing a sample of transactions throughout the year, to ensure they are correct to be recognised in the accounts; and
Auditing the risk of fraud and management override of revenue by testing a sample of transactions from the nominal ledger to gain assurance over the occurrence of revenue.
MAZUMA MOBILE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAZUMA MOBILE LIMITED (CONTINUED)
- 7 -
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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Paul Williams BA(Hons) FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
12 August 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
MAZUMA MOBILE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
2
39,461,692
38,848,312
Cost of sales
(30,312,230)
(29,445,267)
Gross profit
9,149,462
9,403,045
Administrative expenses
(5,987,546)
(5,556,741)
Other operating income
25,180
40,598
Operating profit
3
3,187,096
3,886,902
Interest receivable and similar income
6
677
Interest payable and similar expenses
7
(2,219)
(30,737)
Profit before taxation
3,184,877
3,856,842
Tax on profit
8
(760,716)
(989,428)
Profit for the financial year
2,424,161
2,867,414
Retained earnings brought forward
3,810,858
1,889,514
Dividends
9
(1,068,425)
(946,070)
Retained earnings carried forward
5,166,594
3,810,858
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MAZUMA MOBILE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
293,243
233,032
Tangible assets
11
1,694,998
1,812,816
1,988,241
2,045,848
Current assets
Stocks
12
4,656,329
1,950,825
Debtors
13
1,165,277
1,943,231
Cash at bank and in hand
613,748
2,167,008
6,435,354
6,061,064
Creditors: amounts falling due within one year
14
(3,003,897)
(1,964,228)
Net current assets
3,431,457
4,096,836
Total assets less current liabilities
5,419,698
6,142,684
Creditors: amounts falling due after more than one year
15
(2,030,189)
Provisions for liabilities
Deferred tax liability
16
253,094
301,627
(253,094)
(301,627)
Net assets
5,166,604
3,810,868
Capital and reserves
Called up share capital
18
10
10
Profit and loss reserves
5,166,594
3,810,858
Total equity
5,166,604
3,810,868
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 12 August 2025 and are signed on its behalf by:
Mr C R Smith
Director
Company registration number 05909550 (England and Wales)
MAZUMA MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
1
Accounting policies
Company information
Mazuma Mobile Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 5A & Suite 5B, Second Floor, Office Building 11, 2 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, LA1 3SU.
1.1
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.
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. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Lancaster Group Holdings Limited (formerly EcoRenew Holdings (UK) Limited). These consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
MAZUMA MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -
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 dispatch of the 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.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
20% straight line
Trademarks & domain names
20% straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over lease term
Fixtures and fittings
20 - 25% straight line
Computers
25 - 33% straight line
Motor vehicles
25% straight line
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MAZUMA MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs 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. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.
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 cost 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.
MAZUMA MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 any 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 cost, 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.
MAZUMA MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee 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.
MAZUMA MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
2
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Trade sales
26,241,268
28,813,834
Repairs
158
220
E-channel and online sales
13,220,266
10,034,258
39,461,692
38,848,312
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
38,640,917
38,148,625
Europe
634,176
34,150
Rest of the world
186,599
665,537
39,461,692
38,848,312
2025
2024
£
£
Other revenue
Interest income
-
677
3
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(543)
(1,197)
Fees payable to the company's auditor for the audit of the company's financial statements
8,570
8,400
Depreciation of owned tangible fixed assets
249,602
227,859
Loss/(profit) on disposal of tangible fixed assets
48
(7,443)
Amortisation of intangible assets
82,443
74,035
Operating lease charges
44,535
44,535
MAZUMA MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Admin
10
9
Sales
2
3
Operations
5
2
Warehouse
53
51
Total
70
65
Their aggregate remuneration comprised:
2025
2024
£
£
Wages and salaries
1,857,734
1,624,296
Social security costs
178,800
137,644
Pension costs
38,064
31,131
2,074,598
1,793,071
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
100,452
Company pension contributions to defined contribution schemes
1,031
-
101,483
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 0).
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
677
MAZUMA MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
7
Interest payable and similar expenses
2025
2024
£
£
Other interest on financial liabilities
30,737
Other interest
2,219
2,219
30,737
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
809,249
206,967
Group tax relief
20,680
Total current tax
809,249
227,647
Deferred tax
Origination and reversal of timing differences
(12,689)
761,781
Adjustment in respect of prior periods
(35,844)
Total deferred tax
(48,533)
761,781
Total tax charge
760,716
989,428
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2025
2024
£
£
Profit before taxation
3,184,877
3,856,842
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
796,219
964,211
Tax effect of expenses that are not deductible in determining taxable profit
341
9,088
Research and development tax credit
(14,137)
Deferred tax adjustments in respect of prior years
(35,844)
Depreciation on assets qualifying for SBAs
30,266
Taxation charge for the year
760,716
989,428
An increase in the UK corporation tax rate to 25% from 1 April 2023 was substantively enacted in the UK on 24 May 2021. Deferred tax has been recognised at the rates in which the temporary differences are expected to materially reverse which equates to 25%.
MAZUMA MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
9
Dividends
2025
2024
£
£
Final paid
1,068,425
946,070
10
Intangible fixed assets
Development costs
Trademarks & domain names
Total
£
£
£
Cost
At 1 April 2024
269,015
155,714
424,729
Additions - internally developed
43,529
99,125
142,654
At 31 March 2025
312,544
254,839
567,383
Amortisation and impairment
At 1 April 2024
120,098
71,599
191,697
Amortisation charged for the year
58,438
24,005
82,443
At 31 March 2025
178,536
95,604
274,140
Carrying amount
At 31 March 2025
134,008
159,235
293,243
At 31 March 2024
148,917
84,115
233,032
MAZUMA MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
11
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
1,916,681
144,466
94,031
34,990
2,190,168
Additions
60,511
57,548
14,418
132,477
Disposals
(1,040)
(1,040)
At 31 March 2025
1,977,192
202,014
107,409
34,990
2,321,605
Depreciation and impairment
At 1 April 2024
225,851
80,695
66,619
4,187
377,352
Depreciation charged in the year
203,625
22,037
15,192
8,748
249,602
Eliminated in respect of disposals
(347)
(347)
At 31 March 2025
429,476
102,732
81,464
12,935
626,607
Carrying amount
At 31 March 2025
1,547,716
99,282
25,945
22,055
1,694,998
At 31 March 2024
1,690,830
63,771
27,412
30,803
1,812,816
12
Stocks
2025
2024
£
£
Finished goods and goods for resale
4,656,329
1,950,825
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
951,161
1,707,305
Other debtors
22,315
23,009
Prepayments and accrued income
191,801
212,917
1,165,277
1,943,231
MAZUMA MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
14
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
255,138
149,868
Amounts owed to group undertakings
1,537,836
553,778
Corporation tax
323,264
206,291
Other taxation and social security
390,904
457,281
Other creditors
92,998
116,173
Accruals and deferred income
403,757
480,837
3,003,897
1,964,228
15
Creditors: amounts falling due after more than one year
2025
2024
£
£
Amounts owed to group undertakings
2,030,189
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
256,311
300,289
Tax losses
(2,428)
(2,429)
SBAs
-
4,447
Short-term timing differences
(789)
(680)
253,094
301,627
2025
Movements in the year:
£
Liability at 1 April 2024
301,627
Credit to profit or loss
(48,533)
Liability at 31 March 2025
253,094
As the company has not finalised its capital expenditure plans for the next financial year, it is not possible to clarify the unwinding of the deferred tax asset in relation to the accelerated capital allowances over the next 12 months.
MAZUMA MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
38,064
31,131
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
19
Financial commitments, guarantees and contingent liabilities
The company is registered for VAT under group registration provisions and is therefore jointly and severally liable for the tax owed by the other group companies registered with it. At 31 March 2025 value added tax owed by the other companies registered with it amounted to £310,834 (2024: £194,048).
20
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2025
2024
£
£
Within one year
44,535
44,535
Between two and five years
44,535
89,070
89,070
133,605
MAZUMA MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
21
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Shared services (expense)
Shared services (expense)
2025
2024
£
£
Entities with control, joint control or significant influence over the company
33,409
17,201
Interest charges
Van purchase
2025
2024
2025
2024
£
£
£
£
Entities with control, joint control or significant influence over the company
-
30,737
-
-
Key management personnel
-
-
-
11,685
During the year, the company capitalised £97,930 (2024: £nil) of website costs, purchased from an entity under common control.
Other information
The company has taken advantage of the exemption permitted under Section 33 "Related Party Disclosures" paragraph 33.1A of FRS102 from disclosing transactions with fellow wholly owned group companies.
22
Ultimate controlling party
At the year end date there was no overall controlling party.
The largest and smallest group for which consolidated financial statements are prepared, which include the results of this company, is that headed by Lancaster Group Holdings Limited (formerly EcoRenew Holdings (UK) Limited), whose registered office is Suite 5A & Suite 5B, Second Floor, Office Building 11, 2 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, LA1 3SU. Copies of the consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
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