ACCOUNTS - Final Accounts preparation

Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:

Registered number: 08332152

ZSEA TRADING LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

ZSEA TRADING LIMITED

COMPANY INFORMATION

Directors	Ian Bartlett
	Debbie Came
	Rebecca Penny
	Gerard Smith


Registered number	08332152


Registered office	Zsea Zoo Hq The Zoological Society Of East Anglia
	Kenninghall Road
	Banham
	Norfolk
	NR16 2HE


Independent auditors	BW Audit Ltd
	Chartered Accountants & Statutory Auditors
	Berry & Warren
	54 Thorpe Road
	Norwich
	NR1 1RY

ZSEA TRADING LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Statement of Income and Retained Earnings	7
Statement of Financial Position	8
Notes to the Financial Statements	9 - 14

ZSEA TRADING LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

∙make judgments 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 to 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.

Principal activity

The principal activity of the company is to provide retail and catering services.

Directors

The directors who served during the year were:

Ian Bartlett (appointed 18 July 2024)

Claudia Roberts (resigned 24 January 2024)

Gerard Smith

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 1

ZSEA TRADING LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Gerard Smith

Director

Date: 26 September 2025

Page 2

ZSEA TRADING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZSEA TRADING LIMITED

Opinion

We have audited the financial statements of ZSEA Trading Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, 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 United Kingdom, including the Financial Reporting Council'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.

Page 3

ZSEA TRADING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZSEA TRADING LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has 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 Directors' Report.

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; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.

Page 4

ZSEA TRADING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZSEA TRADING LIMITED (CONTINUED)

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 an Auditors' 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 objectives of our audit in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both the management and those charged with governance of the company.
Due to the field in which the company operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK accounting standards, the Companies Act 2006 and UK tax legislation. In addition, we considered the provisions of other laws and regulations which, whilst not having a direct impact on the financial statements, are fundamental to the company's ability to operate including health and safety, employment law, environmental policies and compliance with various other regulations relevant to the operation of the company.
Our approach to identifying and assessing the risk of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, included the following:

∙Enquiry with management about any actual or potential litigations and claims against the company;

∙Enquiry with management about any known or suspected instances of non-compliance with laws and regulations and fraud;

∙Reviewing legal and professional fees for indicators of litigation;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Assessing the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance;

∙Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the depreciation of tangible fixed assets; and

∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business.

Due to 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.

Page 5

ZSEA TRADING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZSEA TRADING LIMITED (CONTINUED)

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 Auditors' Report.

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 an Auditors' 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.

Joanne Fox BA FCA (Senior Statutory Auditor)

for and on behalf of

BW Audit Ltd

Chartered Accountants

Statutory Auditors

Berry & Warren

54 Thorpe Road

Norwich

NR1 1RY

29 September 2025

Page 6

ZSEA TRADING LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	2,017,269	2,461,237
Cost of sales	(1,579,141)	(1,762,354)
Gross profit	438,128	698,883
Administrative expenses	(264,258)	(574,047)
Profit before tax	173,870	124,836
Profit after tax	173,870	124,836



Retained earnings at the beginning of the year	94,030	(30,806)
Profit for the year	173,870	124,836
Retained earnings at the end of the year	267,900	94,030

The notes on pages 9 to 14 form part of these financial statements.

Page 7

ZSEA TRADING LIMITED

REGISTERED NUMBER: 08332152

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	5		260,752		320,858
			260,752		320,858
Current assets
Stocks		39,150		39,104
Debtors: amounts falling due within one year	6	155,396		14,481
Cash at bank and in hand	7	32,249		25,793
		226,795		79,378
Creditors: amounts falling due within one year	8	(219,646)		(306,205)
Net current assets/(liabilities)			7,149		(226,827)
Total assets less current liabilities			267,901		94,031

Net assets			267,901		94,031

Capital and reserves
Called up share capital	1	1
Profit and loss account	267,900	94,030
	267,901	94,031

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.

Gerard Smith

Director

The notes on pages 9 to 14 form part of these financial statements.

Page 8

ZSEA TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

ZSEA Trading Limited is a private company, limited by shares incorporated and domiciled in England and Wales, registration number 08332152. The address of the registered office is ZSEA Zoo Hq The Zoological Society of East Anglia, Kenninghall Road, Banham, Norfolk, NR16 2HE.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

As in previous financial periods the company relies for its working capital requirements on borrowing from its parent company, The Zoological Society of East Anglia Limited. Due to the close working relationship between the Boards of the company and the parent company the Directors believe it is appropriate to prepare the financial statements on the same basis as the parent company.
A rolling 12 month forecast profit and loss account, balance sheet and cashflow is prepared on a monthly basis to ensure that the parent company has funds to invest and remains within its available cash and reserve targets. The modelling considers the macro and micro-economic factors, which include changes in National Living Wage, changes in taxes, inflation, interest rate changes, the cost-ofliving crisis and rising prices, particularly energy.
The parent company has secured an overdraft of £500k secured to March 2026, with support for this to be extended until September 2026 and agreement on short term deferment of loan repayments, if needed.
Based on this, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover consists of catering and retail sales, which are recognised upon receipt.

Page 9

ZSEA TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Gift aid payments from the company to its charitable parent are effective for tax purposes when paid or up to nine months earlier. As it is planned for any taxable profits in the company to be donated to the parent charity, The Zoological Society of East Anglia Limited, within nine months of the balance sheet date, no tax charge is expected to arise and therefore these accounts include no provision for tax.

Page 10

ZSEA TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Leasehold property	-	20% reducing balance
Motor vehicles	-	20% reducing balance
Fixtures, fittings and equipment	-	10-33% reducing balance
Computer equipment	-	20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 11

ZSEA TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from and to its parent.

2.13

Gift Aid

The company's corporate gift aid payment to the parent charity The Zoological Society of East Anglia Limited is recognised at the earlier of payment or when the company has a legal obligation to make future payment.

Fees payable to the company's auditors for the audit of the company's financial statements

5,750

6,900

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Staff	82	87

Page 12

ZSEA TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Leasehold property	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	304,736	21,300	358,876	27,511	712,423
At 31 December 2024	304,736	21,300	358,876	27,511	712,423
Depreciation
At 1 January 2024	105,412	17,280	255,666	13,207	391,565
Charge for the year on owned assets	39,865	804	13,935	5,502	60,106
At 31 December 2024	145,277	18,084	269,601	18,709	451,671
Net book value
At 31 December 2024	159,459	3,216	89,275	8,802	260,752
At 31 December 2023	199,324	4,020	103,210	14,304	320,858

Debtors

					2024	2023
					£	£


Trade debtors	674	12,641
Amounts owed by group undertakings	150,149	-
Prepayments and accrued income	4,573	1,840
	155,396	14,481

7.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	32,249	25,793
	32,249	25,793

Page 13

ZSEA TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	26,253	35,196
Amounts owed to group undertakings	-	9,040
Other taxation and social security	168,194	228,072
Other creditors	1,471	2,681
Accruals and deferred income	23,728	31,216
	219,646	306,205

9.	Pension commitments

The company operates a defined contributions 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 to the fund and amounted to £8,867 (2023 - £11,364). Contributions totalling £1,471 (2023 - £2,681) were payable to the fund at the reporting date and are included in creditors.

Not later than 1 year	8,056	19,656
Later than 1 year and not later than 5 years	-	18,569
	8,056	38,225

11.	Related party transactions
	The company has taken advantage of the exemptions available in FRS 102 not to disclose transactions with wholly owned group companies.

12.	Controlling party

The Zoological Society of East Anglia, a charitable company (registered number 08250951) holds 100% of the share capital of the company and is the smallest and largest group to consolidate these financial statements. These consolidated financial statements are available from Companies House.

Page 14