Company Registration No. 04066774 (England and Wales)
ZITA WEST PRODUCTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
ZITA WEST PRODUCTS LIMITED
COMPANY INFORMATION
Director
S P Smiley
(Appointed 1 May 2021)
Company number
04066774
Registered office
Unit 13 & 14 Nelson Trading Estate
The Path
Merton
London
England
SW19 3BL
Auditor
Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
ZITA WEST PRODUCTS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
ZITA WEST PRODUCTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
The directors present the strategic report for the year ended 31 March 2022.
Fair review of the business
During the year the company continued its principal activity
in the sale of prenatal vitamins, supplements and products
. The directors are satisfied with the performance of the company in the year. For further detail on the business of the group of which this company is a part, please refer to the strategic report accompanying the group accounts for the ultimate parent company, Samarkand Group plc.
Key performance indicators
The company has no key performance indicators other than turnover and net
profit/(loss)
. Turnover increased during the year from £
635,881
to £
1,
473,263 and net profit decreased from £168,044 to £121,659.
S P Smiley
Director
19 December 2022
ZITA WEST PRODUCTS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
The director presents his annual report and financial statements for the year ended 31 March 2022.
Principal activities
The principal activity of the company continued to be that of
sale of prenatal vitamins, supplements and products.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
S P Smiley
(Appointed 1 May 2021)
B M Astley
(Resigned 1 May 2021)
Countess S H Wessex
(Resigned 1 May 2021)
Z M West
(Resigned 1 May 2021)
Auditor
Crowe U.K. LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of director's responsibilities
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;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement 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.
ZITA WEST PRODUCTS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
On behalf of the board
S P Smiley
Director
19 December 2022
ZITA WEST PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ZITA WEST PRODUCTS LIMITED
- 4 -
Opinion
We have audited the financial statements of Zita West Products Limited (the 'company') for the year ended 31 March 2022 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 FRS 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 2022 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'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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director 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.
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 director's
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the director's report has been prepared in accordance with applicable legal requirements.
ZITA WEST PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ZITA WEST PRODUCTS LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's
r
esponsibilities
s
tatement, the director is 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 director determines 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
director is
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
director
either
intends
to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and UK CorporationTaxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
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.
ZITA WEST PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ZITA WEST PRODUCTS LIMITED
- 6 -
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 him 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.
Leo Malkin (Senior Statutory Auditor)
For and on behalf of Crowe U.K. LLP
Chartered Accountants
Statutory Auditor
55 Ludgate Hill
London
EC4M 7JW
19 December 2022
ZITA WEST PRODUCTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
Unaudited
Year
Period
ended
ended
31 March
31 March
2022
2021
Notes
£
£
Turnover
2
1,473,263
635,881
Cost of sales
(506,780)
(211,808)
Gross profit
966,483
424,073
Administrative expenses
(850,621)
(215,818)
Other operating income
5,543
3
Operating profit
3
121,405
208,258
Interest receivable and similar income
7
254
16
Profit before taxation
121,659
208,274
Tax on profit
8
(40,230)
Profit for the financial year
121,659
168,044
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 10 to 17 form part of these financial statements.
ZITA WEST PRODUCTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2022
31 March 2022
- 8 -
Unaudited
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
10
25,213
-
Tangible assets
11
1,069
26,282
-
Current assets
Stocks
12
411,229
233,271
Debtors
13
316,622
112,664
Cash at bank and in hand
293,611
431,637
1,021,462
777,572
Creditors: amounts falling due within one year
14
(364,747)
(216,234)
Net current assets
656,715
561,338
Total assets less current liabilities
682,997
561,338
Capital and reserves
Called up share capital
15
144
144
Share premium account
210,049
210,049
Profit and loss reserves
472,804
351,145
Total equity
682,997
561,338
The financial statements were approved by the board of directors and authorised for issue on 19 December 2022 and are signed on its behalf by:
S P Smiley
Director
Company Registration No. 04066774
ZITA WEST PRODUCTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2020
144
210,049
231,738
441,931
Period ended 31 March 2021:
Profit and total comprehensive income for the period
-
-
168,044
168,044
Dividends
9
-
-
(48,637)
(48,637)
Balance at 31 March 2021
144
210,049
351,145
561,338
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
121,659
121,659
Balance at 31 March 2022
144
210,049
472,804
682,997
ZITA WEST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 10 -
1
Accounting policies
Company information
Zita West Products Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 13 & 14 Nelson Trading Estate, The Path, Merton, London, England, SW19 3BL.
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 a
mounts
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: The disclosure
requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26,12.27, 12.29(a), 12.29(b), and 12.29A;
-
Section 26 ‘Share based Payment’: Share based payment arrangements required under FRS 102 paragraphs
26.18(b), 26.19 to 26.21 and 26.23;
-
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Samarkand Group plc. These consolidated financial statements are available from its registered office at Unit 13 & 14 Nelson Trading Estate, The Path, Merton, London, SW19 3BL.
1.2
Going concern
At 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.
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
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.
ZITA WEST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 11 -
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:
Website
Written off over estimated useful life of 3 years
Trademarks
Written off over estimated useful life of 7 years
1.5
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:
Office equipment
3 years straight line
Computer equipment
3 years 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
.
1.6
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.
1.7
Stocks
Inventories are stated at the lower of cost and net realisable value. Cost is based on the first in first out principle and includes expenditure incurred in acquiring the inventories and other costs in bringing them to their existing 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.
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks.
1.9
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.
ZITA WEST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 12 -
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.
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 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
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.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. 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
in the period
are included in profit or loss.
1.13
The accounts relate to year ended 31 March 2022.
The comparative figures relate to 6 months from 1 October 2020 to 31 March 2021.
2
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Sale of goods
1,473,263
635,881
ZITA WEST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
2
Turnover and other revenue
(Continued)
- 13 -
2022
2021
£
£
Other significant revenue
Interest income
254
16
2022
2021
£
£
Turnover analysed by geographical market
UK
1,473,263
635,881
3
Operating profit
2022
2021
Operating profit for the year is stated after charging:
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
352
Depreciation of owned tangible fixed assets
1,470
1,564
Amortisation of intangible assets
3,984
Impairment of stocks recognised or reversed
7,943
Rent
58,468
5,125
4
Auditor's remuneration
Audit fees in relation to the statutory audit
amounted to £5,000 for the year to 31 March 2022. The company was not audited in the prior period
.
5
Employees
The average monthly number of persons employed by the company during the year was:
2022
2021
Number
Number
2
2
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
211,795
19,746
Social security costs
19,019
Pension costs
41,402
40,388
272,216
60,134
ZITA WEST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 14 -
6
Director's remuneration
No director received remuneration from the company in relation to services provided.
7
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
252
16
Other interest income
2
Total income
254
16
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
252
16
8
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
40,230
Deferred tax
Total deferred tax charge
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:
2022
2021
£
£
Profit before taxation
121,659
208,274
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
23,115
39,572
Tax effect of expenses that are not deductible in determining taxable profit
37
658
Tax effect of income not taxable in determining taxable profit
(5,261)
Group relief
(18,785)
Fixed asset differences
(145)
Movement in deferred tax not recognised
1,039
Taxation charge for the year
-
40,230
The company has an unrecognised deferred tax asset of £659 (2021: £15) relating to losses and an unrecognised deferred tax liability of £2,459 (2021: £2,423) relating to fixed asset timing differences. Neither has been recognised based on the uncertainty and timing over when they will unwind.
ZITA WEST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 15 -
9
Dividends
2022
2021
£
£
Interim paid
48,637
10
Intangible fixed assets
Website
Trademarks
Total
£
£
£
Cost
At 1 April 2021
7,661
7,661
Additions
24,480
4,717
29,197
At 31 March 2022
24,480
12,378
36,858
Amortisation and impairment
At 1 April 2021
7,661
7,661
Amortisation charged for the year
3,692
292
3,984
At 31 March 2022
3,692
7,953
11,645
Carrying amount
At 31 March 2022
20,788
4,425
25,213
At 31 March 2021
11
Tangible fixed assets
Office equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2021
12,750
10,888
23,638
Transfers
2,539
2,539
Disposals
(12,750)
(10,888)
(23,638)
At 31 March 2022
2,539
2,539
Depreciation and impairment
At 1 April 2021
12,750
10,888
23,638
Depreciation charged in the year
1,470
1,470
Eliminated in respect of disposals
(12,750)
(10,888)
(23,638)
At 31 March 2022
1,470
1,470
Carrying amount
At 31 March 2022
1,069
1,069
At 31 March 2021
ZITA WEST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 16 -
12
Stocks
2022
2021
£
£
Finished goods and goods for resale
411,229
233,271
13
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
51,882
103,852
Amounts owed by group undertakings
220,183
Other debtors
21,500
2,700
Prepayments and accrued income
23,057
6,112
316,622
112,664
14
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
91,070
87,693
Amounts owed to group undertakings
258,760
Corporation tax
21
78,090
Other taxation and social security
3,328
37,203
Other creditors
2,951
10,548
Accruals and deferred income
8,617
2,700
364,747
216,234
15
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
14,364
14,364
144
144
16
Related party transactions
The company has taken advantage of the exemption available in Section 33.1A of FRS102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
17
Directors' transactions
At the end of the year, the company owed a total of £nil (2021: £3,
1
08) to the directors. These amounts were interest free and repayable on demand.
ZITA WEST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 17 -
18
Ultimate controlling party
The immediate parent company is Samarkand Holdings Limited and the ultimate parent company is Samarkand Group plc. Both companies have their registered office at Unit 13 & 14 Nelson Trading Estate, The Path, Merton, London, SW19 3BL.
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