REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2022 |
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2ZLF LTD |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2022 |
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FOR |
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2ZLF LTD |
2ZLF LTD (REGISTERED NUMBER: SC459723) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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2ZLF LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
First Floor |
5 Doolittle Yard |
Froghall Road |
Ampthill |
Bedfordshire |
MK45 2NW |
2ZLF LTD (REGISTERED NUMBER: SC459723) |
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BALANCE SHEET |
31 JANUARY 2022 |
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2022 | 2021 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Intercompany loan |
capital contribution |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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2ZLF LTD (REGISTERED NUMBER: SC459723) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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1. | STATUTORY INFORMATION |
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2ZLF Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The company finances its day to day working capital requirements by way of supplier credit, hire purchase agreements and loans from related parties. The director believes that the company is well placed to manage its business risks successfully despite the current ongoing uncertain economic outlook. |
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In particular, the director has confirmed with the relevant related parties that the loans will not be called for until such time as the company has sufficient cash reserves to do so from its own trading activities in the future. |
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After making enquires, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Long leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Government grants |
Grant income is recognised on the accrual model. Where there are no future performance related conditions, income is recognised in the same period as the costs to which it relates. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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2ZLF LTD (REGISTERED NUMBER: SC459723) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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2ZLF LTD (REGISTERED NUMBER: SC459723) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2021 |
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Additions |
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At 31 January 2022 |
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DEPRECIATION |
At 1 February 2021 |
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Charge for year |
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At 31 January 2022 |
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NET BOOK VALUE |
At 31 January 2022 |
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At 31 January 2021 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1 February 2021 |
and 31 January 2022 |
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DEPRECIATION |
At 1 February 2021 |
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Charge for year |
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At 31 January 2022 |
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NET BOOK VALUE |
At 31 January 2022 |
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At 31 January 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as | restated |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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Prepayments |
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2ZLF LTD (REGISTERED NUMBER: SC459723) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
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Included within 'Other debtors' is an amount of £24,750 (2021: £24,750) in respect of a rent deposit due to be recovered more than one year from the balance sheet date. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as | restated |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | 19,098 | - |
Other creditors |
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Other hire purchase contracts | 866,810 | 978,955 |
Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
as | restated |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Hire purchase contracts (see note 9) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 4,167 |
2ZLF LTD (REGISTERED NUMBER: SC459723) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2022 | 2021 |
as | restated |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable | operating leases |
2022 | 2021 |
as | restated |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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In addition to the above, further hire purchase commitments have been entered into since the year end totalling £129,200 (2021: £nil). Amounts are £10,767 within one year, £103,360 between one and five years and £15,073 in more than five years. |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2022 | 2021 |
as | restated |
£ | £ |
Hire purchase contracts | 20,697 | 52,501 |
Other hire purchase contracts | 866,810 | 978,955 |
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There is a floating charge covering all of the property or undertaking of the company in respect of the intercompany loan with Vending Network General Trading Company W.L.L. |
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Hire purchase liabilities are secured on the assets to which they relate. |
2ZLF LTD (REGISTERED NUMBER: SC459723) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | PRIOR YEAR ADJUSTMENT |
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During the year ended 31 January 2022 it was identified that interest on hire purchase had been understated historically by £30,844, this has been corrected by prior year adjustment in these financial statements and reduces the retained earnings at 31 January 2021 by this amount. |
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During the year it was identified that creditors: amounts falling due after more than one year were overstated by £1,413,050. A prior year adjustment has been provided to correct these items and they are now presented as creditors: amounts falling due within one year, split between amounts owed to group companies £486,764 (2021: £486,764) and other hire purchase £866,810 (£978,955). |
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During the year it was identified that the amounts owed to group had been discounted incorrectly. This has been corrected by prior year adjustment resulting in a reduction of the capital contribution reserve of £1,965 and a further reduction in retained earnings at 31 January 2021 of £37,852. |
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During the year it was identified that £242,197 of costs included in administrative expenses were incorrectly classified. A prior year adjustment has been made to reallocate these costs to costs of sales. There was no impact to the net profit. |
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13. | RELATED PARTY DISCLOSURES |
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At the year end the company owed Vending Network General Trading W.W.C, the parent company £486,764 (2021: £486,764). This loan is interest free with no set date for repayment. |
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During the year the company made purchases from Oil Pollution Services Ltd, a company under common control of £140,601 (2021: £155,520). Included within creditors within one year is an amount of £866,810 (2021: £978,510) in relation to the purchase of plant and machinery. There is an additional amount of £32,816 included in Trade Creditors in 2022 (2021: £48,792). No interest has been charged on this balance during the year (2021: £Nil) and there are no set repayment terms. |
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14. | ULTIMATE CONTROLLING PARTY |
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Control of the company throughout the year rested with the the ultimate parent company, Vending Network General Trading W.L.L, a privately owned company registered in Kuwait. |