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Company registration number: 10189074
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FOR THE YEAR ENDED
30 JUNE 2020
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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ZIMMERMANN U.K. LIMITED
REGISTERED NUMBER:10189074
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STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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ZIMMERMANN U.K. LIMITED
REGISTERED NUMBER:10189074
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2020
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with 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 by:
................................................
Simone Zimmermann
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The notes on pages 3 to 9 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Zimmermann U.K. Limited is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The company's registered number is 10189074.
The address of the registered office is Lynton House, 7-12 Tavistock Square, London WC1H 9LT, and the address of the principal place of business is 23A Bruton Street, Mayfair, London W1J 6QG.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Whilst the COVID-19 pandemic is impacting many businesses at the time at which these accounts are being approved the company manged to successfully trade through its e-commerce platform whilst the retail store was closed remaining profitable in the period.
The directors have a reasonable expectation that the company has adequate resources to continue operational
existence for the foreseeable future. For this reason, the directors continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue generated from store sales is recognised when the transaction is made.
Revenue arising from online sales is recognised when the item is dispatched by the company.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Intangible assets are amortised on a straight line basis over 3 years so as to allocate the costs of the assets less their residual value over their useful life.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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. Work in progress and finished goods include labour and attributable overheads.
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.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. 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 Statement of Financial Position 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.
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The average monthly number of employees, including directors, during the year was 15 (2019 - 14).
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Interest payable and similar expenses
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Interest payable to group undertakings
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Charge for the year on owned assets
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Charge for the year on owned assets
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Due after more than one year
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The amount shown in other debtors due after more than one year relates to a premium paid on commencement of the trading store lease and is being released to the profit and loss account over the lease term.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Included within the amounts owed to group undertakings falling due after more than one year is £Nil (2019: £294,562) which is repayable after five years.
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The company has entered into an unlimited multilateral guarantee with HSBC Australia alongside other group companies to secure a group loan facility. The liabilities of other group companies secured over the assets of the company total £2,292,735 (2019: £1,861,507).
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Commitments under operating leases
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At 30 June 2020 the Company had future minimum lease payments under non-cancellable operating leases of £1,487,083 (2019: 1,702,083).
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Ultimate parent and immediate parent company
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The parent of smallest group in which the results of the company are consolidated into is Zimmermann International Pty Limited. The registered office is 120 Dunning Avenue, Rosebery, New South Wales, NSW 2018, Australia.
The auditor's report on the financial statements for the year ended 30 June 2020 was unqualified.
The audit report was signed on 8 December 2020 by Richard Watson FCCA (Senior Statutory Auditor) on behalf of Menzies LLP.
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