NSFOCUS Technologies UK Limited - Accounts to registrar (filleted) - small 18.2
NSFOCUS Technologies UK Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021 |
FOR |
NSFOCUS TECHNOLOGIES UK LIMITED |
NSFOCUS TECHNOLOGIES UK LIMITED (REGISTERED NUMBER: 09128138) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
Page |
Company information | 1 |
Abridged balance sheet | 2 |
Notes to the financial statements | 3 |
NSFOCUS TECHNOLOGIES UK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
1-2 Craven Road |
Ealing |
London |
W5 2UA |
NSFOCUS TECHNOLOGIES UK LIMITED (REGISTERED NUMBER: 09128138) |
ABRIDGED BALANCE SHEET |
31ST DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
NSFOCUS TECHNOLOGIES UK LIMITED (REGISTERED NUMBER: 09128138) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
1. | STATUTORY INFORMATION |
NSFOCUS Technologies UK Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
RELATED PARTY EXEMPTION |
The company has taken advantage of the exemption in Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group. |
TURNOVER |
Turnover represents sale of goods and services excluding value added tax. Turnover is attributable to geographical markets both inside and outside the UK. |
TANGIBLE FIXED ASSETS |
Computer equipment | - |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
NSFOCUS TECHNOLOGIES UK LIMITED (REGISTERED NUMBER: 09128138) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
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. |
GOING CONCERN |
The company is dependent on continued financial support from its parent company NSFOCUS Technologies Hong Kong Ltd in order to meet its obligations. At 31 December 2021 the company owed £5,267,084 to NSFOCUS Technologies Hong Kong Ltd on the loan account. Whilst this loan is repayable on demand, the director has received confirmation from NSFOCUS Technologies Hong Kong Ltd that it will continue to support the company financially and that the repayment of the loan will not be demanded in priority to other creditors of the company. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of support by the parent company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st January 2021 |
and 31st December 2021 |
DEPRECIATION |
At 1st January 2021 |
and 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
At 31st December 2020 |
5. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the auditors was unqualified. |
Emphasis of matter |
In forming our opinion on the financial statements, we have considered the adequacy of the disclosure made in Note 2 to the financial statements concerning the company's ability to continue as a going concern. The company has accumulated losses of £6,072,192 and net liabilities of £5,272,192 at 31 December 2021. Included in creditors is a loan amount of £5,267,084 due to the parent company NSFOCUS Technologies Hong Kong Ltd. These conditions indicate the existence of a material uncertainty, which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include adjustments that would result if the company were unable to continue as a going concern. |
The parent company NSFOCUS Technologies Hong Kong Ltd. has confirmed its continued financial support of the company and agreed not to demand the loan amount in priority to other creditors. Based on this confirmation and forecasts provided by the company these accounts have been prepared on a going concern basis. In view of the significance of this matter, we consider that it should be brought to your attention but our opinion is not modified in this respect. |
for and on behalf of |
NSFOCUS TECHNOLOGIES UK LIMITED (REGISTERED NUMBER: 09128138) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
6. | RELATED PARTY DISCLOSURES |
The loan balance outstanding to the parent company NSFOCUS Technologies Hong Kong Ltd at 31 December 2021 is £5,267,084 (2020: £5,212,665). No interest was charged on the balance until 19 December 2021. Since 20 December 2021 interest has been charged at the annual rate of 0.84%. |
7. | ULTIMATE CONTROLLING PARTY |
The controlling party is NSFOCUS Technologies Hong Kong Ltd. |
The ultimate controlling party is NSFOCUS Technologies Group Co. Ltd which is registered in China. |
The accounts in which the results of the company are consolidated are those of NSFOCUS Technologies Group Co.,Ltd at 3F, No. 4 Beiwa Road, Haidian District, Beijing, China 100089. |