NSFOCUS Technologies UK Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09128138 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

NSFOCUS TECHNOLOGIES UK LIMITED

Page

Company information

1

Abridged balance sheet

2

Notes to the financial statements

3

DIRECTOR:

J Shen

REGISTERED OFFICE:

1-2 Craven Road

London

W5 2UA

REGISTERED NUMBER:

09128138 (England and Wales)

AUDITORS:

Johnsons, Chartered Accountants

Statutory Auditor

1-2 Craven Road

Ealing

London

W5 2UA

FIXED ASSETS

Tangible assets

4

101,738

-

CURRENT ASSETS

Debtors

28,641

52,876

Cash at bank

216,467

150,106

245,108

202,982

CREDITORS

Amounts falling due within one year

(6,404,168

)

(5,475,174

)

NET CURRENT LIABILITIES

(6,159,060

)

(5,272,192

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(6,057,322

)

(5,272,192

)

CAPITAL AND RESERVES

Called up share capital

800,000

800,000

Retained earnings

(6,857,322

)

(6,072,192

)

SHAREHOLDERS' FUNDS

(6,057,322

)

(5,272,192

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance sheet for the year ended 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 28 September 2023 and were signed by:

J Shen - Director

1.	STATUTORY INFORMATION

NSFOCUS Technologies UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements of the company are prepared in GBP and rounded off to nearest GBP.

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 revenue from sale of goods and services excluding value added tax. Turnover includes revenue from sale of products, professional services, and subscription revenue. Turnover is attributable to geographical markets both inside and outside the UK.

The revenue from sale of products is recognised on satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the company and the customer.

Revenue from professional services is recognised by reference to the stage of completion.

Revenue from subscription fees is recognised straight line over the licensing period.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Computer equipment

-

33% on cost

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.

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 2022 the company owed £6,078,382 (2021: £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 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2022

274,234

Additions

113,042

At 31 December 2022

387,276

DEPRECIATION

At 1 January 2022

274,234

Charge for year

11,304

At 31 December 2022

285,538

NET BOOK VALUE

At 31 December 2022

101,738

At 31 December 2021

-

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the auditors was unqualified.

Edmund Cartwright, MAAT, FCCA (Senior Statutory Auditor)

for and on behalf of Johnsons, Chartered Accountants

6.	RELATED PARTY DISCLOSURES

The loan balance outstanding to the parent company NSFOCUS Technologies Hong Kong Ltd at 31 December 2022 is £6,078,382 (2021: £5,267,084). Since 20 December 2021 interest has been charged at the annual rate of 0.84%. The loan is repayable on demand.

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.