NSFOCUS Technologies UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09128138 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

NSFOCUS TECHNOLOGIES UK LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J Shen

REGISTERED OFFICE:

Ground Floor

1 - 2 Craven Road

Ealing

London

W5 2UA

REGISTERED NUMBER:

09128138 (England and Wales)

AUDITORS:

Johnsons, Chartered Accountants

Statutory Auditor

Ground Floor

1 - 2 Craven Road

Ealing

London

W5 2UA

FIXED ASSETS

Tangible assets

4

173,584

319,243

CURRENT ASSETS

Stocks

107,798

67,393

Debtors

475,238

547,646

Cash at bank

176,426

151,964

759,462

767,003

CREDITORS

Amounts falling due within one year

3,812,891

2,286,764

NET CURRENT LIABILITIES

(3,053,429

)

(1,519,761

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,879,845

)

(1,200,518

)

CAPITAL AND RESERVES

Called up share capital

800,000

800,000

Retained earnings

(3,679,845

)

(2,000,518

)

SHAREHOLDERS' FUNDS

(2,879,845

)

(1,200,518

)

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2017 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 on 17 December 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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

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.

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 the year end the parent company was owed £3,488,225 on a

loan account. Whilst this loan is repayable on demand, the director has received confirmation from the parent

company 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 . 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 10 (2016 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

359,444

Additions

4,167

Reclassification/transfer

(64,556

)

At 31 December 2017

299,055

DEPRECIATION

At 1 January 2017

40,201

Charge for year

85,270

At 31 December 2017

125,471

NET BOOK VALUE

At 31 December 2017

173,584

At 31 December 2016

319,243

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 1 to the financial statements concerning the company's ability to continue as a going concern. The

company has accumulated losses of £3,679,845 and net liabilities of £3,053,429 at 31 December 2017. Included

in creditors is an amount of £3,488,225 due to the parent company NSFOCUS Technologies Hong Kong Ltd.

These conditions indicate the existence of 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 director has received confirmation from the parent company of its continued support and 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 qualified in this respect.

David Turner (Senior Statutory Auditor)

for and on behalf of Johnsons, Chartered Accountants

6.	RELATED PARTY DISCLOSURES

During the year the company received loans totalling £1,940,344 from its parent company which are repayable

on demand. No interest is charged on the loans. The balance outstanding at 31 December 2017 is 3,488,225,

(2016: £1,874,988).

7.	ULTIMATE CONTROLLING PARTY

The controlling party is NSFOCUS Technologies Hong Kong Ltd.