REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 |
FOR |
LOREX TECHNOLOGY UK LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 |
FOR |
LOREX TECHNOLOGY UK LIMITED |
LOREX TECHNOLOGY UK LIMITED (REGISTERED NUMBER: 13006627) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LOREX TECHNOLOGY UK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Room 73 |
Wrest House |
Silsoe |
Bedfordshire |
MK45 4HR |
LOREX TECHNOLOGY UK LIMITED (REGISTERED NUMBER: 13006627) |
BALANCE SHEET |
30 NOVEMBER 2022 |
2022 | 2021 |
as restated |
Notes | $ | $ |
CURRENT ASSETS |
Stocks | 4 |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
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 Board of Directors and authorised for issue on |
LOREX TECHNOLOGY UK LIMITED (REGISTERED NUMBER: 13006627) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
1. | STATUTORY INFORMATION |
Lorex Technology UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The comparatives relate to the period 10 November 2020 to 30 November 2021. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost |
comprises direct materials and, where applicable, direct labour costs and those overheads that have been |
incurred in bringing the stocks to their present location and condition. |
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement |
cost, adjusted where applicable for any loss of service potential. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks |
over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or |
loss. Reversals of impairment losses are also recognised in profit or loss. |
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. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors continue to adopt the going concern basis of accounting in preparing the financial statements. The directors have received confirmation from the parent and other group entities that they will continue to support the company with any financing requirements. |
LOREX TECHNOLOGY UK LIMITED (REGISTERED NUMBER: 13006627) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank |
overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Basic financial instruments |
Basic financial assets, which include trade debtors and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised cost using the effective interest |
method unless the arrangement constitutes a financing transaction, where the financial asset is measured at |
the present value of the future receipts discounted at a market rate of interest. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the |
assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies, |
are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where |
the debt instrument is measured at the present value of the future payments discounted at a market rate of |
interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of |
transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no |
longer at the discretion of the company. |
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax |
rates that have been enacted or substantively enacted by the reporting date. |
Foreign exchange |
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the |
exchange rate prevailing on the date of the transaction. |
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling |
at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at |
the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when |
that fair value was determined. |
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on |
non-monetary items recognised in other comprehensive income, when the related translation gain or loss is |
also recognised in other comprehensive income. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | STOCKS |
2022 | 2021 |
as restated |
$ | $ |
Stocks |
LOREX TECHNOLOGY UK LIMITED (REGISTERED NUMBER: 13006627) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
$ | $ |
Trade debtors |
Amounts owed by associates |
VAT |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
$ | $ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 1,316,511 | - |
VAT | - | 103,217 |
Accruals and deferred income |
The bank overdraft was unsecured in the prior period. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal Value: | 30.11.2022 | 30.11.2021 |
200,000 | Ordinary | $1.33150 | 266,300 | 266,300 |
241,198 | 241,198 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of 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. |
10. | POST BALANCE SHEET EVENTS |
On 8th December 2022 the nominal value of the Ordinary share issue at this date was reduced to $0.30 (£0.25) each, decreasing the total share capital value to $61,168 (£50,000). |