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REGISTERED NUMBER: 13006627 (England and Wales)















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: P-W Chuang
P-H Wang





REGISTERED OFFICE: Burlington House
Botleigh Grange Business Park
Hedge End
Southampton
SO30 2AF





REGISTERED NUMBER: 13006627 (England and Wales)





AUDITORS: MDG Business Associates Audit Limited
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 4 633,798 696,567
Debtors 5 242,914 614,580
Cash at bank 937,576 94,180
1,814,288 1,405,327
CREDITORS
Amounts falling due within one year 6 1,658,845 1,197,594
NET CURRENT ASSETS 155,443 207,733
TOTAL ASSETS LESS CURRENT
LIABILITIES

155,443

207,733

CAPITAL AND RESERVES
Called up share capital 7 266,300 266,300
Retained earnings (110,857 ) (58,567 )
SHAREHOLDERS' FUNDS 155,443 207,733

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

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 28 November 2023 and were signed on its behalf by:





P-W Chuang - Director


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 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 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 633,798 696,567

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 223,302 439,355
Amounts owed by associates - 174,591
VAT 17,989 -
Prepayments and accrued income 1,623 634
242,914 614,580

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
as restated
$    $   
Bank loans and overdrafts - 2,463
Trade creditors 190,584 976,174
Amounts owed to associates 1,316,511 -
VAT - 103,217
Accruals and deferred income 151,750 115,740
1,658,845 1,197,594

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.

Michael Grange BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of MDG Business Associates Audit Limited

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).