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REGISTERED NUMBER: 12304133 (England and Wales)










Truly Semiconductors (UK) Ltd

Audited Financial Statements

for the Period 1 December 2021 to 31 December 2022






Truly Semiconductors (UK) Ltd (Registered number: 12304133)






Contents of the Financial Statements
for the Period 1 December 2021 to 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Truly Semiconductors (UK) Ltd

Company Information
for the Period 1 December 2021 to 31 December 2022







DIRECTORS: Mr Siu Lan Lau
Mr Juncheng Yang





REGISTERED OFFICE: 469 Kingsway
Manchester
M19 1NR





REGISTERED NUMBER: 12304133 (England and Wales)





AUDITORS: SKS Shacter Cohen & Bor Ltd
Chartered Accountants
31 Sackville Street
Manchester
M1 3LZ

Truly Semiconductors (UK) Ltd (Registered number: 12304133)

Balance Sheet
31 December 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 4 663 -

CURRENT ASSETS
Cash at bank and in hand 20,634 100

CREDITORS
Amounts falling due within one year 5 (14,901 ) -
NET CURRENT ASSETS 5,733 100
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,396

100

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 6,296 -
6,396 100

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 February 2024 and were signed on its behalf by:





Mr Siu Lan Lau - Director


Truly Semiconductors (UK) Ltd (Registered number: 12304133)

Notes to the Financial Statements
for the Period 1 December 2021 to 31 December 2022

1. STATEMENT OF COMPLIANCE

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.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

REVENUE RECOGNITION
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

TANGIBLE FIXED ASSETS
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Computer equipment - 20% reducing balance

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.


Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

TAXATION
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.


Truly Semiconductors (UK) Ltd (Registered number: 12304133)

Notes to the Financial Statements - continued
for the Period 1 December 2021 to 31 December 2022

2. ACCOUNTING POLICIES - continued
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 period 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2021 - 1 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 829
At 31 December 2022 829
DEPRECIATION
Charge for period 166
At 31 December 2022 166
NET BOOK VALUE
At 31 December 2022 663

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Taxation and social security 7,117 -
Other creditors 7,784 -
14,901 -

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

The Report of the Auditors was unqualified.

Jeffrey Bor Bsc FCA (Senior Statutory Auditor)
for and on behalf of SKS Shacter Cohen & Bor Ltd