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REGISTERED NUMBER: 12686342 (England and Wales)


















Financial Statements for the Year Ended 31 December 2023

for

ASAP Innovations UK Limited

ASAP Innovations UK Limited (Registered number: 12686342)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ASAP Innovations UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: S D Keller



REGISTERED OFFICE: Unit 1b, Focus Four
Fourth Avenue
Letchworth
Hertfordshire
SG6 2TU



REGISTERED NUMBER: 12686342 (England and Wales)



SENIOR STATUTORY AUDITOR: Martin Williams ACA



AUDITORS: George Hay Partnership LLP
Chartered Accountants
and Statutory Auditor
Unit 1B
Focus 4
Fourth Avenue
Letchworth
Hertfordshire
SG6 2TU

ASAP Innovations UK Limited (Registered number: 12686342)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 210,102 611,528
Debtors 5 416,443 437,453
Cash at bank 5,908 59,050
632,453 1,108,031
CREDITORS
Amounts falling due within one year 6 1,604,634 1,876,506
NET CURRENT LIABILITIES (972,181 ) (768,475 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(972,181

)

(768,475

)

CREDITORS
Amounts falling due after more than one
year

7

703,603

564,900
NET LIABILITIES (1,675,784 ) (1,333,375 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (1,675,884 ) (1,333,475 )
SHAREHOLDERS' FUNDS (1,675,784 ) (1,333,375 )

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 director and authorised for issue on 6 June 2024 and were signed by:





S D Keller - Director


ASAP Innovations UK Limited (Registered number: 12686342)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

ASAP Innovations 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.

The financial statements are presented in sterling which is the functional currency of the company.

2. 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. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

At the balance sheet date the company had net current liabilities of £972,181. The company is reliant upon the financial support of the group companies, ASAP Innovations Limited & ASAP International SDN BHD. Both entities have confirmed their intention to continue to support the company for the foreseeable future and on this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.Without the financial support of the stated group entities a material uncertainty would exist over going concern.

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

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.


ASAP Innovations UK Limited (Registered number: 12686342)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. 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 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.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Leasing commitments
Costs relating to operating leases are recognised on a straight line basis over the term of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 415,165 436,175
Other debtors 1,278 1,278
416,443 437,453

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,975 9,091
Amounts owed to group undertakings 1,557,847 1,822,369
Other creditors 42,812 45,046
1,604,634 1,876,506

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 703,603 564,900

The balance for the group undertaking ASAP International SDN BHD is repayable on demand with a 366 day notice period.

ASAP Innovations UK Limited (Registered number: 12686342)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 16,011 15,330
Between one and five years 21,802 37,814
37,813 53,144

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

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

The Report of the Auditors was unqualified however please note the following section included in the full audit report under the heading, Material Uncertainty relating to Going Concern:

We draw attention to the going concern note in the financial statements which indicates the company is dependent on the continued support of the parent company.The dependence on parent company support indicates the existence of a material uncertainty that may cast doubt about the company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

Martin Williams ACA (Senior Statutory Auditor)
for and on behalf of George Hay Partnership LLP.

11. PARENT UNDERTAKING

The controlling party is ASAP Innovations Ltd.

The ultimate controlling party is ASAP Innovations Ltd.

The parent undertaking for the company is ASAP Innovations Limited a company incorporated in the Republic of Ireland. The address of the parent company is Unit 7, Fonthill Business Park, The Courtyard, Fonthill Road, Ballyowen, Dublin.

The ultimate parent is ASAP International SDN BHD, a company incorporated in Malaysia. The address of the company is 1 Jalan Sitar 33/6, Seksyen 33, 40400 Shah Alam, Selangor, Malaysia. The ultimate controlling party is E E Wan Lim.