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REGISTERED NUMBER: 06442258 (England and Wales)















Humax Direct Ltd

Audited Financial Statements

for the Year Ended 31 December 2023






Humax Direct Ltd (Registered number: 06442258)

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


Humax Direct Ltd

Company Information
for the year ended 31 December 2023







Directors: N W Kim
M Mcdonald





Secretary: J W Kim





Registered office: The Mille Building
1000 Great West Road
Brentford
Middlesex
TW8 9HH





Registered number: 06442258 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
178 Buckingham Avenue
Slough
Berkshire
SL1 4RD

Humax Direct Ltd (Registered number: 06442258)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 4 - 6,814

Current assets
Stocks 5 105,730 300,346
Debtors 6 928,757 478,058
Cash at bank 50,115 113,939
1,084,602 892,343
Creditors
Amounts falling due within one year 7 172,554 46,357
Net current assets 912,048 845,986
Total assets less current liabilities 912,048 852,800

Capital and reserves
Called up share capital 8 150,000 150,000
Retained earnings 9 762,048 702,800
Shareholders' funds 912,048 852,800

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 10 April 2024 and were signed on its behalf by:





N W Kim - Director


Humax Direct Ltd (Registered number: 06442258)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

Humax Direct Ltd 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.

Going concern
The directors monitor the management of the working capital and cash flow, and given their forecasts are confident that they will continue to maintain positive cash balances and have the ability to meet liabilities as they fall due.

The directors are satisfied that the cash and profit generated by the trading operations will enable them to continue to meet the liabilities as they fall due. Accordingly, the directors are satisfied that the financial statements should be prepared on a going concern basis.

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.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock
The company's stock is included at the lower of costs and net realisable value. The directors have reviewed the year end stock and are satisfied that no impairment is necessary.

Humax Direct Ltd (Registered number: 06442258)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is recognised on delivery to customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of Comprehensive Income.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Short term trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. Employees and directors

The average number of employees during the year was 1 (2022 - 2 ) .

Humax Direct Ltd (Registered number: 06442258)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. Intangible fixed assets
Computer
software
£
Cost
At 1 January 2023
and 31 December 2023 74,606
Amortisation
At 1 January 2023 67,792
Amortisation for year 6,814
At 31 December 2023 74,606
Net book value
At 31 December 2023 -
At 31 December 2022 6,814

5. Stocks
2023 2022
£ £
Raw materials and consumables 7,760 13,508
Finished goods 97,970 286,838
105,730 300,346

6. Debtors
2023 2022
£ £
Amounts falling due within one year:
Trade debtors 4,832 103,306
Amounts owed by group undertakings 3,905 366,621
VAT 7,803 -
Prepayments and accrued income 9,217 8,131
25,757 478,058

Amounts falling due after more than one year:
Amounts owed by group undertakings 903,000 -

Aggregate amounts 928,757 478,058

7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 5,664 27,034
Amounts owed to group undertakings 132,055 -
Tax 18,225 11,035
Social security and other taxes 186 81
VAT - 7,207
Other creditors 15,904 -
Accruals and deferred income 520 1,000
172,554 46,357

Humax Direct Ltd (Registered number: 06442258)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
150,000 Ordinary £1.00 150,000 150,000

9. Reserves
Retained
earnings
£

At 1 January 2023 702,800
Profit for the year 59,248
At 31 December 2023 762,048

10. Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Jonathan Moughton (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

11. Ultimate controlling party

Humax Electronics Co. Ltd, a company incorporated in Northern Ireland, holds 100% of Humax Direct Ltd's shares.

The directors regard Humax Company Ltd, a company registered in South Korea, as the ultimate parent company. The company's results are included within the consolidated accounts of Humax Company Ltd which is the largest and smallest company into which results are consolidated.

The company's registered office is Humax Village, 216, Hwangsaeul-ro, Bundang-gu, Seongnam-si, Gyeonggi-do.