REGISTERED NUMBER: |
Report of the Director and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Ween Semiconductors (United Kingdom) |
Limited |
REGISTERED NUMBER: |
Report of the Director and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Ween Semiconductors (United Kingdom) |
Limited |
Ween Semiconductors (United Kingdom) |
Limited (Registered number: 09776896) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Statement of Director's Responsibilities | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
Ween Semiconductors (United Kingdom) |
Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
9 St Clare Street |
London |
EC3N 1LQ |
Ween Semiconductors (United Kingdom) |
Limited (Registered number: 09776896) |
Report of the Director |
for the Year Ended 31 December 2023 |
The director presents his report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of semiconductors business development activities. |
FUTURE DEVELOPMENTS |
The Company intends to continue operating in the area of business development relating to semiconductors. |
DIRECTOR |
FOREIGN BRANCHES |
During the year the company had operations in Germany and Netherland. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Shinewing Wilson Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Ween Semiconductors (United Kingdom) |
Limited (Registered number: 09776896) |
Statement of Director's Responsibilities |
for the Year Ended 31 December 2023 |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 'Reduced Disclosure Framework'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Report of the Independent Auditors to the Members of |
Ween Semiconductors (United Kingdom) |
Limited |
Opinion |
We have audited the financial statements of Ween Semiconductors (United Kingdom) Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the Director and the Statement of Director's Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Ween Semiconductors (United Kingdom) |
Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Ween Semiconductors (United Kingdom) |
Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
The following laws and regulations were identified as being of significance to the entity: |
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. |
- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements including, health and safety legislation, employment law, and General Data Protection Regulation (GDPR). |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Ween Semiconductors (United Kingdom) |
Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
and Statutory Auditors |
9 St Clare Street |
London |
EC3N 1LQ |
Ween Semiconductors (United Kingdom) |
Limited (Registered number: 09776896) |
Income Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Foreign exchange difference | ( |
) |
527,476 | (316,467 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) and |
PROFIT/(LOSS) BEFORE TAXATION | 5 | ( |
) |
Tax on profit/(loss) | 6 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR |
( |
) |
Ween Semiconductors (United Kingdom) |
Limited (Registered number: 09776896) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 11 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Share premium |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Ween Semiconductors (United Kingdom) |
Limited (Registered number: 09776896) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Share | Other | Total |
capital | earnings | premium | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive loss | - | ( |
) | - | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - | - | - |
Balance at 31 December 2023 |
Ween Semiconductors (United Kingdom) |
Limited (Registered number: 09776896) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Ween Semiconductors (United Kingdom) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparation |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
• | the requirements of IFRS 7 Financial Instruments: Disclosures; |
• | the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement; |
• | the requirements of IAS 7 Statement of Cash Flows; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
• | the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group. |
The equivalent disclosures are given in the consolidated financial statements of WeEn Semiconductor Co., Limited. The financial statements of WeEn Semiconductor Co., Limited, are available from: 18th Floor, 1FS A building, No.1509 Zhongxing Rd, Jingan District, Shanghai, P.R.C China, 200070. |
Going concern |
The Company had net current assets of £1.38M and bank reserves of £1.99M as at 31 December 2023. The Company remains assured of the financial support provided by the ultimate parent company for a period of at least twelve months from the date of signing these financial statements to meet company's liabilities. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
Turnover |
The nature of the business -acting as R&D centre in the UK for the group company, hence the turnover is the management charge calculated at 105% of the cost of sales excluding foreign exchange difference and other expenditure. |
Ween Semiconductors (United Kingdom) |
Limited (Registered number: 09776896) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the management. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery - 5 - 10 years straight line |
Fixtures and fittings - 3 - 5 years straight line |
Computer equipment - 3 - 5 years straight line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income. |
Financial instruments |
Financial assets at amortised cost |
The company’s financial assets measured at amortised cost comprise trade and other debtors and cash and cash equivalents in the balance sheet. Cash and cash equivalents includes cash in hand, deposits held at call with banks. |
Financial liabilities |
The company does not have any liabilities held for trading nor does it voluntarily classify any financial liabilities as being at fair value through profit or loss. |
Trade creditors and other short-term monetary liabilities, which are initially recognised at fair value and are subsequently carried at amortised cost using the effective interest method. |
Offsetting financial instruments |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. |
Share capital |
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. |
The company's ordinary shares are classified as equity instruments. |
Share based payments |
Equity settled share awards are recognised as an expense based on their fair value at the date of grant. The fair value of the awards is expensed over the period between the date of grant and the estimated vesting date. |
"Other reserves" in the ''Statement of Changes in Equity'' relates to share based payment charges. |
Ween Semiconductors (United Kingdom) |
Limited (Registered number: 09776896) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Employee benefit costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign branches |
Operations in Germany and Netherlands are accounted for within the company's accounts fully. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and reported amounts of assets and liabilities, revenue and expenses. Actual results may differ from these estimates. |
Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. |
The director considers no critical judgements or key sources of estimation uncertainty applied in the preparation of these financial statements. |
Ween Semiconductors (United Kingdom) |
Limited (Registered number: 09776896) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TURNOVER |
The turnover and profit (2022 - loss) before taxation are attributable to the principal activities of the company. |
An analysis of turnover by class of business is given below: |
31.12.23 | 31.12.22 |
£ | £ |
An analysis of turnover by geographical market is given below: |
31.12.23 | 31.12.22 |
£ | £ |
United Kingdom |
China |
Other income in 2022 was the refund of small business rate relief under Covid 19 situation. |
5. | PROFIT/(LOSS) BEFORE TAXATION |
The profit before taxation is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets | 21,612 | 22,158 |
Foreign exchange differences | (417,809 | ) | 436,920 |
6. | TAXATION |
Analysis of tax expense |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
Tax |
Total tax expense in income statement |
Ween Semiconductors (United Kingdom) |
Limited (Registered number: 09776896) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | TAXATION - continued |
Factors affecting the tax expense |
The tax assessed for the year is lower (2022 - higher) than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Profit/(loss) before income tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
131,628 |
(60,129 |
) |
Effects of: |
Expenses not deductible | 4,316 | 3,607 |
Capital expenses in excess of depreciation | 4,060 | 4,210 |
Double tax relief | (2,871 | ) | - |
Tax Gain- NL | (11,289 | ) | (2,958 | ) |
Tax Gain- GE | (4,707 | ) | (5,950 | ) |
Prior year Tax adjusted to CT expense | 101 | (1,072 | ) |
GE tax | 15,065 | 15,934 |
NL tax | 2,709 | 762 |
Tax loss used | (75,784 | ) | - |
Deferred tax not provided | - | 61,220 |
Tax expense |
The Finance Act 2021 was substantially enacted in May 2021 and has increased the corporation tax rate from 19% to 25% with effect from 1 April 2023. Deferred taxes at the balance sheet date have been measured using the most recent enacted tax rate at 25% and reflected in these financial statements. The current weighted averaged tax rate was 23.5% throughout the year. |
7. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was 10 (2022 - 10). |
During the year retirement benefits were accruing to one director (2022: 1) in respect of defined contribution pension schemes. The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £30,453 (2022: £7,545). |
The highest paid director received remuneration of £507,259 (2022: £439,970). |
One director received shares under a long-term incentive scheme (2022: 1). |
Ween Semiconductors (United Kingdom) |
Limited (Registered number: 09776896) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
The amounts owed by group undertakings were unsecured, interest free and have no fixed repayment date. |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Accruals and deferred income |
The amounts owed to group undertakings were unsecured, interest free and have no fixed repayment date. |
11. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 19,139 | 19,139 |
Ween Semiconductors (United Kingdom) |
Limited (Registered number: 09776896) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Balance at 31 December 2023 |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary share | £1 | 1 | 1 |
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. |
13. | PENSION COMMITMENTS |
The company operates a basic pension plan for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £57,640 (2022: £36,885). Contributions totalling £7,262 (2022: £7,714) were payable to the fund at the balance sheet date. |
14. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption offered by FRS 101 from the requirements of paragraph 17 and 18A of lAS 24 Related Party Disclosures not to disclose key management personnel compensation and related party transactions entered into between two or more members of a group. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is WeEn Semiconductor Co., Limited, a company Incorporated in China. |
The largest and smallest group into which the result of the company are consolidated is headed by Ween Semiconductor Co., Limited. The financial statements of WeEn Semiconductor Co., Limited, are available from: 18th Floor, 1FS A building, No.1509 Zhongxing Rd, Jingan District, Shanghai, P.R.C China, 200070. |
There is no one ultimate controlling party. |
Ween Semiconductors (United Kingdom) |
Limited (Registered number: 09776896) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
16. | SHARE-BASED PAYMENT TRANSACTIONS |
On 20 February 2019, the Company's ultimate holding company, WeEn Semiconductors Co., Limited, granted a restricted share incentive scheme (the "Scheme") for the primary purpose of providing incentives to director and eligible employees, and will expire on completion of listing of its shares or on the date after three years of its implementation, whichever is shorter. The sales of these restricted shares are prohibited until twelve months after the date of listing of WeEn Semiconductors Co., Limited in accordance with the laws and regulations of the relevant regulatory authority and stock exchange. |
Movements in the number of restricted shares held by the employees of the Company were as follows: |
2023 | 2022 |
At beginning of the year | 12,049,616 | 12,049,616 |
Granted | - | - |
Forfeited | (3,931,188 | ) | - |
Exercised | - | - |
Lapsed | - | - |
At end of the year | 8,118,428 | 12,049,616 |
This fair value was calculated using the Black-Scholes pricing model. The key inputs into the model were as follow: |
Expected volatility | 40% |
Expected dividend yield | 0% |
Risk-free rate | 2.8% |
Lock-up period after listing | 1 - 3 years |