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REGISTERED NUMBER: 12116222 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Geekplus UK Limited

Geekplus UK Limited (Registered number: 12116222)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Geekplus UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Yong Zheng





REGISTERED OFFICE: V3, Sci-Tech Daresbury Keckwick Lane
Daresbury
Warrington
United Kingdom
WA4 4AB





REGISTERED NUMBER: 12116222 (England and Wales)





AUDITORS: Shinewing Wilson Accountancy Limited
Chartered Certified Accountants
and Statutory Auditors
9 St Clare Street
London
EC3N 1LQ

Geekplus UK Limited (Registered number: 12116222)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes $    $    $    $   
FIXED ASSETS
Tangible assets 4 50,462 82,986

CURRENT ASSETS
Stocks 10,647,337 7,154,076
Debtors 5 4,651,002 7,788,709
Cash at bank 3,324,105 340,039
18,622,444 15,282,824
CREDITORS
Amounts falling due within one year 6 22,469,055 16,918,689
NET CURRENT LIABILITIES (3,846,611 ) (1,635,865 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,796,149

)

(1,552,879

)

PROVISIONS FOR LIABILITIES 93,188 93,822
NET LIABILITIES (3,889,337 ) (1,646,701 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (3,889,338 ) (1,646,702 )
(3,889,337 ) (1,646,701 )

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 23 September 2024 and were signed by:





Yong Zheng - Director


Geekplus UK Limited (Registered number: 12116222)

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

1. STATUTORY INFORMATION

Geekplus 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 presentation currency of the financial statements is the US Dollar ($).


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 Company had net current liabilities of $3.9 million (2022: $1.6 million) at the balance sheet mainly due to the deferred income of £14.4 million related to performance obligations are anticipated to be recognized in the next fiscal years and the amounts owed to the immediate parent company, no short-term demand on the repayment of the funds is expected to be instructed. The immediate parent company has confirmed to financially support the company for at least 12 months from the date of signing these financial statements, therefore the director considered that the company has adequate resources to continue its operational existence for the foreseeable future, hence the company continues to adopt the going concern basis in preparing its financial statements.

Geekplus UK Limited (Registered number: 12116222)

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

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

Rendering of Services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

The delivery of the service and performance obligation is determined to be complete when the go-live report has been signed. Deferred revenue is recognized as an income and the associated costs as expense, when the services are delivered to the customer and the company has fulfilled its performance obligation.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives using the straight-line method.

Depreciation is provided on the following basis:
Plant and machinery etc - 20% - 33% on cost

Geekplus UK Limited (Registered number: 12116222)

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

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is determined on the weighted average method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the stock to its present location and condition.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash 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 payables, and loans from group undertakings, 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 method.

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.


Geekplus UK Limited (Registered number: 12116222)

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

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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.

Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Provision for liabilities
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 profit or loss 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.

Leasing commitments-company as lessee
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 23 (2022 - 22 ) .

Geekplus UK Limited (Registered number: 12116222)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
$   
COST
At 1 January 2023 128,160
Additions 736
At 31 December 2023 128,896
DEPRECIATION
At 1 January 2023 45,174
Charge for year 33,260
At 31 December 2023 78,434
NET BOOK VALUE
At 31 December 2023 50,462
At 31 December 2022 82,986

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
$    $   
Trade debtors 1,876,043 5,120,401
Amounts owed by group undertakings 1,666,408 138,400
Other debtors 1,108,551 2,529,908
4,651,002 7,788,709

The amounts owed by group undertakings are unsecured, interest free and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.2331.12.22
$   $   
Trade creditors956,517544,569
Amounts owed to group undertakings 6,842,49010,988,811
Taxation and social security -159,103
Deferred income 14,356,1164,836,365
Other creditors 313,932389,841
22,469,05516,918,689

The amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Geekplus UK Limited (Registered number: 12116222)

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

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
$    $   
Within one year 165,020 165,020
Between one and five years 357,542 522,562
522,562 687,582

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

The Report of the Auditors was unqualified.

Nijendra Dhungana (Senior Statutory Auditor)
for and on behalf of Shinewing Wilson Accountancy 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. ULTIMATE CONTROLLING PARTY

The immediate parent company is Geek Plus International Company Limited. The smallest undertaking for which the company is a member and for which group financial statements are prepared by the ultimate parent company Beijing Geekplus Technology Co., Ltd., incorporated and registered in China. Copies of the consolidated financial statements can be obtained from the address at Room 701, 7th Floor, No. 101, Floor 1-10, Building 4, No. 30 Beiyuan Road, Chaoyang District, Beijing, China.

There is no one ultimate controlling party.