REGISTERED NUMBER: |
Hylink (UK) Digital Solution Limited |
Financial Statements |
for the year ended |
31 December 2023 |
REGISTERED NUMBER: |
Hylink (UK) Digital Solution Limited |
Financial Statements |
for the year ended |
31 December 2023 |
Hylink (UK) Digital Solution Limited (Registered number: 10608545) |
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 | to | 5 |
Hylink (UK) Digital Solution Limited |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Hylink (UK) Digital Solution Limited (Registered number: 10608545) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Hylink (UK) Digital Solution Limited (Registered number: 10608545) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Hylink (UK) Digital Solution Limited is a |
The presentation currency of the financial statements is in Pound Sterling (£) and the financial statements are rounded to the nearest Pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Upon transition from IFRS to FRS102 1a on 1st January 2023, there was no impact on the prior year figures and therefore no reconciliations required as the comparative figures remain true and fair. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Financial instruments |
Basic financial instruments are measured at amortised cost. Financial instruments are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial assets nd substantially all the risks and rewards of ownership to the other entity. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Hylink (UK) Digital Solution Limited (Registered number: 10608545) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Hylink (UK) Digital Solution Limited (Registered number: 10608545) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
9. | RELATED PARTY DISCLOSURES |
A director has provided the Company an interest-free loan which is repayable on demand. At the year end, the amount outstanding was £134,000 (2022: £400,000). |
10. | RECLASSIFICATIONS |
The following reclassifications have been made to the Statement of Financial Position and Statement of Profit or Loss: |
- | Directors remuneration of £26,400 has been reclassified from administrative wages in order to disclose the amounts separately. |
- | The directors loan account balance of £400,000 as at 31 December 2022 has been reclassified from amounts owed to group undertakings. This relates to a balance owed to Ms K Feng. |
- | The balance due from Hylink Investment Holdings Co. Ltd of £159,624 as at 31 December 2022 has been reclassified from unpaid share capital to amounts due from group undertakings. |
- | The balance due to Hylink Hyfashion Digital Technology Co. Ltd of £107,878 as at 31 December 2022 has been reclassified from accruals to amounts due to group undertakings. |