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Registered number: 05015794










BOX TECHNOLOGIES (HOLDINGS) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023



 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

COMPANY INFORMATION


Directors
I Lin 
R Willcox (resigned 17 May 2023)
J Shyu 
S Walker (appointed 1 June 2023)




Registered number
05015794



Registered office
20 Thame Business Centre
Wenman Road

Thame

OX9 3XA




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Chawley Park

Cumnor Hill

Oxford

Oxfordshire

OX2 9GG





 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 14


 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their Strategic Report of the Company for the year ended 31 December 2023.

Business review
 
The Company continued to be a holding company in the year and continued to be a dormant company.

Principal risks and uncertainties
 
As the Company is a holding company and does not trade, the principal risk is the diminution in value of the Company's investment in its subsidiaries.

Financial key performance indicators
 
Key performance indicators are: 
Loss on ordinary activities before taxation for the period was £nil (2022: £16,087). 
Net assets at the year are £497,245 (2022: £497,245). 

Other key performance indicators
 
Given the straightforward nature of the Company, there are no other key performance indicators.

Financial risk management
The Company is not exposed to any financial risk given it is a holding company that does not trade. 
The Company does not actively engage in the trading of financial assets and has no financial derivatives. The most significant risks to which the Company is exposed are described below:
Currency risk
The Company is not exposed to an foreign exchange risk.
Credit risk
The Company is not exposed to any credit risk. 
Liquidity risk
The Company seeks to manage risks to ensure sufficient liquidity is available to meet foreseeable needs. Should a shortfall of liquidity be identified, then additional borrowings from the Group will be provided.


This report was approved by the board and signed on its behalf.



................................................
S Walker
Director

Date: 20 September 2024

Page 1

 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

I Lin 
R Willcox (resigned 17 May 2023)
J Shyu 
S Walker (appointed 1 June 2023)

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:


select suitable accounting policies and then apply them consistently;

make judgments 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 directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Matters covered in the Strategic Report

For disclosure of the Company's business review, future developments and financial risk management, the Directors refer to the relevant sections of the Strategic Report. 

Directors' indemnity
As permitted in the Articles of Association, the Directors have the benefit of an indemnity which the Directors believe is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The Group also maintained throughout the financial year Directors' and Officers' liability insurance in respect of the Company and its Directors

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 2

 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
S Walker
Director

Date: 20 September 2024

Page 3

 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of Box Technologies (Holdings) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 result 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 4

 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOX TECHNOLOGIES (HOLDINGS) LIMITED (CONTINUED)


Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOX TECHNOLOGIES (HOLDINGS) LIMITED (CONTINUED)


Auditor's 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 an Auditor's report 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.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
 
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


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 Auditor's report.


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 2006Our 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 an Auditor's report 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.


Page 6

 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOX TECHNOLOGIES (HOLDINGS) LIMITED (CONTINUED)




James Pitt BA BFP FCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
2 Chawley Park
Cumnor Hill
Oxford
Oxfordshire
OX2 9GG

20 September 2024
Page 7

 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Administrative expenses
  
-
(16,087)

Operating profit/(loss)
  
-
(16,087)

Profit/(loss) for the financial year
  
-
(16,087)

There was no other comprehensive income for 2023 (2022:£NIL).

Page 8

 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
REGISTERED NUMBER: 05015794

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Investments
 5 
1,497,264
1,530,549

 
Current assets
  

Debtors: amounts falling due within one year
 6 
33,285
-

  
33,285
-

Creditors: amounts falling due within one year
 7 
(1,033,304)
(1,033,304)

Net current liabilities
  
 
 
(1,000,019)
 
 
(1,033,304)

Total assets less current liabilities
  
497,245
497,245

Net assets
  
497,245
497,245


Capital and reserves
  

Called up share capital 
 8 
4,000
4,000

Share premium account
  
509,332
509,332

Profit and loss account
  
(16,087)
(16,087)

  
497,245
497,245


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S Walker
Director

Date: 20 September 2024

The notes on pages 11 to 14 form part of these financial statements.

Page 9

 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
4,000
509,332
-
513,332



Loss for the year
-
-
(16,087)
(16,087)



At 1 January 2023
4,000
509,332
(16,087)
497,245


At 31 December 2023
4,000
509,332
(16,087)
497,245


The notes on pages 11 to 14 form part of these financial statements.

Page 10

 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Box Technologies (Holdings) Limited is a private company incorporated in England and Wales, limited by share capital. 
The principle activity of the Company is to be a holding company for its subsidiaries.
The registered and trading address of the Company is 20 Thame Business Centre, Wenman Road, Thame, Oxfordshire, OX9 3XA. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 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, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Flytech Technology Co. as at 31 December 2023 and these financial statements may be obtained from No. 168, Sing-Ai Rd.,Neihu District, Taipei City, Taiwan.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 11

 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The annual financial statements have been prepared on the basis of accounting policies applicable to a going concern.
The Company does not trade and is reliant on its subsidiary not calling in any amounts due for a period of at least 12 months. The subsidiary has confirmed that it will provide financial support as required for a period of at least 12 months from the date of signing of the financial statements. Based on the above, the directors are of the opinion that the going concern principle is applicable and the financial statements have therefore been prepared on a going concern basis.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.


3.


Auditor's remuneration

Auditors fees of £3,300 (2022: £3,000 have been borne by the Company's subsidiary during the year ended 31 December 2023.





4.


Employees

The average monthly number of employees during the year, including the Directors, was 3 (2022: 3).
The Directors received no remuneration in respect of the services to the Company during the year (2022: £Nil) as their services as Directors of the Company were incidental to the other services within the Group. 
Directors remuneration costs are borne by other members of the Group.





Page 12

 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,530,549


Disposals
(33,285)



At 31 December 2023
1,497,264






Net book value



At 31 December 2023
1,497,264



At 31 December 2022
1,530,549




Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Box Technologies Limited
United Kingdom
Ordinary
100


6.


Debtors

2023
2022
£
£


Other debtors
33,285
-



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
1,033,304
1,033,304


Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayments and are therefore repayable on demand. 

Page 13

 
BOX TECHNOLOGIES (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



3,990 (2022 - 3,990) Ordinary shares of £1.00 each
3,990
3,990
5 (2022 - 5) Ordinary 'A' shares of £1.00 each
5
5
5 (2022 - 5) Ordinary 'B' shares of £1.00 each
5
5

4,000

4,000



9.


Controlling party

The ultimate parent undertaking and controlling party is Flytech Technology Co. Ltd. registered in Taiwan, the Republic of China, which is the parent undertaking of the largest group to prepare consolidated financial statements which include the Company. The immediate parent undertaking is Box Technologies (Holdings) Ltd, registered in United Kingdom. Copies of the Group consolidated financial statements, which include the Company, are available from Flytech Technology Co. Ltd, No. 168, Sing-ai Rd., Neihu District, Taipei City, Taiwan.

Page 14