Caseware UK (AP4) 2023.0.135 2023.0.135 2022-12-312022-12-31falsefalse2022-01-01Supply of electronic accessories and display equipment to educational organisations.11truetrue 08658266 2022-01-01 2022-12-31 08658266 2021-01-01 2021-12-31 08658266 2022-12-31 08658266 2021-12-31 08658266 c:Director1 2022-01-01 2022-12-31 08658266 d:CurrentFinancialInstruments 2022-12-31 08658266 d:CurrentFinancialInstruments 2021-12-31 08658266 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08658266 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 08658266 d:ShareCapital 2022-12-31 08658266 d:ShareCapital 2021-12-31 08658266 d:RetainedEarningsAccumulatedLosses 2022-12-31 08658266 d:RetainedEarningsAccumulatedLosses 2021-12-31 08658266 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-01-01 2022-12-31 08658266 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 08658266 c:FRS102 2022-01-01 2022-12-31 08658266 c:Audited 2022-01-01 2022-12-31 08658266 c:FullAccounts 2022-01-01 2022-12-31 08658266 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08658266 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 08658266 e:PoundSterling 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure
Company registration number: 08658266







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022


IPEVO LIMITED






































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IPEVO LIMITED
REGISTERED NUMBER:08658266



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Stocks
  
1,582,997
2,335,554

Debtors: amounts falling due within one year
 4 
106,531
167,088

Cash at bank and in hand
  
63,591
147,933

  
1,753,119
2,650,575

Creditors: amounts falling due within one year
 5 
(1,785,981)
(2,666,153)

Net current liabilities
  
 
 
(32,862)
 
 
(15,578)

Total assets less current liabilities
  
(32,862)
(15,578)

Provisions for liabilities
  

Other provisions
 6 
(30,475)
-

  
 
 
(30,475)
 
 
-

Net liabilities
  
(63,337)
(15,578)


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
(73,337)
(25,578)

  
(63,337)
(15,578)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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




Royce Yu-Chun Hong
Director

Date: 22 October 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


IPEVO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

IPEVO Limited is a private company limited by shares, incorporated in England and Wales. The registered office is 2 Nichols Green, Montpellier Road, Ealing, London, W5 2QU.
The Company's principal activity during the year continued to be the importation and supply of electronic accessories and display equipment to educational organisations.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company relies on the financial support provided to it by its parent company, IPEVO Corporation, through intercompany loans. The director has obtained confirmation from IPEVO Corporation that it will continue to provide this ongoing financial support to the company for a period of at least 12 months from the date of approval of these financial statements.
After making appropriate enquiries, the director has formed a judgement, at the time of approving the financial statements, that there is reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason the director has adopted the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 


IPEVO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

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.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.6

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 profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 


IPEVO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).


4.


Debtors

2022
2021
£
£


Trade debtors
66,690
59,297

Amounts owed by group undertakings
-
1,440

Other debtors
39,841
106,351

106,531
167,088



5.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
146
671

Amounts owed to group undertakings
1,734,515
2,615,777

Other creditors
51,320
49,705

1,785,981
2,666,153


Page 4

 


IPEVO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Provisions





Warranty provisions

£





Charged to profit or loss
5,787


Included in accruals in prior year
24,688



At 31 December 2022
30,475


7.


Related party transactions

As the Company is a wholly owned subsidiary of IPEVO Corporation and the group publishes consolidated accounts, it has taken advantage of the exemptions contained in FRS 102 and has therefore not disclosed transactions or balances with entities which form part of the group.
Copies of the group financial statements of IPEVO Corporation can be obtained from the Ministry of Economic Affairs No.15, Fuzhou St., Zhongzheng Dist., Taipei City 100210, Taiwan.


8.


Ultimate Controlling Party

The ultimate holding company and controlling party is IPEVO Corporation, a company incorporated in Taiwan. The address of its registered office is IPEVO Corp · 1F., No. 348, Sec. 6, Nanjing E. Rd., Neihu Dist., Taipei City 114,
Taiwan.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was qualified.

The qualification in the audit report was as follows:
We were not appointed as auditor of the company until after 31 December 2022 and thus did not observe the counting of phsyical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2022, which are included in the balance sheet at £1,582,997, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. In addition the prior year audit report was also qualified due to the predecessor auditors being unable to obtain sufficient appropriate audit evidence over the inventory quantities held at 31 December 2021, which are included in the balance sheet at £2,335,554. Consequently, we were unable to gain sufficient audit evidence of the opening balance at 1 January 2022 of inventory and reserves, this could impact the revenue and cost of sales figures reported in the current financial year. 

The audit report was signed on 24 October 2024 by Sarah Hallam FCCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 5