Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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HTC EUROPE CO. LIMITED
COMPANY INFORMATION
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HTC EUROPE CO. LIMITED
CONTENTS
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HTC EUROPE CO. LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and financial statements for the year ended 31 December 2023.
The principal activity of the Company continued to be that of provision of sales and marketing support services to its customers. 2023 proved a challenging year for the global economy. Europe in particular saw a sharp slowdown, creating a more challenging business environment, which was reflected in the Company’s performance over the year.
Turnover amounted to £7,625,204 (2022: £6,523,098). The company made a loss before taxation of £12,837,766 (2022: profit of £20,699,834) largely attributable to the foreign exchange differences during the year and on the translation of the Company's cash and bank balances at the year end being an £8.0m loss in 2023 compared to £17.5m profit during 2022. In addition the Company impaired the carrying value £14.3m of some of its investments in subsidiaries. These losses were offset partly by interest earned during the year of £8.1m (2022: £2.4m). HTC remained focused on delivering cutting edge innovation in 2023. The latest VR/MR headset, the VIVE XR Elite, received numerous awards, illustrating how the clever design, high specification and superior ergonomics impressed media and industry alike. 2023 also saw the VIVE Focus 3 launched into space by the European Space Agency and NASA to provide mental health and fitness applications for the astronauts heading to the International Space Station; a new frontier for VR and for HTC. HTC continued to work on delivering more true-to-life virtual collaboration and improved human connections in VR. This move towards greater realism online is important for the wider adoption of VIVERSE, HTC’s total solution to help customers fully realise immersive digital transformations and applications across B2C and B2B markets. Built on our advanced XR technologies, VIVERSE is HTC’s secure, fully device-agnostic platform for the next generation of the internet that brings people together to connect, collaborate and explore in vivid virtual worlds. In anticipating the immersive internet, HTC stands ready to meet the challenges and develop the right technologies and products to expedite the future. The semi-autonomous business units announced in 2021 demonstrated increasing maturity of business model and leadership in their respective fields over 2023, while the parent company HTC Corporation continues to provide strategy guidance and functional support to each business, along with maintaining a strong focus on achieving sustainable efficiencies across all of its operations. This strategy is now showing returns, and we remain firm in our belief that this is the right path for growth for HTC. Throughout our operations, HTC strives for brilliance, both in how we work and how our customers use our products. We will continue to focus on innovation, execution, and efficiency across the organisation, and by anticipating market trends and pioneering technology implementation, we believe that we are on the right path for growth.
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HTC EUROPE CO. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
While geographical restrictions relating to the COVID-19 pandemic were completely lifted Europe-wide by the end of 2023, some aspects of the digital revolution catalysed by the pandemic have sustained, such as remote and hybrid working, requiring the adoption of virtual meetings for work, schooling and professional training, as well as reduced business travel. HTC’s VIVE VR systems and VIVERSE are well positioned to take advantage of this societal shift, as more of our lives go online to an internet that is increasingly 3D.
Over 2023, the virtual reality (VR) market has continued its steady momentum, although the overall economic slowdown across the continent significantly impacted the whole industry. However, HTC leveraged its foothold in the enterprise space, creating business-focused services and software specifically designed to enhance the experience and expedite adoption. The immersive internet/metaverse concept gained ground throughout 2023, and the VR / AR industry quickly became the highlight of many metaverse market discussions, triggering the development of more immersive applications for both consumers and enterprise. Gartner projects that 25% of people will spend at least 1 hour per day for work, shopping, education, social, or entertainment in the metaverse in 2026. Moreover, the continuing advancement of 5G, with its higher refresh rate displays and lower latency critical for VR, bodes well for from consumer level to large-scale commercial-level applications. The implementation of AI and big data technologies also accelerated over 2023, and HTC has been able to leverage its extensive experience in computing and networking technologies to boost the value proposition of its whole portfolio, from VR/AR devices and platforms to optimised smartphones and private 5G networks and services.
The Company’s strategic priorities remain to provide high quality, cost effective sales, marketing and services with the aim of boosting market share and brand awareness for HTC and VIVE in the region.
Given the continued focus on innovation and the streamlining of processes and business structures, the Directors remain optimistic about the Company’s future, in line with HTC’s vision and corporate objectives.
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HTC EUROPE CO. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Financial management risks
The Company's financial instruments principally comprise of cash at bank, account receivables and account payables due to and from group undertakings. It is, and has been throughout the period, under review, the Company's policy that no trading in financial instruments should be undertaken. The Company has limited exposure to financial risks, which are principally price risk and credit risk. Price risk The Company is exposed to price risk due to normal inflation increases in the purchase price of goods and services and due to market factors affecting the price charged for its services. Credit risk All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. Environmental policy HTC is committed to providing a safe working environment to its employees and complying with legal obligations under the current Health, Safety and Welfare legislations. The Company promotes health and safety, and environment awareness within the organisation and amongst its customers and suppliers.
HTC recognises the importance of its employees and the Company’s policy is to maintain effective two way communication and consultation on matters that affect employees. The employees are encouraged to be involved, ensuring that they are aware of the financial and operational performance of the Company through meetings and internal communications. The Company strives to provide an environment where employees continue to learn and to develop their professional expertise. This underpins sustained business growth.
The Company attaches great importance to the human rights of our workforce, and the principles of equality and anti-discrimination are at HTC’s core. We provide equal and fair employment opportunities for all employees, and HTC’s Code of Conduct is a guideline to providing high ethical standards for all employees in conducting HTC’s business activities. We adhere to all applicable laws and there is zero tolerance of any form of discrimination. The Company is committed to creating a culture in which diversity and equality of opportunity are promoted actively. The Company recognises the business benefits of having a diverse community of staff, and to this end is working towards building and maintaining an environment which values diversity.
This report was approved by the board and signed on its behalf.
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HTC EUROPE CO. 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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 2006. They 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.
The loss for the year, after taxation, amounted to £12,928,490 (2022 - profit £16,855,864).
During the year, the Company paid no dividends (2022: £nil).
The directors who served during the year were:
After the year end, Yuh-Ta Chang was appointed as a director on 18 October 2024.
In 2024, we will continue to support HTC in marketing its virtual reality and smartphone product line, in particular promoting HTC’s products to enterprises who are increasingly adopting virtual reality as part of their solutions to customers or for internal training purposes. The Company continues to focus on managing operational cost and has maintained the required workforce to provide sales and marketing activities to HTC in key markets in the region.
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HTC EUROPE CO. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company's financial instruments and financial management risks are described in the strategic report.
The directors have agreed that the Company does not undertake derivative financial instruments for speculative purposes.
Relevant disclosures relating to principal risks and uncertainties, environmental policy and employees related matters are also included in the strategic report.
Simmons Gainsford LLP, the previous auditors, have transferred their audit bussiness to Sumer Auditco Limited
who will 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.
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HTC EUROPE CO. LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HTC EUROPE CO. LIMITED
We have audited the financial statements of HTC Europe Co. 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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 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.
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.
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HTC EUROPE CO. LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HTC EUROPE CO. LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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.
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.
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.
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HTC EUROPE CO. LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HTC EUROPE CO. LIMITED (CONTINUED)
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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
∙the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
∙the nature of the Company including its management structure and control systems (including the opportunity for management to override such controls);
management's incentives and opportunities for fraudulent manipulation of the financial statements including the Company's remuneration and bonus policies and performance targets; and
∙the industry and environment in which it operates.
We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:
∙laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation and distributable profits legislation;
∙the timing of the recognition of commercial income;
∙compliance with legislation relating to health and safety;
∙management bias in selecting accounting policies and determining estimates particularly with relation to accruals;
∙inappropriate journal entries;
∙the accounting treatment of property held;
∙recoverability of debtors;
∙the requirement to impair investments in subsidiaries and the amount of any such impairment; and
∙the assumptions underlying the value of the employee share options.
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and
how fraud may occur in the entity, to all engagement team members.
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HTC EUROPE CO. LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HTC EUROPE CO. LIMITED (CONTINUED)
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
∙enquiries 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;
∙discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;
∙inspection of relevant legal correspondence;
∙assessment of matters reported to management and the result of the subsequent investigation;
∙obtaining an understanding of the relevant controls during the period;
∙obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;
∙challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to accruals;
∙challenging assumptions used by management in the valuation of the employee share options;
∙identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;
∙assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;
∙an impairment review of fixed asset investments;
∙detailed review of the use and accounting treatment of property held;
∙reviewing the financial statements for compliance with the relevant disclosure requirements;
∙performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
∙reviewing the minutes of Board meetings and correspondence with HMRC;
∙evaluating the underlying business reasons for any unusual transactions; and
∙considered the implementation of controls during the year.
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 Auditors' Report.
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HTC EUROPE CO. LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HTC EUROPE CO. LIMITED (CONTINUED)
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 an Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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HTC EUROPE CO. LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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HTC EUROPE CO. LIMITED
REGISTERED NUMBER: 04826012
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 31 form part of these financial statements.
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HTC EUROPE CO. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HTC Europe Co. Limited is a company limited by shares registered in England and Wales under registration number 04826012. The principal trading address and registered office is Salamanca, Wellington Street, Slough, SL1 1YP. The principal activity of the company is the provision of sales and marketing support services.
2.Accounting policies
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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements present information about the Company as an individual undertaking and not about its group. The Company has not prepared group accounts as it is exempt from the requirement to do so by section 401 of the Companies Act 2006 as it is a subsidiary undertaking of HTC Corporation, a company incorporated in Taiwan, Republic of China, and is included in the consolidated accounts of that company.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of HTC Corporation as at 31 December 2023 and these financial statements may be obtained from No.23, Xinghua Rd., Taoyuan City, Taoyuan County 330, Taiwan, R.O.C..
The directors have prepared the accounts on a going concern basis. This basis is considered appropriate as the ultimate parent company has confirmed that it does not intend to change the structure of the group transactions.
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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:
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 profit or loss.
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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 in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade payables, other payables, and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Key accounting estimates and assumptions The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimate and assumption that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are: Accruals and Provisions Provision is made for marketing costs under contractual arrangements based on management’s best estimation on the costs that will be incurred. Provision is also made on year end employee bonuses based on the company’s overall performance. An accrual is provided for repairs and maintenance needed on the portion of the property rented out to tenants based on the expected costs throughout the terms of the leases. Impairments of fixed asset investments Determining whether the fixed asset investments are impaired requires a comparison betwee the underlying net assets of the subsidiaries and the carrying value of the investments. £14.3m impairment has been recognised as the directors have determined that the net assets of the subsidiaries are less than the carrying value of the investments. The carrying value of the investments is £70,581,425 (see Note 12). Depreciation The directors exercise judgement in the determination of the useful economic lives and residual value of all classies of fixed assets. These assets are then depreciated over their useful economic lives to their residual balances.
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.Taxation (continued)
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
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HTC EUROPE CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company has provided a guarantee in favour of HM Revenue & Customs under a VAT deferment Scheme. The guarantee is limited to £400,000 (2022: £400,000).
The Company operates a defined contributions pension scheme. 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 £158,730 (2022: £132,771). Contributions totalling £35,439 (2022: £62,630) were payable to the fund at the Balance sheet date.
As the balance sheet date, the immediate and ultimate parent company is HTC Corporation, a company incorporated in Taiwan, Republic of China, and listed on the Taipei International Stock Exchange, in both the current and prior year.
The only group in which results are consolidated is that headed by HTC Corporation. The consolidated accounts of HTC Corporation are available for inspection at No.23, Xinghua Rd., Taoyuan City, Taoyuan County 330, Taiwan, R.O.C..
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