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Registered number: 03795546










RITRAX CORPORATION LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
RITRAX CORPORATION LIMITED
REGISTERED NUMBER: 03795546

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
8,661
12,341

Cash at bank and in hand
 6 
87,269
80,836

  
95,930
93,177

Creditors: amounts falling due within one year
 7 
(26,056)
(12,274)

Net current assets
  
 
 
69,874
 
 
80,903

Total assets less current liabilities
  
69,874
80,903

  

Net assets
  
69,874
80,903


Capital and reserves
  

Called up share capital 
  
830,002
830,002

Profit and loss account
  
(760,128)
(749,099)

  
69,874
80,903


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 comprehensive income 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 on 12 February 2025.




Nien-Yin Lin
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 1

 
RITRAX CORPORATION LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
830,002
(751,289)
78,713


Comprehensive income for the year

Profit for the year
-
2,190
2,190



At 1 January 2023
830,002
(749,099)
80,903


Comprehensive income for the year

Loss for the year
-
(11,029)
(11,029)


At 31 December 2023
830,002
(760,128)
69,874


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
RITRAX CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is a private company limited by shares and is incorporated in England, with registration number 03795546. The address of its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW. 
The principal activity of the Company is ownership of a trademark called Traxdata, where licensing income is receivable. 

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

In the opinion of the directors, the company has adequate resources to continue in operational existence for the forseeable future. For this reasons, a going concern basis has been adopted in preparing the financial statements. 

 
2.3

Foreign currency translation

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.
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 comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
RITRAX CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Royalty income
The Company earns royalties from group undertakings in relation to the sale of products regarding 'Traxdata'. Royalty income is recognised on an accruals basis in accordance with the substance of the relevant agreement. 

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Debtors

Short term debtors are measured at transaction price, 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.

 
2.9

Creditors

Short term creditors are measured at the transaction price.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1)

Page 4

 
RITRAX CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets



Trademarks

£



Cost


At 1 January 2023
1,225,271



At 31 December 2023

1,225,271



Amortisation


At 1 January 2023
1,225,271



At 31 December 2023

1,225,271



Net book value



At 31 December 2023
-



Page 5

 
RITRAX CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
5,769
-

Other debtors
2,892
3,076

Prepayments and accrued income
-
9,265

8,661
12,341



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
87,269
80,836

87,269
80,836



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,213
-

Amounts owed to group undertakings
11,193
3,207

Accruals and deferred income
10,650
9,067

26,056
12,274



8.


Controlling party

The ultimate parent undertaking is Ritek Corporation, a publicly traded company incorporated in Taiwan and listed on the Taiwan Stock Exchange. Copies of the group accounts may be obtained from No.42 Kuangfu N.Road, Hsin Chu Industrial Park, Taiwan 30316, ROC.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 12 February 2025 by Chris Cheung FCCA (Senior statutory auditor) on behalf of Sumer Auditco Limited.

 
Page 6