Company Registration No. 03131161 (England and Wales)
ViewSonic Europe Limited
Annual report and financial statements
for the year ended 31 December 2024
ViewSonic Europe Limited
Company information
Directors
James Chu
Sung Yol Yi
Adam Yi (also known as Qi Zhan Yi)
Secretary
Adam Yi (also known as Qi Zhan Yi)
Company number
03131161
Registered office
Miles Yard
10 Miles Street
London
SW8 1GX
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
ViewSonic Europe Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Notes to the financial statements
14 - 28
ViewSonic Europe Limited
Strategic report
For the year ended 31 December 2024
1

The directors present the strategic report for the year ended 31 December 2024.

Business review

The principal activity of ViewSonic Europe Limited (‘the company’) is the sale and marketing of visual display products through its UK branch and overseas branches.

Operating environment and strategic priorities

From an operational perspective challenging economic conditions have continued to have a significant impact on the company and worldwide ViewSonic group operations.

 

The company recorded a small decrease in revenue during the year and the overall trading performance and profitability of the company was noted as being impacted by a number of factors. It was pleasing that the gross margin was improved to 24.1% from 23.8%. Operating losses decreased after a challenging 2024.

 

The primary focus of the company is to ensure that core products can generate revenue growth by expanding market channels, product innovation and improved margins by optimising the product mix. In addition, the company continues strategic development of new product pipelines which will help to differentiate the product range from competitors and enhance the ViewSonic brand value. Even with wider market demand challenges for certain products the company notes there is a strong demand for ViewSonic core LCD product categories. The company remains confident in its long term European business plan and growth strategy across a diverse product range. The company has a network of key contract supply manufacturers to ensure it can meet consumer demand and also the high product specifications the ViewSonic brand is associated with.

Currency instability has continued to impact the business and pricing strategies. The company and wider group have been able to manage these risks and the directors are satisfied with the overall performance of the company in the period given the ongoing challenging economic conditions.

Principle risks and uncertainties

The company’s primary financial instruments are trade debtors, cash at bank, trade creditors and intercompany balances, which arise directly from its operations. The company has continued support from the ViewSonic Group and the use of any financial derivatives is governed by the policies approved by the parent company and board of directors.

 

Credit risk

The company trades only with recognised, creditworthy third parties. It is the company policy that all customers who trade on credit terms are subject to credit check procedures. Customer payments terms and receivable balances are monitored on an ongoing basis to mitigate the exposure to bad debts.

Foreign trade

Trading with overseas suppliers and customers can expose the company to the risk of adverse exposure to foreign exchange rate movements impacting profit. The company mitigates this risk by close control and management of the cash and currency positions.

 

All products are manufactured, assembled, tested and packaged by contract manufacturers overseas. The company generally uses several suppliers and contract manufacturers to produce components and finished goods. The use of a number of preferred suppliers assists in the mitigation of supply chain issues and control costs in a market where component cost and availability can be volatile. The company also has robust quality control measures. The company is aware any such delay or disruption to operations would impact adversely on the company reputation and ability to trade.

 

Key personnel

A potential risk is the loss of key personnel in the company. Management seek to ensure that key personnel are appropriately remunerated to ensure that good performance is recognised.

ViewSonic Europe Limited
Strategic report (continued)
For the year ended 31 December 2024
2
Key performance indicators

The directors consider the following to be the key performance indicators when assessing the performance of the company:

 

                    2024        2023    

    

Turnover             $125.30m     $126.10m            

 

Gross Profit                $30.21m    $30.00m            

 

EBITDA                    ($2.61m)    ($0.94m)

(Earnings before Interest, tax,

depreciation and amortisation)    

            

Future plans

ViewSonic Europe Limited have taken appropriate steps to mitigate trading risks through a number of measures. The company continues to meet customer demand with strong stock management and forecasting procedures. The company is aware the continued success of the business and execution of its business plan is driven by expanding geographic markets, consumer channels and ongoing product development.

ViewSonic Europe Limited
Strategic report (continued)
For the year ended 31 December 2024
3
Section S172(1) Statement

Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would most likely promote the success of the company for the benefit of its members and stakeholders.

 

In doing this, Section 172 requires a director to have regard, amongst other matters, to the:

 

- likely consequences of any decisions in the long-term;

- interests of the company's employees;

- need to foster the company's business relationships with suppliers, customers and others;

- impact of the company's operations on the community and environment;

- maintenance of its reputation for high standards of business conduct; and

- need to act fairly as between the different stakeholders of the company.

 

In discharging its s172 duties, the Company has regard to the interests and views of its internal and external stakeholders.

 

Information regarding engagement with stakeholders, including employees, suppliers and customers is included in the relevant section of the Strategic Report included in the Company’s financial statements for the year ended 31 December 2024, which are publicly available from Companies House. By considering the Company's purpose, vision, and values, together with its strategic priorities, the Company aims to make sure its decisions are consistent and equitable. The Company has established policies and procedures that reflect its commitment to responsible business practices.

 

These policies are communicated clearly and consistently across the staff base. The Company seeks to foster a culture of open communication and transparency, encouraging feedback from all stakeholders. As is normal for large companies, the Company delegates authority for day-to-day management to its executives and engages management in setting, approving, and overseeing the execution of the business strategy and related policies. The Company reviews the financial and operational performance of the business on a monthly basis with formal reporting and review at both board and executive level, supplemented by daily, weekly and monthly reporting and assessment of various KPIs across all areas of the operations.

 

Regular Company board meetings are held throughout the year with a mix of Group directors and Company executive directors in attendance with participation also from other senior employees. Through these and other means the Company reviews a variety of important matters over the course of the financial year including risk and compliance, corporate governance, environmental, legal, pensions, and health and safety matters, as well as stakeholder-related diversity and inclusivity, corporate social responsibility, and other stakeholder related matters.

 

This ensures the Company has an overview of engagement with stakeholders and complies with its s172 duty to promote the success of the Company.

On behalf of the board

Sung Yol Yi
Director
16 June 2025
ViewSonic Europe Limited
Directors' report
For the year ended 31 December 2024
4

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of the sale and marketing of visual display products.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

James Chu
Sung Yol Yi
Adam Yi (also known as Qi Zhan Yi)
Business relationships

The company has summarised how they have made regard to the need to foster its business relationships with suppliers, customers and others and the effect of that regard on principal decision-making within the strategic report.

Going concern

At the time of approving the financial statements the directors have a reasonable expectation after considering its future financial projections and making enquiries of their ultimate parent undertaking, ViewSonic Corporation, a US Delaware Corporation, that the company and group have adequate resources to continue in operational existence for the foreseeable future. The company has obtained a letter from its ultimate parent undertaking confirming that they will continue to provide, or arrange to provide resources to enable them to continue that financial support, for a period of at least 12 months from date of signing of these financial statements. Loan balances with a maturity date within one year at 31 December 2024 were extended to March 2027 and the group continues to provide funding as and when required.

 

In the preparation of future financial projections the company and group have considered the areas of uncertainty, in particular those relating to market risks, cost management and working capital management. Specifically, considering any ongoing impact of challenging macro-economic factors. From these considerations the directors deem that the company and group continue to have sufficient levels of cash for the ongoing financial support from its ultimate parent undertaking.

Auditor

Saffery LLP have expressed their willingness to continue in office.

ViewSonic Europe Limited
Directors' report (continued)
For the year ended 31 December 2024
5
Energy and carbon report

Under the Energy and Carbon Report Regulations 2018, the Company is required to report on the environmental impacts of the organisation respect of their energy usage in the UK and the seas around it. The key environmental impact is the electricity consumption and the business travel or employee-owned vehicles which the company is responsible for purchasing the fuel. This is broken down as follows:

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
288,400
274,310
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
-
-
-
-
Scope 2 - indirect emissions
- Electricity purchased
4.20
3.50
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the Company
61.40
59.60
Total gross emissions
65.60
63.10
Intensity ratio
Tonnes of emmisions per sales revenue $M
0.45
0.43
Quantification and reporting methodology

We have followed the 2023 HM Government Environmental Reporting Guidelines. We have also used the GHG Report Protocol - Corporate Standard and have used 2023 UK Government's Conversion Factors for Company reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per sales revenue $M, which is appropriate for the sector.

Measures taken to improve energy efficiency

We have increased video conferencing technology for staff meetings to reduce the need for travel between sites.

ViewSonic Europe Limited
Directors' report (continued)
For the year ended 31 December 2024
6
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

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:

 

 

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 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Sung Yol Yi
Director
16 June 2025
ViewSonic Europe Limited
Independent auditor's report
To the member of ViewSonic Europe Limited
7
Opinion

We have audited the financial statements of ViewSonic Europe Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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).

In our opinion the financial statements:

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 UK, including the FRC’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 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.

ViewSonic Europe Limited
Independent auditor's report (continued)
To the member of ViewSonic Europe Limited
8

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

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.

ViewSonic Europe Limited
Independent auditor's report (continued)
To the member of ViewSonic Europe Limited
9

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Further, the company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements; through a significant fine, litigation or restrictions on the company’s operations. We identified the most significant of such laws and regulations to be the CE Marking Directive, the UKCA Marking Directive, the EMC Directive and the Waste Electrical and Electronic Equipment recycling (WEEE) Directive.

 

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

ViewSonic Europe Limited
Independent auditor's report (continued)
To the member of ViewSonic Europe Limited
10
Roger Weston
Senior Statutory Auditor
For and on behalf of Saffery LLP
18 June 2025
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
ViewSonic Europe Limited
Statement of comprehensive income
For the year ended 31 December 2024
11
2024
2023
Notes
$000
$000
Turnover
3
125,302
126,095
Cost of sales
(95,089)
(96,095)
Gross profit
30,213
30,000
Distribution costs
(6,145)
(5,625)
Administrative expenses
(26,765)
(25,354)
Operating loss
4
(2,697)
(979)
Interest receivable and similar income
8
43
28
Interest payable and similar expenses
7
(3,316)
(2,223)
Loss before taxation
(5,970)
(3,174)
Tax on loss
9
-
0
-
0
Loss for the financial year
(5,970)
(3,174)

The income statement has been prepared on the basis that all operations are continuing operations.

ViewSonic Europe Limited
Statement of financial position
As at 31 December 2024
31 December 2024
12
2024
2023
Notes
$000
$000
$000
$000
Fixed assets
Tangible assets
10
287
26
Current assets
Stocks
12
27,329
16,432
Debtors
13
19,819
19,696
Cash at bank and in hand
2,322
1,783
49,470
37,911
Creditors: amounts falling due within one year
14
(55,224)
(33,583)
Net current (liabilities)/assets
(5,754)
4,328
Total assets less current liabilities
(5,467)
4,354
Creditors: amounts falling due after more than one year
15
(10,127)
(15,575)
Provisions for liabilities
Provisions
17
6,008
6,358
(6,008)
(6,358)
Net liabilities
(21,602)
(17,579)
Capital and reserves
Called up share capital
20
21,602
21,602
Other reserves
10,636
8,689
Profit and loss reserves
(53,840)
(47,870)
Total equity
(21,602)
(17,579)
The financial statements were approved by the board of directors and authorised for issue on 16 June 2025 and are signed on its behalf by:
Sung Yol Yi
Director
Company Registration No. 03131161
ViewSonic Europe Limited
Statement of changes in equity
For the year ended 31 December 2024
13
Share capital
Capital Contribution Reserve
Profit and loss reserves
Total
$000
$000
$000
$000
Balance at 1 January 2023
21,602
7,701
(44,696)
(15,393)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(3,174)
(3,174)
Capital contribution
-
988
-
0
988
Balance at 31 December 2023
21,602
8,689
(47,870)
(17,579)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(5,970)
(5,970)
Capital contribution
-
1,947
-
0
1,947
Balance at 31 December 2024
21,602
10,636
(53,840)
(21,602)
ViewSonic Europe Limited
Notes to the financial statements
For the year ended 31 December 2024
14
1
Accounting policies
Company information

ViewSonic Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is Miles Yard, 10 Miles Street, London, SW8 1GX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in USD, which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest $000.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of ViewSonic Corporation. These consolidated financial statements are available from its registered office, World Headquarters, 10 Pointe Drive, Brea, CA92821-7620, USA.

1.2
Going concern

At the time of approving the financial statements the directors have a reasonable expectation after considering its future financial projections and making enquiries of their ultimate parent undertaking, ViewSonic Corporation, a US Delaware Corporation, that the company and group have adequate resources to continue in operational existence for the foreseeable future. The company has obtained a letter from its ultimate parent undertaking confirming that they will continue to provide, or arrange to provide resources to enable them to continue that financial support, for a period of at least 12 months from date of signing of these financial statements.true

 

In the preparation of future financial projections the company and group have considered the areas of uncertainty, in particular those relating to market risks, cost management and working capital management. Specifically, considering any ongoing impact of wider macro-economic factors. From these considerations the directors deem that the company and group continue to have sufficient levels of cash for the ongoing financial support from its ultimate parent undertaking.

ViewSonic Europe Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
15
1.3
Turnover

Turnover from the sale and marketing of visual display products 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:

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the term of the lease
Fixtures and fittings
2 years straight line
Computers
4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

ViewSonic Europe Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
16

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

ViewSonic Europe Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
17
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

ViewSonic Europe Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
18
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ViewSonic Europe Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
19
1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

 

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 the income statement over the remaining vesting period.

 

Where equity instruments are granted to persons other than employees, the income statement is charged with fair value of goods and services received.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

ViewSonic Europe Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
20
1.17
Foreign exchange

Transactions in currencies other than USD are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Promotional credits

The company consistently has ongoing sales promotions. Promotions include items such as cooperative advertising, rebates and price protection. Accruals for these promotions are provided for at the time of sale based upon estimates derived from historic cost experience and stock holdings held by customers at the balance sheet date.

Warranty

The company provides a variety of warranty programmes, each tailored to its specific products. Estimated future warranty costs are accrued in the profit and loss account and balance sheet at the time the product is sold, based upon historic experience of the failure rates and unit repair costs.

Stock provisions

Stock is stated at the lower of cost and net realisable value. As the company has various product lines, it maintains a stock provision for ageing stock. The ageing profile of stock is reviewed on a period basis to ensure the stock provision is accurate, consistently applied and in line with the accounting policy.

ViewSonic Europe Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
21
3
Turnover and other revenue
2024
2023
$000
$000
Turnover analysed by geographical market
United Kingdom
24,706
22,948
Rest of Europe
99,534
101,219
Rest of world
1,062
1,928
125,302
126,095
4
Operating loss
2024
2023
Operating loss for the year is stated after charging:
$000
$000
Exchange losses
1,307
3,162
Fees payable to the company's auditor for the audit of the company's financial statements
58
74
Fees payable to the company's auditor for corporation tax compliance
4
4
Depreciation of owned tangible fixed assets
83
41
Operating lease charges
229
253
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales and marketing
54
52
Administration
20
23
Total
74
75

Their aggregate remuneration comprised:

2024
2023
$000
$000
Wages and salaries
5,568
5,068
Social security costs
591
553
Pension costs
124
108
6,283
5,729
ViewSonic Europe Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
22
6
Directors' remuneration
2024
2023
$000
$000
Remuneration for qualifying services
200
167
Company pension contributions to defined contribution schemes
7
7
207
174
7
Interest payable and similar expenses
2024
2023
$000
$000
Interest payable to group undertakings
3,314
2,222
Other interest
2
1
3,316
2,223
8
Interest receivable and similar income
2024
2023
$000
$000
Interest on bank deposits
43
28
ViewSonic Europe Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
23
9
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
$000
$000
Loss before taxation
(5,970)
(3,174)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(1,493)
(747)
Change in tax losses carried forward
1,493
747
Taxation charge for the year
-
-

The company has tax losses of $28,000,000 to utilise against future trading profits.

10
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Total
$000
$000
$000
$000
Cost
At 1 January 2024
236
6
123
365
Additions
337
-
0
7
344
At 31 December 2024
573
6
130
709
Depreciation and impairment
At 1 January 2024
222
6
111
339
Depreciation charged in the year
78
-
0
5
83
At 31 December 2024
300
6
116
422
Carrying amount
At 31 December 2024
273
-
0
14
287
At 31 December 2023
14
-
0
12
26
ViewSonic Europe Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
24
11
Financial instruments
2024
2023
$000
$000
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
19
580

The company enters into forward foreign currency contracts to mitigate the exchange rate risk.

 

Forward currency contracts

 

The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumptions used in valuing the derivatives are the forward exchange rates for USD:GBP and USD:EUR.

 

As at 31 December 2024, the outstanding contracts all mature within 12 months of the year end.

12
Stocks
2024
2023
$000
$000
Finished goods and goods for resale
27,329
16,432

An impairment charge of $104k (2023: write back of $1,989k) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.

13
Debtors
2024
2023
Amounts falling due within one year:
$000
$000
Trade debtors
18,033
17,774
Other debtors
618
646
Prepayments and accrued income
793
901
19,444
19,321
Deferred tax asset (note 18)
375
375
19,819
19,696
ViewSonic Europe Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
25
14
Creditors: amounts falling due within one year
2024
2023
$000
$000
Trade creditors
9,651
12,952
Amounts owed to group undertakings
36,863
9,835
Taxation and social security
226
259
Derivative financial instruments
19
580
Accruals and deferred income
8,465
9,957
55,224
33,583
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
$000
$000
Amounts owed to group undertakings
16
10,127
15,575
16
Loans and overdrafts
2024
2023
$000
$000
Amounts owed to group undertakings
42,138
23,017
Payable within one year
32,011
7,442
Payable after one year
10,127
15,575

As at 31 December 2024, the company had outstanding loans and accrued interest in the sum of $42,138k (2023: $23,017k) from fellow group company, ViewSonic Corporation, a company registered in the USA. These loans bear an annual interest charge between 2.86% - 5.10% calculated on the daily unpaid capital balance.

 

The loans repayable within one year at 31 December 2024 of $32,011k were extended post year end with a term until March 2027.

 

ViewSonic Europe Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
26
17
Provisions for liabilities
2024
2023
$000
$000
Warranty provision
5,700
6,049
Environment provision
308
309
6,008
6,358
Movements on provisions:
Warranty provision
Environment provision
Total
$000
$000
$000
At 1 January 2024
6,049
309
6,358
Additional provisions in the year
3,722
366
4,088
Utilisation of provision
(4,071)
(367)
(4,438)
At 31 December 2024
5,700
308
6,008

Warranty provision

The Company provides up to a five year end-user warranty on some products with the majority of products having a three year end-user warranty.

Environmental provision

The Company provides for the environmental disposal of products on waste electrical and electronic equipment (WEEE).

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
$000
$000
Tax losses
375
375
There were no deferred tax movements in the year.

The deferred tax asset set out above is expected to reverse within 24 months and relates to the utilisation of tax losses against future expected profits of the same period.

ViewSonic Europe Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
27
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
$000
$000
Charge to profit or loss in respect of defined contribution schemes
124
108

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount of outstanding contributions at the end of the year were $8,526 (2023: $8,395).

20
Share capital
2024
2023
$000
$000
Ordinary share capital
Issued and fully paid
13,385,493 (2023: 13,385,493)  Ordinary shares of £1.00 each
21,602
21,602
21
Capital contribution reserve

In the financial year the company received loans from group undertakings as disclosed in note 16 of the financial statements with interest charges between 0.59% and 5.10% calculated on daily unpaid capital balances. The market rate of interest assessed by the directors has been determined at 8.50%. The loans have been recorded at fair value with the difference between fair value and book value recorded as a capital contribution. During the year a capital contribution was recorded of $1,947k (2023: $988k).

22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
$000
$000
Within one year
252
456
Between two and five years
532
690
784
1,146
23
Related party transactions

The Company has taken advantage of the exemption in accordance with FRS 102, paragraph 33.1A "Related party disclosures" from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

ViewSonic Europe Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
28
24
Ultimate controlling party

The immediate parent company is ViewSonic Corporation, a company incorporated and registered in Delaware, USA. The Company's ultimate parent company is ViewSonic Corporation, incorporated and registered in the Cayman Islands. The ultimate controlling party is James Chu, a director of the Company by virtue of his shareholding in ViewSonic Corporation, incorporated in the Cayman Islands.

 

The smallest and largest group in which the results of ViewSonic Europe Limited are consolidated is that headed by ViewSonic Corporation, a company incorporated in California, USA. The consolidated financial statements of this group are available to the public from:

 

ViewSonic Corporation

World Headquarters

10 Pointe Drive

Brea

CA92821-7620

USA

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