1 January 2024 v2025.45.2 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP040785372024-01-012024-12-31040785372024-12-31040785372023-12-3104078537core:WithinOneYear2024-12-3104078537core:WithinOneYear2023-12-3104078537core:ShareCapital2024-12-3104078537core:ShareCapital2023-12-3104078537core:RetainedEarningsAccumulatedLosses2024-12-3104078537core:RetainedEarningsAccumulatedLosses2023-12-3104078537bus:Director12024-01-012024-12-3104078537bus:RegisteredOffice2024-01-012024-12-3104078537core:PlantMachinery2024-01-012024-12-3104078537core:FurnitureFittings2024-01-012024-12-3104078537core:OfficeEquipment2024-01-012024-12-31040785372023-01-012023-12-3104078537core:PlantMachinery2024-01-0104078537core:PlantMachinery2024-12-3104078537core:PlantMachinery2023-12-3104078537core:CostValuation2024-01-0104078537core:CostValuation2024-12-3104078537core:ProvisionsForImpairmentInvestments2024-12-3104078537core:BetweenOneFiveYears2024-12-3104078537core:BetweenOneFiveYears2023-12-310407853712024-01-012024-12-3104078537countries:EnglandWales2024-01-012024-12-3104078537bus:AuditExemptWithAccountantsReport2024-01-012024-12-3104078537bus:PrivateLimitedCompanyLtd2024-01-012024-12-3104078537bus:SmallEntities2024-01-012024-12-3104078537bus:FullAccounts2024-01-012024-12-31
Company registration number:
04078537
MEGAMAN (UK) LIMITED
Unaudited Filleted Financial Statements for the year ended
31 December 2024
MEGAMAN (UK) LIMITED
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of MEGAMAN (UK) LIMITED
Year ended
31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
MEGAMAN (UK) LIMITED
for the year ended
31 December 2024
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
MEGAMAN (UK) LIMITED
, as a body, in accordance with the terms of my engagement letter dated 2 July 2025. My work has been undertaken solely to prepare for your approval the
financial statements
of
MEGAMAN (UK) LIMITED
and state those matters that I have agreed to state to the Board of Directors of
MEGAMAN (UK) LIMITED
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
MEGAMAN (UK) LIMITED
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
MEGAMAN (UK) LIMITED
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and loss of
MEGAMAN (UK) LIMITED
. You consider that
MEGAMAN (UK) LIMITED
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of MEGAMAN (UK) LIMITED. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
YCF Accountancy Limited
15 Fieldfare Way
Coventry
CV4 8DX
United Kingdom
Date:
22 July 2025
MEGAMAN (UK) LIMITED
Statement of Financial Position
31 December 2024
20242023
Note££
Fixed assets    
Tangible assets 5
19,463
 
13,011
 
Current assets    
Stocks
1,182,773
 
1,647,343
 
Debtors 7
1,142,016
 
1,570,262
 
Cash at bank and in hand
353,238
 
552,562
 
2,678,027
 
3,770,167
 
Creditors: amounts falling due within one year 8
(9,242,750
)
(9,731,615
)
Net current liabilities
(6,564,723
)
(5,961,448
)
Total assets less current liabilities (6,545,260 ) (5,948,437 )
Capital and reserves    
Called up share capital
11,054,800
 
11,054,800
 
Profit and loss account
(17,600,060
)
(17,003,237
)
Shareholders deficit
(6,545,260
)
(5,948,437
)
For the year ending
31 December 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
22 July 2025
, and are signed on behalf of the board by:
Ms. Ngar Lai HUNG
Director
Company registration number:
04078537
MEGAMAN (UK) LIMITED
Notes to the Financial Statements
Year ended
31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 2 Quadrant Park
,
Mundells
,
Welwyn Garden City
,
Hertfordshire
,
AL7 1FS
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, not of discounts, rebates allowed by the company and value added taxes.
The company recognises turnover when (a) the company retain no significant further interest in the transaction (b) the amount of revenue can be calculated reliably.
The company also sells goods via its website for delivery to the customer. Revenue is recognised when the tisk and rewards of the inventory if passed to the customer.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
20% straight line
Fixtures and fittings
20% straight line
Office equipment
33% and 20% straight line

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Inventories are stated at the lower of cost and estimated selling price less costs to sell. Inventories are recognised as a cost in the period in which the related revenue is recognised.
Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition.
During the year inventories are assessed on an ongoing basis for impairment. If the Inventory is impaired, then it is reduced to its anticipated selling price, less any costs associated with the sale. This impairment is recognised as a charge in the profit and loss account.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Taxation and Deferred tax

Taxation for the year comprises current and deferred tax. Tax is recognised int the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recgnised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing difference arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4 Average number of employees

The average number of persons employed by the company during the year was
17
(2023:
19.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2024
102,702
 
Additions
11,976
 
Disposals
(33,163
)
At
31 December 2024
81,515
 
Depreciation  
At
1 January 2024
89,691
 
Charge
5,420
 
Disposals
(33,059
)
At
31 December 2024
62,052
 
Carrying amount  
At
31 December 2024
19,463
 
At 31 December 2023
13,011
 

6 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 January 2024
1,324
 
At
31 December 2024
1,324
 
Impairment  
At
1 January 2024
and
31 December 2024
1,324
 
Carrying amount  
At
31 December 2024
-  
At 31 December 2023 -  
This represents a 5% shareholding a AVC Weeeco Limited. The directors have considered the open market value of this investment and after taking account of all know factors and making reasonable assumptions, the value has been reduced to nil.

7 Debtors

20242023
££
Trade debtors
975,423
 
1,403,605
 
Other debtors
166,593
 
166,657
 
1,142,016
 
1,570,262
 

8 Creditors: amounts falling due within one year

20242023
££
Trade creditors
7,797,311
 
7,872,439
 
Taxation and social security
112,443
 
159,754
 
Other creditors
1,332,996
 
1,699,422
 
9,242,750
 
9,731,615
 

9 Operating leases

The company as lessee    
20242023
££
Not later than 1 year
165,250.00
 
165,250.00
 
Later than 1 year and not later than 5 years
661,000
 
165,250.00
 
826,250
 
330,500
 

10 Parent Company

Neonlite Distribution Limited (incorporated in Hong Kong) is regarded by the directors as being the company's parent company.

11 POST BALANCE SHEET EVENTS

No events have occured since the date of the balance sheet that need to be brought to the attention of the shareholders or third parties.

12 ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Zhejiang Yankon Group Co. Ltd.

13 GOING CONCERN

Neonlite Distribution Limited is immediate holding company who are the main supplier and creditor of Megaman (UK) Limited. The directors are confident that the ongoing support of its parent company will be maintained for the foreseeable future and as such the accounts have been prepared on the going concern basis.
The Directors of Neonlite Distribution Limited have given a signed declaration to Megaman (UK) Limited that they will ensure sufficient financial support for a period of at least twelve months to enable Megaman (UK) Limited to meet all its financial obligations to its creditors.