| REGISTERED NUMBER: |
| UNUMPLUS LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| UNUMPLUS LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Director | 4 |
| Statement of Director's Responsibilities | 5 |
| Report of the Independent Auditors | 6 |
| Profit and Loss | 10 |
| Statement of Financial Position | 11 |
| Statement of Changes in Equity | 12 |
| Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 14 |
| UNUMPLUS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditors |
| Batchworth Lock House |
| 99 Church Street, Rickmansworth |
| WD3 1JJ |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The director of Unumplus Limited (the "company") presents the strategic report for the year ended 31 December 2024. |
| Principal activities |
| The principal activity of the company is that of the wholesale of electronic telecommunication equipments and retail sales of mobile telephones and related accessories. |
| REVIEW OF BUSINESS |
| In 2024, our company saw a year-on-year decrease in transaction volumes amounting to £24.7 million, as reflected in the financial reports. The decrease in revenue in 2024 was driven primarily by the decrease in the transaction volume of B2B business in total £34.0 million. Whilst there was around £6.4 million increase in revenue from B2C business. |
| Among £34.0 million revenue decrease in B2B business, there was a revenue decrease of £16.9 million related to sales to related parties of Unumplus Limited, and the rest of £17.1 million revenue decrease was related to sales to Unumplus's external clients in UK market. |
| Though the OPPO patent lawsuit has been fully resolved in the end of Jan 2024, it took time to re-build the business team and re-build the relationship with clients of Unumplus in the UK market. |
| Post year-end review |
| OnePlus continues to operate steadily and performs well in the UK market, particularly in its B2C segment. Meanwhile, the company is also actively restarting its B2B business in the UK, advancing contract renewals and renegotiating terms with existing customers. Although the revenue of B2B business has yet to return to the previous level, the management team remains confident and is prepared to adjust the strategies as needed based on the latest developments to improve the sales and brand recognition in UK market. |
| Key performance Indicators ("KPIs") |
| The company’s main goal is to grow the market share and revenue in the UK mobile sales and accessories sector. Sales performance is the primary KPI which has grown year on year. |
| 2024 | 2023 |
| Turnover | £24,736,148 | £52,390,519 |
| GP margin | 27.53% | 29.27% |
| Liquidity ratio | 92.81% | 89.1% |
| EBITDA | £1,134,479 | £1,047,386 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The key business risk and uncertainty affecting the company is considered to relate to competition from rivals operating in the same industry. The director manages this risk by continually striving to promote the company's product innovation to provide an edge over competitors. Furthermore, the company has been putting significant effort to maintain strong relationships with customers. |
| The company acknowledges that competition from rivals within the same industry is a primary risk. The company's approach to mitigating this risk is through product innovation. By focusing on improving or diversifying their products, the company can differentiate itself from competitors. This can also lead to new revenue streams or more customer loyalty. Another key strategy is building and maintaining strong relationships with customers. This helps ensure that the company has a stable, loyal customer base that may be less susceptible to competitor offerings. |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| SECTION 172(1) STATEMENT |
| Director's statement of compliance with duty to promote the success of the Company |
| In accordance with Section 172 of the Companies Act 2006, the director of the company has acted in a way he considers to be in good faith and would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so he has regard (amongst other matters) to: |
| . | the likely consequences of any decision in the long term, |
| . | the interests of the company's employees, |
| . | the need to foster the company's business relationships with suppliers, customers and others, |
| . | the impact of the company's operations on the community and the environment, |
| . | the desirability of the company maintaining a reputation for high standards of business conduct, and |
| . | the need to act fairly as between members of the company. |
| The company's business model and strategy is designed to have a long-term, beneficial impact on the company's success through growing the contractual revenue base and providing a superior experience to our customers. |
| The director and employees are expected to operate within a formal Code of Ethics, reemphasised through regular online training and local site meetings. This, together with a series of Policies and Procedures, enables the company to maintain high standards of business conduct, both in its internal and external dealings. |
| FUTURE DEVELOPMENTS |
| Following the full resolution of the lawsuit, the company has strong confidence to re-build Brand reputation and its relationship with customers in UK market. Though the key business risk and uncertainty affecting the company is still considered to relate to competition from rivals operating in the same industry, the director manages this risk by continually striving to promote the company's product innovation to provide an edge over competitors. |
| ON BEHALF OF THE BOARD: |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The director presents his report with the financial statements of the company for the year ended 31 December 2024. |
| DIVIDENDS |
| No dividend is proposed in respect of the year ended 31 December 2024 (2023: £Nil). The profit for the year, after taxation, amounted to £818,332 (2023: £1,573,051). |
| DIRECTOR |
| QUALIFYING THIRD-PARTY INDEMNITY PROVISION |
| No qualifying third-party indemnity provisions were in place during the financial year and at the date of this report (2023: Nil). |
| POLITICAL DONATIONS AND EXPENDITURE |
| During the year the company made no political or charitable contributions (2023: £Nil). |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Cox Costello & Horne, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| UNUMPLUS LIMITED |
| Opinion |
| We have audited the financial statements of Unumplus Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Financial Statements, 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). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| 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 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Director and the Statement of Director's Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| UNUMPLUS LIMITED |
| 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 Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| UNUMPLUS LIMITED |
| Auditors' 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We designed procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud. |
| We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company’s regulatory and legal correspondence. |
| We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations. |
| We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company. The potential effect of these laws and regulations on the financial statements varies considerably. |
| Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
| Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an effect: laws and regulations relevant to employment legislation; health and safety legislation; data protection legislation; anti-bribery and corruption legislation. |
| International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements. |
| In relation to fraud, we performed the following specific procedures in addition to those already noted: |
| . | Challenging assumptions made by management in its significant accounting estimates; |
| . | Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, and journal entries posted by senior management; |
| . | Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud; and |
| . | Ensuring that testing undertaken on both the performance statement and the Balance Sheet includes a number of items selected on a random basis. |
| These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements. |
| 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 Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| UNUMPLUS LIMITED |
| Use of our report |
| 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 a Report of the Auditors 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 and Statutory Auditors |
| Batchworth Lock House |
| 99 Church Street, Rickmansworth |
| WD3 1JJ |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| PROFIT AND LOSS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| TURNOVER | 4 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT and |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| Investments | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings | 16 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the director and authorised for issue on |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2023 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2024 | ( |
) | ( |
) |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 20 | ( |
) |
| Tax paid |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Movement in net group balances | (216,911 | ) | (16,277,711 | ) |
| Net cash from financing activities | ( |
) | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
21 |
4,804,726 |
| Cash and cash equivalents at end of year | 21 | 3,131,433 | 12,595,796 |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Unumplus Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Summary of significant accounting policies |
| A summary of the significant accounting policies adopted by the company is given in the following paragraphs. The policies have been consistently applied to all years presented, unless otherwise stated. |
| Presentation currency |
| The financial statements are prepared in £ sterling which is the functional currency of the company. |
| Foreign exchange |
| Transactions in currencies other than the functional currency are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated to the functional currency at the exchange rate prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. All exchange differences are taken to profit or loss. |
| Going concern |
| The financial statements showed a profit after tax of £818,332 in the year and net liabilities of £598,993 at the balance sheet date. |
| Having reviewed the company’s May 2025 management account, it showed £1,816,000 in profit and net liabilities of £708,000 as at 31 May 2025. The director considered the company meets its daily working capital requirements through its bank facilities, suppliers’ payment deferral and parent company financial support if required additional working capital. The long-term success of the business is dependent on it continuing to increase its turnover, effective cost management and careful cash flow management.The director is confident that this can be achieved and thus the company continues to adopt the going concern basis in preparing its financial statements. |
| Significant judgements and estimates |
| Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: |
| (i) Impairment of debtors |
| The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors management considers factors including the current credit rating of the debtor, the aging profile of debtors and historical experience. |
| (ii) Stock provision |
| The company estimate the recoverable value of stock. When assessing whether any provision is required against stock management considers the number of times stock turns during the year, subsequent sales after the balance sheet and the value at which slow moving stock would be saleable. |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the company’s accounting policies, the director is 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. |
| Critical judgements |
| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities outlined below: |
| Impairment of stock |
| Management assesses the impairment of stock subject to damage, faulty, slow moving and obsolescence whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important that may trigger an impairment review include the following: changes in the condition of assets or the strategy of the overall business, significant negative industry or economic trends, taking into account market knowledge, professional judgement and historical transactional comparable. |
| Turnover |
| Turnover comprises the sale of goods and rendering of services. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
| Turnover from the rendering of services is recognised by reference to an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement. |
| Pensions - Defined contribution pension scheme |
| The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a scheme whose assets are held separately in independently administered funds. Once the contributions have been paid, the company has no further payment obligations. |
| The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are presented as accruals within creditors falling due within one year. Amounts paid in excess of contributions due are shown as prepayments within current assets. |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets measured under the cost model per FRS 102, Section 17 Property Plant and Equipment, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure which is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred if it meets the recognition criteria for an item of property, plant and equipment (i.e., if the replacement part is expected to provide future incremental benefit to the Company). The carrying amount of the replaced part is derecognised. |
| Computer equipment | 3 years straight line |
| The assets’ residual values, useful lives and depreciation methods are reviewed annually and are adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date. |
| Profits and losses on disposal of assets are determined by comparing the proceeds with the carrying amounts and are recognised in profit or loss. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stock |
| Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, freight, irrecoverable taxes and other directly attributable costs which are incurred by the entity in bringing the stock to its present location and condition. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. |
| Current and deferred taxation |
| The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
| The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company’s subsidiaries operate and generate taxable income. |
| Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except: |
| . | The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; |
| . | Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and |
| . | Where timing differences relate to interests in subsidiaries, associates, branches and joint ventures and the company can control their reversal and such reversal is not considered probable in the foreseeable future. |
| Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred income tax is determined based on the rates expected to apply at the date of reversal, using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Leasing |
| Operating leases: Company as lessee |
| Operating lease rentals are charged to the company profit and loss account on a straight-line basis over the lease term, except where the director considers that another systematic basis would be more representative of the time pattern in which the economic benefits associated with the leased asset are consumed. Contingent rentals which arise under operating lease agreements are recognised as an expense in the period in which they are incurred. Lease incentives are recognised on a straight-line basis over the lease term. |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Basic financial instruments |
| The company has chosen to adopt FRS 102, Section 11 Basic Financial Instruments and 12 Other Financial Instruments Issues of FRS 102 in respect of financial instruments. |
| All financial assets and liabilities are initially measured at transaction price, including transaction costs, except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (at transaction price excluding transaction costs) unless the arrangement constitutes a financing transaction. |
| Financial assets and financial liabilities are only offset in the company balance sheet when, and only when, there is a legally enforceable right to set off the recognised amounts and the company intends to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
| Debt instruments (other than those repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently amortised using the effective interest method. |
| Creditors |
| Short-term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method. |
| Debtors |
| Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any impairment. |
| Cash and cash equivalents |
| Cash is represented by cash on hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments which mature in no more than three months from the date of acquisition and which are readily convertible into known amounts of cash with insignificant risk of change in value. |
| Finance costs |
| Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated financial instrument. |
| Impairment |
| Financial assets measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
| Derecognition |
| Financial assets are derecognised when and only when: |
| . | the contractual rights to the cash flows from the financial asset expire or are settled; or |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| . | the company transfers substantially all of the risks and rewards of ownership of the financial asset to another party; or |
| . | the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| An analysis of turnover by geographical market is given below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| United Kingdom |
| People’s Republic of China | 167,094 | 10,135,528 |
| Ireland | - | 381,454 |
| Netherlands | 509,808 | 6,314,414 |
| 5. | EMPLOYEES AND DIRECTORS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.12.24 | 31.12.23 |
| Director | 1 | 1 |
| Administrative and operations | 22 | 44 |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Director's remuneration |
| The director was not remunerated in the UK for the services provided to the company in 2024 (2023: £12,000). |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Auditors' remuneration |
| Foreign exchange differences |
| 7. | TAXATION |
| Analysis of the tax charge/(credit) |
| The tax charge/(credit) on the profit for the year was as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Deferred tax | ( |
) |
| Tax on profit | ( |
) |
| Reconciliation of total tax charge/(credit) included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Tax losses brought forward utilised | (290,778 | ) | (252,575 | ) |
| Previously unrecognised deferred tax now recognised | 291,033 | (539,952 | ) |
| Total tax charge/(credit) | 291,033 | (539,952 | ) |
| Factors affecting current and future tax charges |
| The standard rate of corporation tax in the UK is 25% for the year ended 31 December 2024 (2023: 25%). In the March 2021 budget, the UK Government announced that the rate of corporation tax, paid on company profits, is set to rise to 25% from 19%, starting from April 2023. A new small profits rate would maintain the 19% rate for firms with profits of £50,000 or less, and there will be a taper above £50,000, so that only businesses with profits of £250,000 or greater will be taxed at the full 25% rate. |
| Deferred tax assets of £291,033 (2023: £539,952) have been recognised in respect of carried forward trading losses totalling £993.953 (2023: £2,157,064). A deferred tax asset was not recognised in 2022, despite accumulated trading losses totalling £3,167,364 at the beginning of the year. The company’s financial performance has improved since 2023 and the positive outcome of the legal cases, the director now considered it probable that future taxable profits will be sufficient to utilise these losses. |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 9. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 10. | STOCKS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Finished goods |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Deferred tax asset |
| Prepayments and accrued income |
| Amounts owed by related parties are unsecured, interest-free and have no fixed date of repayment and are repayable on demand. |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | 661,516 | 312,719 |
| Other creditors |
| Accruals and deferred income |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Within one year |
| 14. | SECURED DEBTS |
| There are security over cash deposit and facility held with HSBC and Standard Chartered Bank Plc which are secured by fixed charges. |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| 16. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 | ( |
) |
| Profit for the year |
| At 31 December 2024 | ( |
) |
| 17. | PENSION COMMITMENTS |
| The company operates a defined contribution scheme. During the year the company contributed £22,647 (2023: £29,000). There were £nil of contributions outstanding at the reporting date. (2023: £Nil). |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 18. | RELATED PARTY DISCLOSURES |
| Revenue of £Nil (2023: £258,708) and costs of £Nil (2023: £2,466,592) were derived from sales and purchases to and from Oppo Mobile UK Ltd. At the balance sheet date, £Nil owed (2023: £903,944) to Oppo Mobile UK Ltd. |
| Revenue of £Nil (2023: £2,066,497) and costs of £18,948,426 (2023: £22,071,784) were derived from sales and purchases to and from Sky Royal Trading Limited, a company under common control registered in Hong Kong with registered address Unit 22, 6/F, 1 Hung To Road, Kowloon, Hong Kong. £7,489,472 (2023: £7,885,548) was owed to them at the end of the year. |
| Revenue of £509,808 (2023: £6,314,414) and costs of £1,370,628 (2023: £1,131,007) were derived from sales and purchases to and from Reflection Investment B.V., a company under common control registered in the Netherlands. At the balance sheet date, there was a net payable of £875,071 (2023: -£374,970) to Reflection Investment B.V. |
| Revenue of £167,904 (2023: £8,069,031) was derived from Oppo Guangdong Mobile Communications Co., Ltd., a company under common control registered in the People’s Republic of China, in respect of marketing services. At the balance sheet date £1,283,563 (2023: £1,450,495) was payable from Oppo Guangdong Mobile Communications Co., Ltd. |
| Revenue of £Nil (2023: £381,454) and costs of £Nil (2023: £529,953) were derived from sales and purchases to and from Oplus Technologies Private Limited, a company under common control registered in Ireland with registered address Suite 16 Anglesea House, 63 Carysfort Avenue, Blackrock, Dublin. At the balance sheet date £Nil (2023: £Nil) from Oplus Technologies Private Limited. |
| 19. | CONTROLLING PARTY |
| The immediate parent undertaking of the company was Heytap PTE. LTD (former registered name was Bravo Unicorn PTE.LTD), a company incorporated in Singapore with registered address 138 Market Street #15-03 Capitagreen Singapore. The ultimate parent organisation and ultimate controlling party is Guangdong Oplus Holdings Limited Trade Union Committee, an organisation located in the People’s Republic of China. |
| 20. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| 1,134,479 | 1,047,385 |
| (Increase)/decrease in stocks | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations | ( |
) |
| 21. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 3,131,433 | 12,595,796 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 12,595,796 | 4,804,726 |
| UNUMPLUS LIMITED (REGISTERED NUMBER: 10536855) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 22. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 12,595,796 | (9,464,363 | ) | 3,131,433 |
| 12,595,796 | ( |
) | 3,131,433 |
| Total | 12,595,796 | (9,464,363 | ) | 3,131,433 |