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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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BENQ UK LIMITED
COMPANY INFORMATION
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BENQ UK LIMITED
CONTENTS
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BENQ UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report together with the audited financial statements for the year ended 31 December 2024.
The principal activity of the Company continued to be that of the marketing and sales of monitors, projectors and large size interactive flat panels.
During the year, turnover has decreased to £22,017,493 (2023: £23,145,341). Profit after taxation for the year amounts to £165,841 (2023: £158,206). The Company’s main focus product areas are monitors, projectors and interactive flat panels. The Company continues to strengthen the sales and marketing team to further develop the business and control the supply chain and customer contact through key sales and marketing positions. Post pandemic markets have been challenging for both our business and consumer divisions. Our business team have been met with unstable education purchases, and an influx of low cost competition that we continue to promote our brand values and advantages, having both a channel and end user focus this communication has got through and we have grown our market share in summer 2024. Consumer business is unsteady with uncertainty of a cost-of-living crisis caused by macro-economic factors particularly in Europe. This has led to consumers making a more considered purchase, where we can add value in our products this has seen demand continue, but we will wait for 2025 to see green shoots recovery in volume consumer trade. Having invested in talent, training and strategic planning we feel confident we are able to turn these challenges into opportunities for our business going forward. Having spent time during the lockdown periods analysing the business and making strategic changes to our focus and customer reach puts us in a stronger position going forward, and we continue to build on this solid foundation to see us through uncertain economic and geopolitical challenging times.
The competition remains high as our international competitors are pushing for bigger sales and market share. Our margin remains under pressure but we keep a tight cost control and should see continued benefits of this.
The Company continues to maintain and implement environmental programs in compliance with local legal regulations and to secure low carbon footprint in getting our products to the end users. Most of our products have incorporated the latest LED technology which reduces power consumption and mercury pollution.
We have continued to strengthen the talent and structure of our marketing team and have a more effective business plan to strengthen and grow our market position and to enhance operating profit by way of more focus marketing of new and existing products and getting closer in the communication to the final consumer of our products, whether they are home users, in education or corporate.
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BENQ UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The key performance indicators of the company are turnover and gross profit margin.
A brief analysis of these is shown below:
The group’s financial instruments principally comprise of loans from related undertakings. It is, and has been throughout the period under review, the group’s policy that no trading in financial instruments shall be undertaken. The principal risks of the business are the general price of monitors, credit risk and stock shortages. The Company relies on its group supply chain to minimise stock distribution gaps. We use a credit insurance scheme to mitigate losses from customers who default.
Price risk This is a fast moving industry therefore pricing is important to our business. We review our pricing continuously to make sure that we stay competitive and at the same time maintain a profitable growth. Liquidity risk The group manages its borrowings requirements to ensure the group has sufficient liquid resources to meet the operating needs of the business. Credit risk All customers who wish to trade on credit terms are subject to credit verification procedures through the BenQ Group assigned credit insurance company. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. In the longer term the board feels the business is well protected and prepared in fluctuating consumer and business demands. We have separated the management of both day-to-day tactical business with longer term strategic positioning and are confident that this will enable continued business growth.
This report was approved by the board and signed on its behalf.
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BENQ UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £165,841 (2023 - £158,206).
During the year the company paid dividends of £200,000 (2023: £Nil).
The directors who served during the year were:
Management's review of developments and future prospects and principal risks and uncertainties are included in the Strategic Report.
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BENQ UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BENQ UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENQ UK LIMITED
We have audited the financial statements of BenQ UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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BENQ UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENQ UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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BENQ UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENQ UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered: • the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities; • the nature of the Company, including its management structure and control systems (including the opportunity for management to override such controls); • management’s incentives and opportunities for fraudulent manipulation of the financial statements including the Company’s remuneration and bonus policies and performance targets; and • the industry and environment in which it operates. We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006. Based on this understanding we identified the following matters as being of significance to the entity: • laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation and distributable profits legislation; • the timing of the recognition of commercial income; • management bias in selecting accounting policies and determining estimates; • recoverability of debtors; and • the requirement to impair its stock and the amount of such impairment. We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: • enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; • enquiries with the same concerning any actual or potential litigation or claims; • discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud; • assessment of matters reported to management and the result of the subsequent investigation; • obtaining an understanding of the relevant controls during the year; • obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year; • review documentation relating to compliance with the regulations relating to health and safety including health and safety certificates; and fire assessment reports;
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BENQ UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENQ UK LIMITED (CONTINUED)
• challenging assumptions made by management in their specific accounting policies and estimates, in
particular in relation to bad debt provision; customer rebate accruals; and carrying value of stock; • identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue; • assessing the recovery of debtors in the year since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding; • reviewing the financial statements for compliance with the relevant disclosure requirements; • performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud; • reviewing the correspondence with HMRC; and • evaluating the underlying business reasons for any unusual transactions. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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BENQ UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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BENQ UK LIMITED
REGISTERED NUMBER: 03462488
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 24 form part of these financial statements.
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BENQ UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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BENQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BenQ UK Limited is a limited liability company registered in England and Wales. The registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW and principal place of business is Unit 3, Staplehurst Office Centre, Weston-on-the-Green, Bicester, Oxfordshire, OX25 3QU.
The principal activity of the company continued to be that of the marketing and sales of monitors, projectors and large size interactive flat panels.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Qisda Corporation as at 31 December 2024 and these financial statements may be obtained from their registered office at Taipei Business Centre, 18 Jihu Road, Neihu, Taipei 114, Taiwan, R.O.C. or via the website, www.qisda.com.
After reviewing the Company's forecasts and projections and taking into account the economic conditions and possible changes in trading performance, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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BENQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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BENQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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BENQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term creditors are measured at the transaction price.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially
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BENQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the
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BENQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
risks and rewards retained.
Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Key accounting estimates and assumptions The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimate and assumption that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are: Marketing accruals and bonus provision Provisions are made against marketing activities that take place in the financial year and also the estimated year end bonus to employees. These provisions require management's best estimate of the costs that will be incurred based on contractual requirement and the Company's overall performance that require management's judgement. Impairment of stocks The Company makes provision for impairment for obsolete and slow moving stock items based on order history of stock lines and an assessment of realisable value.
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BENQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BENQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BENQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 20
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BENQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
The Company has estimated UK capital losses of £150,925 (2023: £150,925) available for carrying forward against future UK capital gains.
In view of there are no expected future capital gains, no deferred tax asset has been provided in respect of these capital losses.
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BENQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BENQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £57,616 (2023: £53,085).
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BENQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent company is BenQ Europe B.V., a company registered in the Netherlands. Qisda Corporation, a company incorporated in Taiwan and listed on the Taiwan Stock Exchange is regarded as being the ultimate holding company, which is the parent undertaking of the largest and smallest groups to consolidate these financial statements. A copy of the financial statements of Qisda Corporation are available at their registered office at Taipei Business Centre, 18 Jihu Road, Neihu, Taipei 114, Taiwan, R.O.C. or via the website, www.qisda.com.
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