| IPEVO LIMITED |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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| 2 |
Audit information |
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The audit report is qualified. |
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We were not appointed as auditor of the company until after 31 December 2024 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2024, which are included in the balance sheet at £1,130,193, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary. |
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In addition, the prior year audit report was also qualified due to being unable to obtain sufficient appropriate audit evidence over the inventory quantities held at 31 December 2023, which was included in the balance sheet at £1,446,601. Consequently, we are unable to gain sufficient audit evidence of the opening balance at 1 January 2024 of inventory and reserves, this could impact the revenue and cost of sales figures reported in the current financial year |
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Senior statutory auditor: |
A Dave |
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Firm: |
Alexander Dave |
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Date of audit report: |
26 September 2025 |
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| 3 |
Employees |
2024 |
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2023 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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| 4 |
Debtors |
2024 |
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2023 |
| £ |
£ |
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Trade debtors |
58,788 |
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99,367 |
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Other debtors |
137,177 |
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5,624 |
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195,965 |
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104,991 |
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| 5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Trade creditors |
4,211 |
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3,016 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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1,512,554 |
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1,628,244 |
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Taxation and social security costs |
55,509 |
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42,780 |
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Other creditors |
114,764 |
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93,479 |
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1,687,038 |
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1,767,519 |
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| 6 |
Related party transactions |
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As the company is a wholly owned subsidiary of IPEVO Corporations and the group publishes consolidated accounts, it has taken advantage of the exemptions contained in FRS102 and has therfore not disclosed transactions or balances with entities which form part of the group.
Copies of the group financial statements of IPEVO Corporation can be obtained from the Ministry of Economic Affairs No.15, Fuzhou St., Zhongzheng Dist., Taipei City 100210, Taiwan. |
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| 7 |
Controlling party |
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The ultimate holding company and controlling party is IPEVO Corporation, a company incorporated in Taiwan. The address of its registered office is IPEVO Corp· 1F., No. 348, Sec. 6, Nanjing E. Rd., Neihu Dist., Taipei City 114, Taiwan. |
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| 8 |
Other information |
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IPEVO LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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2 Nicholas Green |
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Montpellier Road |
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London |
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W5 2QU |