REGISTERED NUMBER: 12686342 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

ASAP Innovations UK Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S D Keller

REGISTERED OFFICE:

Unit 1b, Focus Four

Fourth Avenue

Letchworth

Hertfordshire

SG6 2TU

REGISTERED NUMBER:

12686342 (England and Wales)

SENIOR STATUTORY AUDITOR:

Martin Williams ACA

AUDITORS:

GH Audit Limited

Unit 1b

Focus 4

Fourth Avenue

Letchworth

Hertfordshire

SG6 2TU

CURRENT ASSETS

Stocks

113,714

210,102

Debtors

5

465,751

416,443

Cash at bank

22,054

5,908

601,519

632,453

CREDITORS

Amounts falling due within one year

6

1,359,302

1,604,634

NET CURRENT LIABILITIES

(757,783

)

(972,181

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(757,783

)

(972,181

)

CREDITORS

Amounts falling due after more than one year

7

880,788

703,603

NET LIABILITIES

(1,638,571

)

(1,675,784

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(1,638,671

)

(1,675,884

)

SHAREHOLDERS' FUNDS

(1,638,571

)

(1,675,784

)

The 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.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

S D Keller - Director

1.	STATUTORY INFORMATION

ASAP Innovations UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

At the balance sheet date the company had net current liabilities of £757,783. The company is reliant upon the financial support of the group companies, ASAP Innovations Limited & ASAP International SDN BHD. Both entities have confirmed their intention to continue to support the company for the foreseeable future and on this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.Without the financial support of the stated group entities a material uncertainty would exist over going concern.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The accounts include an overdue trade debtor of £490k that is being pursued through the Courts. Currently a 30% provision has been made against this debt as the director believes, after reviewing all available information, that the balance will be recoverable once the legal process completes.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in 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

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences 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 it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

460,653

415,165

Other debtors

5,098

1,278

465,751

416,443

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

10,731

3,975

Amounts owed to group undertakings

1,303,173

1,557,847

Other creditors

45,398

42,812

1,359,302

1,604,634

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

880,788

703,603

The balance for the group undertaking ASAP International SDN BHD is repayable on demand with a 366 day notice period.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

-

16,011

Between one and five years

-

21,802

-

37,813

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified however please note the following section included in the full audit report under the heading, Material Uncertainty relating to Going Concern:

We draw attention to the going concern note in the financial statements which indicates the company is dependent on the continued support of the parent company.The dependence on parent company support indicates the existence of a material uncertainty that may cast doubt about the company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

Martin Williams ACA (Senior Statutory Auditor)

for and on behalf of GH Audit Ltd.

11.	PARENT UNDERTAKING

The controlling party is ASAP Innovations Ltd.

The ultimate controlling party is ASAP International SDN BHD.

The parent undertaking for the company is ASAP Innovations Limited a company incorporated in the Republic of Ireland. The address of the parent company is Unit 7, Fonthill Business Park, The Courtyard, Fonthill Road, Ballyowen, Dublin.

The ultimate parent is ASAP International SDN BHD, a company incorporated in Malaysia. The address of the company is 1 Jalan Sitar 33/6, Seksyen 33, 40400 Shah Alam, Selangor, Malaysia.