Registration number: 10919519

Qnap UK Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

Qnap UK Limited

Company Information

Director

Mr Po-Ta Kuo

Registered office

2 Drakes Meadow Swindon Wiltshire SN3 3LL

Auditors

Richlands Business Advisers Limited Chartered Accountants and Statutory Auditor42-46 Station Road Edgware Middlesex HA8 7AB

Qnap UK Limited

(Registration number: 10919519)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	3,408	7,005
Current assets
Stocks	5	1,048,937	1,571,512
Debtors	6	913,977	872,160
Cash at bank and in hand		596,026	408,091
		2,558,940	2,851,763
Creditors: Amounts falling due within one year	7	(1,649,898)	(2,481,488)
Net current assets		909,042	370,275
Net assets		912,450	377,280
Capital and reserves
Called up share capital	8	1,100,000	100,000
Share premium reserve		1,117	1,117
Retained earnings		(188,667)	276,163
Shareholders' funds		912,450	377,280

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 September 2026
 

......................................... Mr Po-Ta Kuo Director

Qnap UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Drakes Meadow
Swindon
Wiltshire
SN3 3LL
United Kingdom

These financial statements were authorised for issue by the director on 18 September 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is Pounds Sterling (£).

Going concern

The director has prepared the financial statements on a going concern basis. The company incurred a loss during the year ended 31 December 2025 and, at that date, had accumulated losses. The director has considered the company's forecasts and cash flow requirements and has received confirmation from its immediate and ultimate parent undertaking, QNAP Systems Inc, that it will continue to provide such financial and operational support as may be required to enable the company to continue trading and to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements.


Accordingly, the director has adopted the going concern basis in preparing these financial statements.

Qnap UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Audit report

The Independent Auditor's Report was unqualified . The name of the Senior Statutory Auditor who signed the audit report on 18 September 2026 was Jay Shah, who signed for and on behalf of Richlands Business Advisers Limited.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied in the normal course of business, net of discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when control of the goods has passed to the customer. For the company, this is generally when the goods are dispatched to the customer and the significant risks and rewards of ownership have transferred.

Turnover is recognised only when it is probable that the economic benefits associated with the transaction will flow to the company and the amount of revenue can be measured reliably.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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 operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	33.33% straight line
Motor vehicles	20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Qnap UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Qnap UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and 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 if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured as 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 balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 18 (2024 - 15).

Qnap UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2025	49,905	49,905
At 31 December 2025	49,905	49,905
Depreciation
At 1 January 2025	42,900	42,900
Charge for the year	3,597	3,597
At 31 December 2025	46,497	46,497
Carrying amount
At 31 December 2025	3,408	3,408
At 31 December 2024	7,005	7,005

5

Stocks

	2025 £	2024 £
Other inventories	1,349,301	1,884,540
Stock provision	(300,364)	(313,028)
	1,048,937	1,571,512

Qnap UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

6

Debtors

	2025 £	2024 £
Trade debtors	810,993	687,731
Other debtors	23,307	20,348
Accrued income	-	87,922
Prepayments	21,503	17,985
Corporation tax recoverable	58,174	58,174
Total current trade and other debtors	913,977	872,160

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Trade creditors		251,296	59,265
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9	1,003,577	2,188,430
Taxation and social security		245,698	67,735
Accrued expenses		149,327	166,058
		1,649,898	2,481,488

 

Qnap UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	1,100,000	1,100,000	100,000	100,000

New Shares Alloted
On 12 December 2025, the Company allotted 1,000,000 £1 ordinary shares with an aggregate nominal value of £1,000,000.

9	Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 Section 1A from disclosing related party transactions with other companies that are wholly owned within the group.

As at the year end, creditor intercompany balances with group undertaking Qtown Limited, a company incorporated in Samoa, amounted to £36,239 (2024: £197,978).

As at the year end, creditor intercompany balances with group undertaking QNAP GmbH, a company incorporated in Germany, amounted to £5,918 (2024: £53,007).

As at the year end, creditor intercompany balance with group undertaking QNAP Systems Inc., a company incorporated in Republic of China, amounted to £961,419 (2024: £1,937,445).
 

10	Parent and ultimate parent undertaking

The company's immediate parent and ultimate parent is QNAP Systems Inc., incorporated in Taiwan, Republic of China.

 The most senior parent entity producing publicly available financial statements is QNAP Systems Inc.. These financial statements are available upon request from
2F., No. 22 Zhongxing Road
Xizhi District
New Taipei City 221
Taiwan, Republic of China