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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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ZEPP HEALTH UK LIMITED |
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PREVIOUSLY KNOWN AS |
PAI HEALTH UK LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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ZEPP HEALTH UK LIMITED |
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PREVIOUSLY KNOWN AS |
PAI HEALTH UK LIMITED |
ZEPP HEALTH UK LIMITED (REGISTERED NUMBER: 11603455) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ZEPP HEALTH UK LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 December 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
ZEPP HEALTH UK LIMITED (REGISTERED NUMBER: 11603455) |
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BALANCE SHEET |
31 December 2020 |
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31.12.20 | 31.12.19 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Capital redemption reserve | 8 |
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Retained earnings | 8 | ( |
) | (164,026 | ) |
SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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ZEPP HEALTH UK LIMITED (REGISTERED NUMBER: 11603455) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Zepp Health UK Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company has obtained a letter of support from its ultimate parent company. The directors have provided a commitment to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for the foreseeable future being a period in excess of 12 months following the signing of the audit report. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements. |
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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. |
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Turnover |
Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover is a cost recharge to PAI Health Inc. in accordance with their agreement and recognised when re-chargeable expenses are incurred. Turnover is wholly attributable to the principle activity of the company. |
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Tangible fixed assets |
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Computer equipment - Straight line over 3 years |
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Financial instruments |
Basic financial instruments are covered by Section 11 of FRS 102 (Section 1A) are measured at amortised cost. The company does not have any other financial instruments as covered by Section 12 of FRS 102 (Section 1A). |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
ZEPP HEALTH UK LIMITED (REGISTERED NUMBER: 11603455) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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Share-based payments |
At the year end the company has both cash settled and equity settled share based payment options with its employees. |
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Employees of the company receive remuneration for services rendered over a four or five year period based upon the share price of the ultimate parent company, Zepp Health Corporation. The initial cost of cash settled and equity settled transactions is determined by the fair value at the anniversary date of when the grant is made using the share price of the ultimate parent company. The cumulative annual net movement on the value of the option at that date is charged to Profit and Loss Account and recognised as a creditor in the case of the cash settled options and as a reserve in the case of the equity settled options in the financial statements. |
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The employees receive cash or equity remuneration after 2 years and then after years 3, 4 and 5 based on the share price of Zepp Health Corporation at those dates. |
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The Deferred share unit plan provides the employer the option to settle by shares or cash. During the year, the company adopted a new policy in which any employee who held more than 2,500 outstanding units received compensation in the form of equity. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
Additions |
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At 31 December 2020 |
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DEPRECIATION |
Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
as restated |
£ | £ |
Other debtors |
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ZEPP HEALTH UK LIMITED (REGISTERED NUMBER: 11603455) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
as restated |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors & accruals |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | as restated |
£ | £ |
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Ordinary | £1 | 100 | 100 |
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8. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2020 | ( |
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(73,341 | ) |
Prior year adjustment | ( |
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Deficit for the year | ( |
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Options recognised | - | 46,576 | 46,576 |
At 31 December 2020 | ( |
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(130,542 | ) |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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The financial statement of Zepp Health UK Limited for the year ended 31 December 2019 were not audited but we have obtained and carried out sufficient audit work to satisfy ourselves that the opening balances are not materially misstated. |
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for and on behalf of
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We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:- |
" 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." |
ZEPP HEALTH UK LIMITED (REGISTERED NUMBER: 11603455) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2020 |
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10. | POST BALANCE SHEET EVENTS |
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During the year, an employee was hired and paid a sign-on bonus dependant upon continued employment for at least one year. After the year end, this employee left before the end of this required period and so was required to repay amounts totalling £16,162. |
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11. | ULTIMATE PARENT COMPANY |
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At the balance sheet date the Company was a wholly-owned subsidiary undertaking of PAI Health Inc, a company incorporated in Canada with its registered office situated at 510 - 700 Seymour Street, Vancouver BC, V6B 3J5, Canada. |
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After the balance sheet date Zepp Health UK Limited's immediate parent company changed to Zepp Europe Holding B.V., a company incorporated in Netherlands with its registered office situated at Joop Geesinkweg 901, 1114AB Amsterdam-Duivendrecht, Netherlands. The ultimate parent company remained unchanged. |
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The ultimate parent company is Zepp Health Corporation, a company incorporated in Cayman Islands with its registered office situated at the offices of Maples Corporate Services Limited at PO Box 309 Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Zepp Health Corporation is the largest and only group company to prepare consolidated financial statements. |