Vtech 2003 Annual Report Download - page 50

VTech Holdings Ltd48
Notes to the Financial Statements
25 BALANCE SHEET OF THE COMPANY AS AT 31ST MARCH
2003 2002
Note US$ million US$ million
Non-current assets
Subsidiaries 103.3 103.3
Current assets
Amounts due from subsidiaries (i) 259.6 223.5
Taxation recoverable 0.1 —
Cash and cash equivalents 0.1 0.2
259.8 223.7
Current liabilities
Amounts due to subsidiaries (i) (230.7 ) (204.1 )
Creditors and provisions (1.7) (1.8 )
Taxation payable —(0.1 )
(232.4) (206.0 )
Net assets 130.7 121.0
Capital and reserves
Share capital 20 11.3 11.3
Reserves 21 119.4 109.7
Shareholders’ funds 130.7 121.0
(i) The amounts due from / (to) subsidiaries have no fixed terms of repayment.
Most of the amounts due are interest free.
26 PRINCIPAL SUBSIDIARIES Details of the Company’s interests in
those subsidiaries which materially affect the results or assets of
the Group as at 31st March 2003 are set out below:
Percentage
of interest
Fully paid issued held by
Name of subsidiary share capital the Group Principal activity
Incorporated and operating
in Hong Kong:
VTech Communications Ordinary HK$1,000 *100 Design, manufacture
Limited Deferred HK$5,000,000 and sale of
electronic
equipment
VTech Electronics Limited Ordinary HK$5,000,000 *100 Design, manufacture
and distribution of
electronic products
VTech Telecommunications Ordinary HK$1,000 *100 Design, manufacture
Limited Deferred HK$5,000,000 and distribution of
telecommunication
products
Perseus Investments Ordinary HK$1,000 100 Property holding
Limited Deferred HK$1,000
Valentia Investment Ordinary HK$1,000 100 Property holding
Limited Deferred HK$1,000
Incorporated and operating
in France:
VTech Electronics EURO 3,048,980 *100 Sale of electronic
Europe S.A. products
Incorporated and operating
in Germany:
VTech Electronics EURO 2,600,000 *100 Sale of electronic
Europe GmbH products
Percentage
of interest
Fully paid issued held by
Name of subsidiary share capital the Group Principal activity
Incorporated and operating
in Spain:
VTech Electronics EURO 2,322,200 *100 Sale of electronic
Europe, S.L. (formerly products
known as VTech
Electronics Spain S.L.)
Incorporated and operating
in the United States:
VTech Electronics US$22,212,997 *100 Sale of electronic
North America L.L.C. products
VTech Communications, Inc. US$300,000 *100 Sale of
telecommunication
products
VTech Innovation L.P. US$110,000,056 *100 Sale of
telecommunication
products
Incorporated and operating
in Canada:
VTech Electronics Canada C$1 *100 Sale of electronic
Ltd. products
VTech Telecommunications Class A C$5,000 *100 Sale of
Canada Ltd. Class B C$195,000 *100 telecommunication
products
Incorporated and operating
in the Netherlands:
VTech Electronics EURO 18,100 *100 Sale of electronic
Europe B.V. products
Incorporated and operating
in the United Kingdom:
VTech Electronics GBP 500,000 *100 Sale of electronic
Europe plc products
Incorporated in the British
Virgin Islands and
operating in the People’s
Republic of China:
Asian Luck Limited US$1 *100 Manufacture of
electronic &
telecommunication
products
* Indirectly held by subsidiary companies
27 RELATED PARTY TRANSACTIONS In the normal course of
business and on normal commercial terms, the Group undertakes
certain transactions with its associates. None of these
transactions was material to the Group’s results.
With effect from 1st April 2003, the Group leases premises from a
director for HK$250,000 a month, to provide housing for him in
accordance with the terms of his employment contract for 2
years. The premises are 50% owned by the director’s wife and
50% owned by a trust, the beneficiaries of which are the director
and his family members.