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Company registration number: 07990462







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022


ALEXANDER WANG UK LIMITED






































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ALEXANDER WANG UK LIMITED
 


 
COMPANY INFORMATION


Director
A T Wang 




Registered number
07990462



Registered office
Magna House
18-32 London Road

Staines-Upon-Thames

TW18 4BP




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


ALEXANDER WANG UK LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 6


 


ALEXANDER WANG UK LIMITED
REGISTERED NUMBER:07990462



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
411,051
646,194

  
411,051
646,194

Current assets
  

Stocks
  
293,782
250,928

Debtors: amounts falling due within one year
 5 
1,006,185
1,019,109

Cash at bank and in hand
  
389,113
250,273

  
1,689,080
1,520,310

Creditors: amounts falling due within one year
 6 
(5,286,234)
(5,395,374)

Net current liabilities
  
 
 
(3,597,154)
 
 
(3,875,064)

Total assets less current liabilities
  
(3,186,103)
(3,228,870)

  

Net liabilities
  
(3,186,103)
(3,228,870)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(3,186,104)
(3,228,871)

  
(3,186,103)
(3,228,870)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
A T Wang
Director

Date: 1 August 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


ALEXANDER WANG UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Alexander Wang UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is given in the company information page of these financial statements. The company's principal place of business is 43 and 44 Albemarle Street, London, W1S 4TA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, which assumes the company will
continue to trade in operational existence for the foreseeable future.
The Company entered into an agreement with the ultimate parent company, Alexander Wang LLC, which provides for a market contribution for services provided guaranteeing an operating margin equal to 4% of the retail net sales of the company.
Group entities remain the company’s primary liabilities and it remains reliant upon continuing group support. The parent company, Alexander Wang LLC, has confirmed that it will continue to provide financial resources as may be required for the company to meet its financial commitments as they fall due for at least twelve months from the date of approval of these financial statements. 
Accordingly, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, Thus they continue to adopt the going concern basis in preparing the annual financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer (usually on sale of the good at the till point); the amount of revenue can be measured reliable; it is probable that the associated economic benefit will flow to the entity; and the costs incurred or to be incurred in respect of the transaction can be measure reliably.

 
2.4

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 2

 


ALEXANDER WANG UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.6

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 3

 


ALEXANDER WANG UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Long-term leasehold property
-
9 years
Fixtures and fittings
-
5 - 7 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.10

Financial instruments

The company only enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2021 - 13).

Page 4

 


ALEXANDER WANG UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2022
1,994,480
1,021,750
3,016,230



At 31 December 2022

1,994,480
1,021,750
3,016,230



Depreciation


At 1 January 2022
1,378,289
991,747
2,370,036


Charge for the year on owned assets
209,388
25,755
235,143



At 31 December 2022

1,587,677
1,017,502
2,605,179



Net book value



At 31 December 2022
406,803
4,248
411,051



At 31 December 2021
616,191
30,003
646,194


5.


Debtors

2022
2021
£
£


Other debtors
485,043
534,553

Prepayments and accrued income
380,142
260,556

Deferred taxation
141,000
224,000

1,006,185
1,019,109


Within others debtors, there is an amount of £480,000 (2021: £480,000), which relates to rent deposits repayable greater than one year.

Page 5

 


ALEXANDER WANG UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
2,361
10,407

Amounts owed to group undertakings
5,032,025
5,036,543

Other taxation and social security
703
10,093

Other creditors
10,516
12,364

Accruals and deferred income
240,629
325,967

5,286,234
5,395,374



7.


Prior year restatement

A prior year restatement has arisen as a result of the reallocation of the foreign exchange loss from other operating income to other operating charges which resulted in both being understated by £11,722 for the year ended 31 December 2021.
This adjustment has not resulted in a change to the profit for the year or net liabilities as at 31 December 2021.


8.


Commitments under operating leases

At 31 December 2022 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
975,000
975,000

Later than 1 year and not later than 5 years
731,250
1,706,250

1,706,250
2,681,250


9.


Parent company

At 31 December 2022, the immediate parent of the company for which consolidated financial statements are drawn up is Alexander Wang LLC, a company incorporated in USA. Its registered address is 386 Broadway, New York, NY 10013, US. 


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 2 August 2024 by Andrew Cook FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 6