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REGISTERED NUMBER: 01995383 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

WONG'S INTERNATIONAL EUROPE LIMITED

WONG'S INTERNATIONAL EUROPE LIMITED (REGISTERED NUMBER: 01995383)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


WONG'S INTERNATIONAL EUROPE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Ben Chung Mat Wong
Tsze Wah Chan
Yin Man Wong
Wai Ming Chan





SECRETARY: DSP Systems Limited





REGISTERED OFFICE: Mercury House
19-21 Chapel Street
Marlow
Buckinghamshire
SL7 3HN





REGISTERED NUMBER: 01995383 (England and Wales)





AUDITORS: Richardson Jones
Registered Auditors &
Chartered Accountants
Mercury House
19-21 Chapel Street
Marlow
Buckinghamshire
SL7 3HN

WONG'S INTERNATIONAL EUROPE LIMITED (REGISTERED NUMBER: 01995383)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

The results show a pre-tax loss of £41,457 (2022: loss of £41,468). The company has net assets of £14,198 (2022: £57,064) at the balance sheet date.

Principal risks and uncertainties
The company is reliant upon continued support from its parent company, which will continue whilst the ultimate parent company requires a sales representative office in the United Kingdom. Accordingly, the financial statements do not include any adjustments that would result from withdrawal of support by the parent company.

The principal risks and uncertainties of Wong's International Holdings Limited, which include those of this company, are discussed in the group's annual report which does not form part of this report.

Key performance indicators ("KPIs")
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

The development, performance and position of Wong's International Holdings Limited, which include those of this company, are discussed in the group's annual report which does not form part of this report.

War in Ukraine
On 24 February 2022, Russian forces launched significant military action against Ukraine, and sustained conflict and disruption in the region continues.The impact to Ukraine as well as actions taken by other countries including new and stricter sanctions, and actions taken by Russia in response to such sanctions and each country's potential response to such sanction, tensions and military actions could have a material adverse effect on our operation.

ON BEHALF OF THE BOARD:





Yin Man Wong - Director


8th August 2024

WONG'S INTERNATIONAL EUROPE LIMITED (REGISTERED NUMBER: 01995383)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31st December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2023.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1st January 2023 to the date of this report.

The directors shown below were in office at 31st December 2023 but did not hold any interest in the Ordinary shares of £1 each at 1st January 2023 or 31st December 2023.

Ben Chung Mat Wong
Tsze Wah Chan
Yin Man Wong
Wai Ming Chan

The directors Ben Chung Mat Wong, Yin Man Wong, Tsze Wah Chan and Wai Ming Chan stated above are also directors of Wong's International Holdings Limited, the company's ultimate parent company. Their interests in the shares of Wong's International Holdings Limited (if any) are disclosed in the directors' report of the 2023 Annual Report of Wong's International Holdings Limited.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

WONG'S INTERNATIONAL EUROPE LIMITED (REGISTERED NUMBER: 01995383)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023


AUDITORS
The auditors, Richardson Jones, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Yin Man Wong - Director


8th August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WONG'S INTERNATIONAL EUROPE LIMITED

Opinion
We have audited the financial statements of Wong's International Europe Limited (the 'company') for the year ended 31st December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WONG'S INTERNATIONAL EUROPE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to Wongs International Europe Limited and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including Section 106 agreements, Health and Safety regulations and Corporation tax regulations. Our procedures included:

-agreeing the financial statements disclosures to underlying supporting documentation.
-enquiries with management.
-understanding the internal controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WONG'S INTERNATIONAL EUROPE LIMITED


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.




Kevin Ellerby (Senior Statutory Auditor)
for and on behalf of Richardson Jones
Registered Auditors &
Chartered Accountants
Mercury House
19-21 Chapel Street
Marlow
Buckinghamshire
SL7 3HN

8th August 2024

WONG'S INTERNATIONAL EUROPE LIMITED (REGISTERED NUMBER: 01995383)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2023

31.12.23 31.12.22
Notes £ £

TURNOVER 79,426 67,952

Administrative expenses 120,887 109,418
OPERATING LOSS 4 (41,461 ) (41,466 )

Interest receivable and similar income 4 -
(41,457 ) (41,466 )

Interest payable and similar expenses 5 - 2
LOSS BEFORE TAXATION (41,457 ) (41,468 )

Tax on loss 6 1,309 743
LOSS FOR THE FINANCIAL YEAR (42,766 ) (42,211 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(42,766

)

(42,211

)

WONG'S INTERNATIONAL EUROPE LIMITED (REGISTERED NUMBER: 01995383)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 7 74 131

CURRENT ASSETS
Debtors 8 880 1,476
Cash at bank and in hand 32,643 73,689
33,523 75,165
CREDITORS
Amounts falling due within one year 9 19,299 18,232
NET CURRENT ASSETS 14,224 56,933
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,298

57,064

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 14,198 56,964
SHAREHOLDERS' FUNDS 14,298 57,064

The financial statements were approved by the Board of Directors and authorised for issue on 8th August 2024 and were signed on its behalf by:





Yin Man Wong - Director


WONG'S INTERNATIONAL EUROPE LIMITED (REGISTERED NUMBER: 01995383)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1st January 2022 100 99,175 99,275

Changes in equity
Total comprehensive income - (42,211 ) (42,211 )
Balance at 31st December 2022 100 56,964 57,064

Changes in equity
Total comprehensive income - (42,766 ) (42,766 )
Balance at 31st December 2023 100 14,198 14,298

WONG'S INTERNATIONAL EUROPE LIMITED (REGISTERED NUMBER: 01995383)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

31.12.23 31.12.22
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (40,308 ) (41,535 )
Interest paid - (2 )
Tax paid (742 ) (679 )
Net cash from operating activities (41,050 ) (42,216 )

Cash flows from investing activities
Interest received 4 -
Net cash from investing activities 4 -

Decrease in cash and cash equivalents (41,046 ) (42,216 )
Cash and cash equivalents at beginning
of year

2

73,689

115,905

Cash and cash equivalents at end of
year

2

32,643

73,689

WONG'S INTERNATIONAL EUROPE LIMITED (REGISTERED NUMBER: 01995383)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£ £
Loss before taxation (41,457 ) (41,468 )
Depreciation charges 57 222
Finance costs - 2
Finance income (4 ) -
(41,404 ) (41,244 )
Decrease in trade and other debtors 596 154
Increase/(decrease) in trade and other creditors 500 (445 )
Cash generated from operations (40,308 ) (41,535 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31.12.23 1.1.23
£ £
Cash and cash equivalents 32,643 73,689
Year ended 31st December 2022
31.12.22 1.1.22
£ £
Cash and cash equivalents 73,689 115,905


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£ £ £
Net cash
Cash at bank and in hand 73,689 (41,046 ) 32,643
73,689 (41,046 ) 32,643
Total 73,689 (41,046 ) 32,643

WONG'S INTERNATIONAL EUROPE LIMITED (REGISTERED NUMBER: 01995383)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Wong's International Europe 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.

2. ACCOUNTING POLICIES

Going concern
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The directors consider this to be appropriate whilst the ultimate parent company requires a sales representative office in the United Kingdom. Accordingly, the financial statements do not include any adjustments that would result from withdrawal of support by the parent company.

Turnover
Turnover represents fees receivable from Wong's Electronics Company Limited, a fellow subsidiary company, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

War in ukraine
On 24 February 2022, Russian forces launched significant military action against Ukraine, and sustained conflict and disruption in the region continues.The impact to Ukraine as well as actions taken by other countries including new and stricter sanctions, and actions taken by Russia in response to such sanctions and each country's potential response to such sanction, tensions and military actions could have a material adverse effect on our operation.

Accordingly, no adjustments have been made relating to recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the company not continue as a going concern.

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£ £
Wages and salaries 87,264 86,400
Social security costs 5,787 6,240
93,051 92,640

The average number of employees during the year was as follows:
31.12.23 31.12.22

Sales 1 1

31.12.23 31.12.22
£ £
Directors' remuneration - -

WONG'S INTERNATIONAL EUROPE LIMITED (REGISTERED NUMBER: 01995383)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. OPERATING LOSS

The operating loss is stated after charging:

31.12.23 31.12.22
£ £
Depreciation - owned assets 57 222
Auditors' remuneration 3,570 3,400
Auditors' remuneration for non audit work 4,887 3,744

The directors of the company are also directors of a number of companies within the Wong's group. The directors services to the company do not occupy a significant amount of their time. As such, the directors do not consider that they have received any remuneration for their incidental services to the company for the year ended 31 December 2023 or 31 December 2022.

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£ £
Interest payable - 2

6. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
31.12.23 31.12.22
£ £
Current tax:
UK corporation tax 1,309 743
Tax on loss 1,309 743

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£ £
Loss before tax (41,457 ) (41,468 )
Loss multiplied by the standard rate of corporation tax in the UK of
21.729% (2022 - 19%)

(9,008

)

(7,879

)

Effects of:
Expenses not deductible for tax purposes 191 75
Capital allowances in excess of depreciation - (16 )
Depreciation in excess of capital allowances 12 -

Transfer pricing adjustments 10,114 8,563
Total tax charge 1,309 743

WONG'S INTERNATIONAL EUROPE LIMITED (REGISTERED NUMBER: 01995383)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

7. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1st January 2023
and 31st December 2023 211 1,220 1,431
DEPRECIATION
At 1st January 2023 112 1,188 1,300
Charge for year 25 32 57
At 31st December 2023 137 1,220 1,357
NET BOOK VALUE
At 31st December 2023 74 - 74
At 31st December 2022 99 32 131

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
VAT 352 1,051
Prepayments 528 425
880 1,476

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade creditors 1,005 1,116
Tax 1,310 743
Social security and other taxes 3,292 3,159
Other creditors 9,538 9,064
Accrued expenses 4,154 4,150
19,299 18,232

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £ £
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£

At 1st January 2023 56,964
Deficit for the year (42,766 )
At 31st December 2023 14,198

WONG'S INTERNATIONAL EUROPE LIMITED (REGISTERED NUMBER: 01995383)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

12. RELATED PARTY DISCLOSURES

The company is 100% held by Wong's International Marketing Limited, a company incorporated in Hong Kong. Wong's International Marketing Limited is 100% directly owned by Wong's International Holdings Limited, a company incorporated in Bermuda and listed on The Stock Exchange of Hong Kong Limited. The directors consider Wong's International Holdings Limited to be the company's ultimate parent company.

As at 31 December 2023, the largest shareholder of the ultimate parent company was Ben Chung Mat Wong (personally and via Salop Hong Kong Limited, a company wholly-owned and controlled by him).

Turnover represents amounts wholly receivable from Wong's Electronics Company Limited, a fellow subsidiary company.

13. ULTIMATE AND IMMEDIATE PARENT COMPANIES

Wong's International Marketing Limited is the immediate parent company and Wong's International Holdings Limited is the ultimate parent company. The financial statements of the ultimate parent company may be obtained by applying to the secretary at the registered office.