Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-05-192023-05-192024-05-032024-05-032024-05-032023-12-31true2023-01-01falseNo description of principal activity33false 03589393 2023-01-01 2023-12-31 03589393 2022-04-01 2022-12-31 03589393 2023-12-31 03589393 2022-12-31 03589393 2022-04-01 03589393 c:Director1 2023-01-01 2023-12-31 03589393 c:Director1 2023-12-31 03589393 c:Director2 2023-01-01 2023-12-31 03589393 c:Director2 2023-12-31 03589393 c:Director3 2023-01-01 2023-12-31 03589393 c:Director3 2023-12-31 03589393 c:Director4 2023-01-01 2023-12-31 03589393 c:Director4 2023-12-31 03589393 c:Director5 2023-01-01 2023-12-31 03589393 c:Director5 2023-12-31 03589393 c:RegisteredOffice 2023-01-01 2023-12-31 03589393 d:FurnitureFittings 2023-01-01 2023-12-31 03589393 d:FurnitureFittings 2023-12-31 03589393 d:FurnitureFittings 2022-12-31 03589393 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03589393 d:ComputerEquipment 2023-01-01 2023-12-31 03589393 d:ComputerEquipment 2023-12-31 03589393 d:ComputerEquipment 2022-12-31 03589393 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03589393 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03589393 d:CurrentFinancialInstruments 2023-12-31 03589393 d:CurrentFinancialInstruments 2022-12-31 03589393 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03589393 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03589393 d:ShareCapital 2023-12-31 03589393 d:ShareCapital 2022-12-31 03589393 d:RetainedEarningsAccumulatedLosses 2023-12-31 03589393 d:RetainedEarningsAccumulatedLosses 2022-12-31 03589393 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03589393 c:OrdinaryShareClass1 2023-12-31 03589393 c:OrdinaryShareClass1 2022-12-31 03589393 c:FRS102 2023-01-01 2023-12-31 03589393 c:Audited 2023-01-01 2023-12-31 03589393 c:FullAccounts 2023-01-01 2023-12-31 03589393 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03589393 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03589393 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03589393 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03589393 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03589393 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03589393


HOP LUN (UK) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
HOP LUN (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
A E Desmecht (appointed 19 May 2023, resigned 11 March 2024)
Y Y Woo (appointed 29 September 2022, resigned 19 May 2023)
B T Y Shih (appointed 29 September 2022, resigned 3 May 2024)
K C Chai (appointed 3 May 2024)
A C M Le Moine (appointed 3 May 2024)




Registered number
03589393



Registered office
Saxon House
1st Floor

48 Southwark Street

London

United Kingdom

SE1 1UN




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
HOP LUN (UK) LIMITED
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 11


 
HOP LUN (UK) LIMITED
REGISTERED NUMBER: 03589393

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

Year ended 31 December 2023
Period ended 31 December 2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,621
3,182

  
1,621
3,182

Current assets
  

Stocks
 6 
337,024
356,886

Debtors: amounts falling due within one year
 7 
454,199
255,434

Cash at bank and in hand
  
21,592
786,897

  
812,815
1,399,217

Creditors: amounts falling due within one year
 8 
(240,484)
(849,724)

Net current assets
  
 
 
572,331
 
 
549,493

Total assets less current liabilities
  
573,952
552,675

Provisions for liabilities
  

Deferred tax
 9 
(252)
(796)

  
 
 
(252)
 
 
(796)

Net assets
  
573,700
551,879


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
  
573,698
551,877

  
573,700
551,879


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 comprehensive income 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 on 15 July 2024.

 


Page 1

 
HOP LUN (UK) LIMITED
REGISTERED NUMBER: 03589393
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023



A C M Le Moine
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
HOP LUN (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Hop Lun (UK) Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.The address of the registered office is given on the Company Information page of these financial statements.
The principal activity of the Company is that of a sales office in accordance with the sales support services agreement entered into with a group entity on 1 January 2021. The Company is a sales support office in nature and its income recognition is based on provision of services. 
 

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.

 
2.2

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Revenue

Turnover represents amounts receivable for services net of VAT and trade discounts.

Page 3

 
HOP LUN (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

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.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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.

 
2.7

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.

Page 4

 
HOP LUN (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% straight line
Computer equipment
-
33.3% straight line

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.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
HOP LUN (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 6

 
HOP LUN (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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 3 (2022 - 3).


4.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the Year/period was £21,821 (2022 - £4,922).


5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
18,136
35,926
54,062


Disposals
(11,694)
(33,244)
(44,938)



At 31 December 2023

6,442
2,682
9,124



Depreciation


At 1 January 2023
15,146
35,734
50,880


Charge for the Year on owned assets
1,369
192
1,561


Disposals
(11,694)
(33,244)
(44,938)



At 31 December 2023

4,821
2,682
7,503



Net book value



At 31 December 2023
1,621
-
1,621



At 31 December 2022
2,990
192
3,182

Page 7

 
HOP LUN (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
337,024
356,886

337,024
356,886


Page 8

 
HOP LUN (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
3,181
8,587

Amounts owed by group undertakings
202,579
171,485

Other debtors
235,714
64,657

Prepayments and accrued income
12,725
10,705

454,199
255,434



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
9,874
1,227

Amounts owed to group undertakings
74,266
814,815

Corporation tax
7,694
9,057

Other creditors
101,910
867

Accruals and deferred income
46,740
23,758

240,484
849,724


Page 9

 
HOP LUN (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023
2022


£

£






At beginning of year
(796)
(893)


Charged to profit or loss
544
97



At end of year
(252)
(796)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(405)
(796)

Short term timing differences
153
-

(252)
(796)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,159 (2022: £5,426).  Contributions totalling £1,104 (2022: £206) were payable to the fund at the reporting date and are included in creditors.

Page 10

 
HOP LUN (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Related party transactions

The Company has taken advantage of the exemption to disclose related party transactions with companies that are wholly owned within the Group.
At the year end the following balances were owed to the Company:
Hop Lun Brands Limited (incorporated in Ireland): £61,557 (2022:£48,756
Hop Lun (Hong Kong) Limited (incorporated in Hong Kong): £122,729 (2022: £122,729)
At the year end the following balances were due to Group members:
Hop Lun (Benelux) B.V. (incorporated in The Netherlands): £Nil (2022:£796,850).
Hop Lun Executive Ltd:: £74,266 ( 2022: £17,965)


13.


Controlling party

The Company is a wholly owned subsidiary of Hop Lun Opportunity Limited, a company incorporated in Hong Kong. The Company's ultimate holding company is PE Blossom Holding II Limited.


14.


Auditors' information

The auditors' report on the financial statements for the Year ended 31 December 2023 was unqualified.

The audit report was signed on 15 July 2024 by Ian Palmer FCA (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.

 
Page 11