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REGISTERED NUMBER: 13781762 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Starlight U.K. Corporation Limited

Starlight U.K. Corporation Limited (Registered number: 13781762)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Starlight U.K. Corporation Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Ms R Zhu





REGISTERED OFFICE: 5th Floor, Arthur Stanley House,
40-50 Tottenham Street,
London
W1T 4RN





REGISTERED NUMBER: 13781762 (England and Wales)





AUDITORS: Shinewing Wilson Accountancy Limited
Chartered Certified Accountants
and Statutory Auditors
9 St Clare Street
London
EC3N 1LQ

Starlight U.K. Corporation Limited (Registered number: 13781762)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,111 -
Investments 5 117 -
12,228 -

CURRENT ASSETS
Debtors 6 2,666,688 -
Cash at bank 3,093,085 874,281
5,759,773 874,281
CREDITORS
Amounts falling due within one year 7 2,539,113 1,087,323
NET CURRENT ASSETS/(LIABILITIES) 3,220,660 (213,042 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,232,888

(213,042

)

CAPITAL AND RESERVES
Called up share capital 5,000,000 100
Retained earnings (1,767,112 ) (213,142 )
3,232,888 (213,042 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





Ms R Zhu - Director


Starlight U.K. Corporation Limited (Registered number: 13781762)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Starlight U.K. Corporation 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
Going concern
During the company incurred a loss before tax of £1,553,970. The company's immediate parent company, Excite Holding Limited (formerly known as Jiangsu Guotai Huasheng Industrial (HK) Co., Limited) has confirmed that their financial support will remain available for at least 12 months from the date of signing these financial statements. Based on this, the director has concluded that the company has adequate resources to continue in its operational existence. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company’s turnover is derived from the sale of clothing and footwear. Revenue is recognised at the point in time when the customer obtains control of the goods, which occurs upon delivery.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Starlight U.K. Corporation Limited (Registered number: 13781762)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, and loans from group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Share capital
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company's ordinary shares are classified as equity instruments.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.


Starlight U.K. Corporation Limited (Registered number: 13781762)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 12,611
At 31 December 2023 12,611
DEPRECIATION
Charge for year 500
At 31 December 2023 500
NET BOOK VALUE
At 31 December 2023 12,111

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 117
At 31 December 2023 117
NET BOOK VALUE
At 31 December 2023 117

Starlight U.K. Corporation Limited (Registered number: 13781762)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS - continued

United Spinning and Dyeing Limited
The company owns 0.05% of the equity share capital of United Spinning and Dyeing Limited (2022: Nil). The address of the registered office of United Spinning and Dyeing Limited is Plot# 15-17, 24-26, 32-36, Sector#4, Uttara EPZ, Nilphamari, Bangladesh.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 27,322 -
Amounts owed by group undertakings 2,500,000 -
Other debtors 139,366 -
2,666,688 -

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 47,724 -
Amounts owed to group undertakings 1,492,515 999,900
Taxation and social security 47,642 35,443
Other creditors 951,232 51,980
2,539,113 1,087,323

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nijendra Dhungana (Senior Statutory Auditor)
for and on behalf of Shinewing Wilson Accountancy Limited

9. OTHER FINANCIAL COMMITMENTS

A charge has been registered at Companies House as security for the obligations of Starlight U.K. Corporation Limited under the Cash Collateral Deed dated 7 September 2023, with Bank of China (UK) Limited. This charge secures the Company's obligations relating to the facility agreement with the Bank.

10. RELATED PARTY DISCLOSURES

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.

Starlight U.K. Corporation Limited (Registered number: 13781762)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. ULTIMATE CONTROLLING PARTY

The immediate parent company is Excite Holding Limited, a company incorporated and registered in Hong Kong, P.R. China.

The ultimate parent company is Jiangsu Guotai International Group Co.limited, a company incorporated and registered in China. The registered address of the company is No.15 Floor 31, Building 2, Renmin Middle Road, Yangshe Town, Zhangjiagang City, Jiangsu Province, China.

There is no ultimate controlling party.