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Company registration number: 07990462







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


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 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
172,322
411,051

  
172,322
411,051

Current assets
  

Stocks
  
277,208
293,782

Debtors: amounts falling due within one year
 5 
895,220
1,006,185

Cash at bank and in hand
  
154,239
389,113

  
1,326,667
1,689,080

Creditors: amounts falling due within one year
 6 
(4,679,353)
(5,286,234)

Net current liabilities
  
 
 
(3,352,686)
 
 
(3,597,154)

Total assets less current liabilities
  
(3,180,364)
(3,186,103)

  

Net liabilities
  
(3,180,364)
(3,186,103)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(3,180,365)
(3,186,104)

  
(3,180,364)
(3,186,103)


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: 29 January 2025

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 2023

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. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 has two intercompany service agreements in place with the ultimate parent company, Alexander Wang LLC. The first one is for a market contribution for services provided guaranteeing an operating margin equal to 4% of the retail net sales of the company, this is recognised in other operating income. And the other agreement in place is for support costs associated with the online wholesale business which are recharged at cost plus an arm's length mark up of 10% and is reflected in other operating income. 
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. 
As mentioned in Note 9, the Board made the decision to close the Albemarle Street store on 5th October 2024 which terminated the market contribution margin equal to 4% of the retail net sales following the UK store ceasing to trade. It is the intention of management to continue to operate the company through the cost plus arrangement as they explore future opportunities.
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.

Page 2

 


ALEXANDER WANG UK LIMITED
 


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

2.Accounting policies (continued)

 
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.

 
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 2023

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 fìnancial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loansto related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 11).

Page 4

 


ALEXANDER WANG UK LIMITED
 


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

4.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
1,994,480
1,021,750
3,016,230


Additions
-
12,772
12,772



At 31 December 2023

1,994,480
1,034,522
3,029,002



Depreciation


At 1 January 2023
1,587,677
1,017,502
2,605,179


Charge for the year on owned assets
247,877
3,624
251,501



At 31 December 2023

1,835,554
1,021,126
2,856,680



Net book value



At 31 December 2023
158,926
13,396
172,322



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


5.


Debtors

2023
2022
£
£


Other debtors
540,089
485,043

Prepayments and accrued income
317,131
380,142

Deferred taxation
38,000
141,000

895,220
1,006,185


Within others debtors, there is an amount of £nil (2022: £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 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
11,119
2,361

Amounts owed to group undertakings
4,484,988
5,032,025

Other taxation and social security
2,314
703

Other creditors
13,919
10,516

Accruals and deferred income
167,013
240,629

4,679,353
5,286,234



7.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
731,250
975,000

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

731,250
1,706,250


8.


Parent company

At 31 December 2023, 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. 


9.


Post balance sheet events

Subsequent to the year end, on 5th October 2024, the Board made the decision to close the Albemarle Street store in London to reduce overheads whilst retaining customers through servicing online and via the other department stores. This will result in reduced trading levels going forward until an alternative store is located. 
At the time of closure of the store the tangible assets had been fully depreciated in line with the accounting policy and the remaining stock was returned to the parent company at cost price. Cost associated with the store closure were reimbursed by the parent in accordance with the intercompany service agreement referred to in note 2.2. Therefore there was no significant net financial effect to the company as a result of the post balance sheet event.


10.


Auditors' information

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

The audit report was signed on 31 January 2025 by Andrew Cook FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 6