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Registered number: 09062275
JC Fashion (UK) Company Limited
Financial Statements
For The Year Ended 30 April 2024
Alexander Myerson & Co Limited
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 09062275
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,170 -
2,170 -
CURRENT ASSETS
Debtors 5 659,312 504,647
Cash at bank and in hand 15,106 81,609
674,418 586,256
Creditors: Amounts Falling Due Within One Year 6 (703,528 ) (630,450 )
NET CURRENT ASSETS (LIABILITIES) (29,110 ) (44,194 )
TOTAL ASSETS LESS CURRENT LIABILITIES (26,940 ) (44,194 )
NET LIABILITIES (26,940 ) (44,194 )
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account (26,941 ) (44,195 )
SHAREHOLDERS' FUNDS (26,940) (44,194)
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr K T Choi
Director
1 April 2025
The notes on pages 2 to 4 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
JC Fashion (UK) Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09062275 . The registered office is 3 West Street, Leighton Buzzard, Bedfordshire, LU7 1DA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, for sale of services to other group companies in the ordinary nature of the business. The fair value of consideration is stated as inter group recharge of the payroll and operating expenses with a 5% margin.Turnover is shown net of Value added Tax.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Straight line
2.4. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 3)
5 3
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4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 May 2023 -
Additions 2,541
As at 30 April 2024 2,541
Depreciation
As at 1 May 2023 -
Provided during the period 371
As at 30 April 2024 371
Net Book Value
As at 30 April 2024 2,170
As at 1 May 2023 -
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 134 143
Other debtors - 4,760
VAT recoverable 468 3,563
Amounts owed by group undertakings 658,710 496,181
659,312 504,647
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other taxes and social security 1,745 1,695
Pension contributions 553 641
Accruals and deferred income 4,940 3,800
Amounts owed to group undertakings 696,290 624,314
703,528 630,450
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
8. Related Party Transactions
The company has taken advantage of the exemption available not to report related party transactions entered into between two or more members of a group in which the subsidiary which is party to the transaction is 100% wholly owned.
9. Ultimate Controlling Party
The company's immediate shareholder is JC Fashion Group Limited, an entity registered in Hong Kong. The ultimate parent entity of the company is JC Fashion International Group Limited, a British Virgin Island entity, that is wholly owned by Mr King Ting Charles Choi.
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10. Audit Information
The auditor's report on the accounts of JC Fashion (UK) Company Limited for the year ended 30 April 2024 was qualified.
The basis of qualification in the auditor's report was as follows:
The evidence available to us was limited because we were not appointed as auditor of the company until January 2025 and in consequence it was not possible for us to perform the auditing procedures necessary to obtain sufficient appropriate audit evidence as regards to balances included in the preceding years' financial statements. Consequently, we were unable to determine whether any adjustments to these amounts were necessary.
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 Auditor's 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.
The matters required to report by exception are stated below:
Except for the matter described in the basis for qualified opinion section of our report, 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 Director's Report.
We have nothing to report in respect of the following matters in relation to which 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 or returns; or
  • certain disclosures of director's remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit, or
  • the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.
The auditor's report was signed by Paul Burns BSc BFP FCA (Senior Statutory Auditor) for and on behalf of Alexander Myerson & Co Limited , Statutory Auditor.
Alexander Myerson & Co Limited
61 Rodney Street
Liverpool
L1 9ER
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