Starlight U.K. Corporation Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 13781762 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Starlight U.K. Corporation Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

FIXED ASSETS

Tangible assets

4

308,965

12,111

Investments

5

117

309,082

12,228

CURRENT ASSETS

Stocks

454,616

-

Debtors

6

5,728,645

2,666,688

Cash at bank

2,074,319

3,093,085

8,257,580

5,759,773

CREDITORS

Amounts falling due within one year

7

5,722,917

2,539,113

NET CURRENT ASSETS

2,534,663

3,220,660

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,843,745

3,232,888

CAPITAL AND RESERVES

Called up share capital

5,000,000

Retained earnings

(2,156,255

)

(1,767,112

)

2,843,745

3,232,888

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 18 September 2025 and were signed by:

Ms R Zhu - Director

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

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" including the provisions of Section 1 A " Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company meets its day to day working capital requirements through its bank reserve and financial support from its immediate parent company, who confirmed to support the company for at least 12 months from the date of signing the 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

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.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Computer equipment - 20% straight line with residual value rate of 5%

Fixtures and fittings - 33% straight line with residual value rate of 3%

Leasehold improvement - 20% straight line

Stocks

Stocks are valued on a weighted average cost basis. Cost includes all direct expenditure and other attributable costs incurred in bringing inventories to their present location and condition.

At each balance sheet 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.

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.

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 NIL (2023 - 20 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

and

Computer

improvement

fittings

equipment

Totals

£

COST

At 1 January 2024

-

12,611

Additions

301,391

25,050

11,094

337,535

At 31 December 2024

301,391

25,050

23,705

350,146

DEPRECIATION

At 1 January 2024

-

500

Charge for year

35,162

5,519

-

40,681

At 31 December 2024

35,162

5,519

500

41,181

NET BOOK VALUE

At 31 December 2024

266,229

19,531

23,205

308,965

At 31 December 2023

-

12,111

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

117

NET BOOK VALUE

At 31 December 2024

117

At 31 December 2023

117

United Spinning and Dyeing Limited

The company owns 0.05% of the equity share capital of United Spinning and Dyeing Limited (2023: £117). 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

31.12.24

31.12.23

£

Trade debtors

2,776,268

27,322

Amounts owed by group undertakings

2,500,000

Other debtors

452,377

139,366

5,728,645

2,666,688

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand. This presents the share capital unpaid by the parent company.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade creditors

136,751

47,724

Amounts owed to group undertakings

4,829,106

1,492,515

Taxation and social security

50,673

47,642

Other creditors

706,387

951,232

5,722,917

2,539,113

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

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

Within one year

239,714

-

Between one and five years

1,882,060

-

2,121,774

-

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

The Report of the Auditors was unqualified.

Nijendra Dhungana FCCA (Senior Statutory Auditor)

for and on behalf of Shinewing Wilson Accountancy Limited

10.	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.

11.	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.

12.	ULTIMATE CONTROLLING PARTY

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

The ultimate parent company is Jiangsu Guotai International Group Co. Limited, a company incorporated and registered in China.

The smallest undertaking for which the company is a member and for which group financial statements are prepared is Excite Holding Limited. Copies of the consolidated financial statements can be obtained from the registered office of the company at Unit 2501-2, 25/F, Enterprise Square Three, 39 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong.

There is no one ultimate controlling party.