REGISTERED NUMBER: 04070282 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Tangs Department Stores (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Mao

D N Sulger

REGISTERED OFFICE:

123 Pall Mall

St. James's

London

SW1Y 5EA

REGISTERED NUMBER:

04070282 (England and Wales)

AUDITORS:

Bourner Bullock, Statutory Auditor

Chartered Accountants

114 St Martin's Lane

Covent Garden

London

WC2N 4BE

CURRENT ASSETS

Debtors

4

116,158

168,961

Cash at bank

-

32,117

116,158

201,078

CREDITORS

Amounts falling due within one year

5

(1,740,143

)

(1,883,827

)

NET CURRENT LIABILITIES

(1,623,985

)

(1,682,749

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,623,985

)

(1,682,749

)

CAPITAL AND RESERVES

Called up share capital

6

1

1

Retained earnings

(1,623,986

)

(1,682,750

)

SHAREHOLDERS' FUNDS

(1,623,985

)

(1,682,749

)

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by:

M Mao - Director

1.	STATUTORY INFORMATION

These financial statements have been prepared on the going concern basis under the accounting policies set out below, which have been applied consistently and are in accordance with applicable accounting standards.

Tangs Department Stores (UK) 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principal accounting policies adopted in preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going Concern

The company made a loss in the year and has net current liabilities. The company is dependent on the support from the shareholders to continue as a going concern.

The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

Turnover

Revenue comprises the fair value of the consideration received or receivable for the sales of goods in the ordinary course of the Company's activities. Revenue is shown net of expected returns, discounts, and applicable sales taxes.

The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Company's activities as described below. The amount of revenue is not considered to be reliably measurable until all contingencies relating to the sale have been resolved. The Company bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Sales of goods are recognised when the Company sells a product to the customer. Retail sales are usually paid for by cash or credit card. The recorded revenue is the gross amount of sales, including the credit card fee payable for the transaction. Such fees are then included in "selling and distribution costs".

Current and deferred income tax

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date.

Deferred income tax is recognised, using the balance sheet liability method, on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Foreign currencies

a. Functional and presentation currency

Items included in the Company's financial statements are measured using the currency of the primary economic environment in which the entity operates (the "Functional currency"). The financial statements are presented in Pound Sterling, which is the Company's functional and presentation currency.

b. Transaction and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

Financial instruments

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and cash held on demand with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.

Fair value estimation

The carrying values less impairment provision of trade receivables and payables are a reasonable approximation of their fair values due to their short-term maturities. The carrying values of other financial assets, including cash and cash equivalents and other receivables, and financial liabilities, including other payables, also approximate their fair values due to their short-term maturities.

Estimates and judgements used in preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and judgements

The Company makes estimates and assumptions concerning the future. There is no estimate and assumption that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

7,493

6,126

Amounts owed by group undertakings

108,665

162,835

116,158

168,961

No bad debt provision was recorded at 31.12.2024. (2023: £843)

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Payments on account

-

1,000

Amounts owed to group undertakings

1,717,710

1,867,642

Tax

3,176

-

VAT

6,451

3,685

Other creditors

706

-

Accrued expenses

12,100

11,500

1,740,143

1,883,827

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1

Ordinary share

£1

1

1

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

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

The Report of the Auditors was unqualified.

Russell Joseph (Senior Statutory Auditor)

for and on behalf of Bourner Bullock, Statutory Auditor

8.

DIVIDENDS

There were no dividends paid or proposed in either the current year or the previous year.

9.	RELATIONSHIP BETWEEN ENTITY AND PARENTS

The parent of the smallest group in which these financial statements are consolidated is Shanghai Tang Group Limited, incorporated in British Virgin Islands.

The address of Shanghai Tang Group Limited is:

Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola, VG1110, British Virgin Islands