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Registered number: 09133112
ATX INDUSTRY UK LTD (FORMERLY BOTH UK LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ATX INDUSTRY UK LTD (FORMERLY BOTH UK LIMITED)
REGISTERED NUMBER: 09133112
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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:
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G J Zhu
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The notes on pages 2 to 5 form part of these financial statements.
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ATX INDUSTRY UK LTD (FORMERLY BOTH UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ATX Industry UK Ltd (Formerly Both UK Ltd) is a private Company limited by share capital, incorporated in England and Wales, registration number 09133112. The address of the registered office during the reporting period was 1 Vincent Square, London, SW1P 2PN. On 17 September 2025, the Company's registered office address changed to 3rd Floor The Coade, 98 Vauxhall Walk, London, United Kingdom, SE11 5EL.
The Company changed its name from Both UK Ltd to ATX Industry UK Ltd on 7 August 2025 following passing of a special resolution by the Company's members on 1 August 2025.
The Company is not currently revenue generating, however, plans are being put in place to commence trade in the subsequent reporting period.
2.Accounting policies
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Basis of preparation of financial statements
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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:
The financial statements have been prepared on the going concern basis which assumes that the Company will continue in operational existence for the foreseeable future.
The validity of this assumption depends on the continuing support from the Company's financiers, creditors and the ability to have sufficient working capital in the foreseeable future.
The Director is not aware of any reason why the support from the Company's financiers and other creditors will not be renewed. The continuation of this support is critical to the Company's ability to meet its liabilities as they fall due.
Should the going concern basis of preparation of the financial statements be found to be inappropriate, and should such support be withdrawn by the financiers, or there was insufficient working capital for the Company to continue as a going concern, adjustments may have to be made to reduce the value of assets to their recoverable amount, to provide for further liabilities that might arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities respectively. These adjustments having a consequent effect on the profit and loss account. It is not practical to quantify these potential adjustments which are not included in these financial statements.
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ATX INDUSTRY UK LTD (FORMERLY BOTH UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
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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.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 1).
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ATX INDUSTRY UK LTD (FORMERLY BOTH UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to other participating interests
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Other taxation and social security
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Accruals and deferred income
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The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £300 (2023 - Nil). Contributions totaling £Nil (2023 - Nil) were payable to the fund at the balance sheet date and are included in creditors.
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ATX INDUSTRY UK LTD (FORMERLY BOTH UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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At the balance sheet date, a balance of £967,500 (2023: £994,000) was owed to the Company by ATX Lifestyle Pte Ltd, the parent of the Company during the reporting period.
At the balance sheet date, a balance of £11,600 (2023: £11,600) was owed by the Company to ATX Trading Pte Ltd, a member of the ATX Holdings Pte Ltd group.
At the balance sheet date, a balance of £2,934 (2023: £2,934) was owed by the Company to Both Boutique Shanghai Co.Ltd, a member of the ATX Holdings Pte Ltd group.
At the balance sheet date, a balance of £53,187 (2023: £41,187) was owed by the Company to G J Zhu, a director of the Company.
At the balance sheet date, a balance of £5,000 (2023: £5,000) was owed by the Company to Zhu & Son Ltd, a Company with common control.
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The parent of the Company during the reporting period was ATX Lifestyle Pte Ltd, a Company incorporated in Singapore. On 1 January 2025 ATX Lifestyle Pte Ltd transferred its entire capital holding of one million Ordinary shares with nominal value of £1 per share, to ATX Industry Pte Ltd, a Company registered in Singapore.
The ultimate parent undertaking is ATX Holding Pte Ltd, a Company incorporated in Singapore and under the control of G J Zhu.The registration number of the ultimate parent undertaking is 200408124G, and its office is 8 Eu Tong Sen Street, #15-88, Singapore, 059818.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 30 September 2025 by Mr Benjamin Matthew Brookes (Senior statutory auditor) on behalf of Wellers.
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