ACCOUNTS - Final Accounts

Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Company registration number: 07990462

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	ALEXANDER WANG UK LIMITED


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 auditor	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 - 7


ALEXANDER WANG UK LIMITED REGISTERED NUMBER:07990462

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		-		172,322
			-		172,322
Current assets
Stocks		185,129		277,208
Debtors: amounts falling due within one year	5	567,897		895,220
Cash at bank and in hand		40,662		154,239
		793,688		1,326,667
Creditors: amounts falling due within one year	6	(3,941,688)		(4,679,353)
Net current liabilities			(3,148,000)		(3,352,686)
Total assets less current liabilities			(3,148,000)		(3,180,364)

Net liabilities			(3,148,000)		(3,180,364)

Capital and reserves
Called up share capital	1	1
Profit and loss account	(3,148,001)	(3,180,365)
	(3,148,000)	(3,180,364)

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: 23 December 2025

The notes on pages 2 to 7 form part of these financial statements.

Page 1


ALEXANDER WANG UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 that the Company will continue in operational existence for the foreseeable future.
Although the Company closed its London store on 4th October 2024, as explained in Note 2.3, it continues to provide support services under an arrangement with its ultimate parent company, which remains the Company's primary source of funding and principal creditor. Under this arrangement, the Company receives ongoing financial and operational support to meet its obligations as they fall due, and this support is subject to regular review.
As the Company is dependent on the continuation of the service arrangement and financial support from its parent company which remains under regular review, this represents a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern.
The financial statements do not include any adjustments that might be required if the Company were unable to continue as a going concern.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover 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 turnover 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. Trade ceased on 4th October 2024 following the closure of the Albermarle Street store in London.
Other operating income relates to service fees associated with two intercompany service agreements in place with the ultimate parent company, Alexander Wang LLC. The first agreement relates to a market contribution for services provided, guaranteeing an operating margin equal to 4% of the Company’s retail net sales. Following the closure of the UK store on 4th October 2024, this agreement was terminated.
The second agreement relates to support costs associated with the online wholesale business, which are recharged at cost plus a mark-up of 10%. Following the closure of the UK store, the Company operated predominantly as a service provider to the ultimate parent company. The income arising from this income stream has been included in other operating income up to 4th October 2024 in recognition as a secondary activity revenue stream, after which date it has been recognised as Turnover to reflect the change in business activities.

Page 2


ALEXANDER WANG UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

2.Accounting policies (continued)

2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

2.9

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.

2.10

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.

Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 13).

Page 4


ALEXANDER WANG UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Tangible fixed assets

	Long-term leasehold property	Fixtures and fittings	Total
	£	£	£

At 1 January 2024	1,994,480	1,034,522	3,029,002
Disposals	(1,994,480)	(1,034,522)	(3,029,002)
At 31 December 2024	-	-	-

At 1 January 2024	1,835,554	1,021,126	2,856,680
Charge for the year on owned assets	158,925	2,718	161,643
Disposals	(1,994,479)	(1,023,844)	(3,018,323)
At 31 December 2024	-	-	-
Net book value
At 31 December 2024	-	-	-
At 31 December 2023	158,926	13,396	172,322

Page 5


ALEXANDER WANG UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Other debtors	533,719	540,089
Prepayments and accrued income	34,178	317,131
Deferred taxation	-	38,000
	567,897	895,220

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	45,362	11,119
Amounts owed to group undertakings	3,816,983	4,484,988
Other taxation and social security	517	2,314
Other creditors	-	13,919
Accruals and deferred income	78,826	167,013
	3,941,688	4,679,353

	Not later than 1 year	-	731,250
		-	731,250

8.	Parent company

At 31 December 2024, 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.

Page 6


ALEXANDER WANG UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

Included in the audit report was the following in relation to material uncertainty related to going concern:

We draw attention to Note 2.2 in the financial statements, which discloses the Company’s dependency on the service arrangement with its ultimate parent company. Should this arrangement cease, the Company would be unable to continue as a going concern. These events or conditions, together with other matters set out in Note 2.2, indicate the existence of a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 23 December 2025 by Andrew Cook FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

Page 7