FARFETCH CHINA LTD

• ⚠

  Material uncertainty over going concern

  Given the challenging market conditions noted above and the expected geopolitical changes, namely the implementation of tariffs imposed by the United States, the continued operation of the Farfetch Group and availability of additional financing cannot be assured and, hence, these conditions indicate a material uncertainty which may cast significant doubt over the Company's ability to continue as a going concern.

1. FARFETCH CHINA LTD 2020-12-07 → present
2. FF ZADE LTD 2020-11-04 → 2020-12-07

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Given the challenging market conditions noted above and the expected geopolitical changes, namely the implementation of tariffs imposed by the United States, the continued operation of the Farfetch Group and availability of additional financing cannot be assured and, hence, these conditions indicate a material uncertainty which may cast significant doubt over the Company's ability to continue as a going concern.”

Group structure

1. FARFETCH CHINA LTD · parent
   1. Farfetch China (HK Holdings) Limited 100% · Hong Kong · Holding
   2. Farfetch (Shanghai) E-Commerce Co. Limited 100% · People's Republic of China · E-commerce services

Significant events

• “The loss for the year ended 31 December 2024 amounted to $44 million (2023: $114 million). The Company has a net liability position of $21 million as at 31 December 2024 (2023: $24 million). The reduction in the loss for the year is a result of there being no investment impairment charge (2023: $44 million).”
• “Following a challenging period during 2023, on 30 January 2024, the Company was sold to Surpique Acquisition Limited, a subsidiary of Coupang, Inc., through an English-law pre-pack administration of the Company's indirect parent company, Farfetch Holdings plc.”
• “Subsequent to the year end it has been brought to the attention of the directors that the surrender of UK tax losses by the Company to other UK Group members (in line with the Corporation Tax Act 2010) without consideration represents a distribution of assets with intrinsic value from the Company for which the Company has not been compensated. Further, over the time period the distributions were made, the Company did not have sufficient distributable reserves to support the distributions. In light of this, in the financial year ending 31 December 2025, a receivable of £1,062,798 will be recognised from Farfetch Platform Solutions Limited. This reflects the assessment of the fair market value of the asset distributed by the Company to Farfetch Platform Solutions Limited for the year ending 31 December 2024 as they have agreed to fully compensate the Company for the distribution. It is expected that the receivables will be settled using cash received from funding via a share subscription. This is a non-adjusting post balance sheet event.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.