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COMPANY REGISTRATION NUMBER: 01128916
Woo Sang & Co Limited
Filleted Unaudited Financial Statements
For the Year Ended
31 August 2021
Woo Sang & Co Limited
Financial Statements
Year Ended 31 August 2021
Contents
Pages
Officers and Professional Advisers
1
Statement of Financial Position
2 to 3
Notes to the Financial Statements
4 to 6
Woo Sang & Co Limited
Officers and Professional Advisers
The Board of Directors
TF Lau
P Lau
Company Secretary
P Lau
Registered Office
19/21 George Street
Chinatown
Manchester
M1 4HE
Accountants
Beever and Struthers
Chartered accountants
The Beehive
Lions Drive
Shadsworth Business Park
Blackburn
BB1 2QS
Woo Sang & Co Limited
Statement of Financial Position
31 August 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
4
1,500,377
1,500,444
Current assets
Debtors
5
115,934
115,934
Cash at bank and in hand
93,878
71,072
---------
---------
209,812
187,006
Creditors: amounts falling due within one year
6
( 118,737)
( 120,855)
---------
---------
Net current assets
91,075
66,151
------------
------------
Total assets less current liabilities
1,591,452
1,566,595
Provisions
Taxation including deferred tax
( 234,112)
( 234,112)
------------
------------
Net assets
1,357,340
1,332,483
------------
------------
Capital and reserves
Called up share capital
45,000
45,000
Fair value reserve
1,246,453
1,246,453
Profit and loss account
65,887
41,030
------------
------------
Shareholders funds
1,357,340
1,332,483
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Woo Sang & Co Limited
Statement of Financial Position (continued)
31 August 2021
These financial statements were approved by the board of directors and authorised for issue on 17 August 2022 , and are signed on behalf of the board by:
P Lau
Director
Company registration number: 01128916
Woo Sang & Co Limited
Notes to the Financial Statements
Year Ended 31 August 2021
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 19/21 George Street, Chinatown, Manchester, M1 4HE.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no key judgements required in preparing the financial statements.
Revenue Recognition
Turnover represents amounts receivable for rent, net of VAT. Turnover is recognised as the service is provided.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
15% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Tangible Assets
Investment property
Plant and machinery
Total
£
£
£
Cost
At 1 September 2020 and 31 August 2021
1,500,000
50,254
1,550,254
------------
--------
------------
Depreciation
At 1 September 2020
49,810
49,810
Charge for the year
67
67
------------
--------
------------
At 31 August 2021
49,877
49,877
------------
--------
------------
Carrying amount
At 31 August 2021
1,500,000
377
1,500,377
------------
--------
------------
At 31 August 2020
1,500,000
444
1,500,444
------------
--------
------------
5. Debtors
2021
2020
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
115,934
115,934
---------
---------
6. Creditors: amounts falling due within one year
2021
2020
£
£
Social security and other taxes
5,846
7,299
Other creditors
112,891
113,556
---------
---------
118,737
120,855
---------
---------
There is a floating charge in favour of HSBC plc. on all property and assets, both present and future, including uncalled share capital. The charge is secured on all monies due, or to become due, from the company to HSBC plc.
7. Related Party Transactions
As at the balance sheet date the amount owed to the directors was £110,766 (2020: £110,766). The loan is interest fee and repayable on demand. Included in debtors is an amount of £115,934 (2020 - £115,934) due from Woo Sang Holdings Limited, the parent company of Woo Sang & Co Ltd. This loan is interest free and repayable on demand.