Registration number:
Chung Ying Cantonese Restaurant Limited
for the Year Ended 31 May 2021
Chung Ying Cantonese Restaurant Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Chung Ying Cantonese Restaurant Limited
Company Information
Directors |
Mrs Yuk Ying Wong Mr James Wong |
Registered office |
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Accountants |
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Chung Ying Cantonese Restaurant Limited
(Registration number: 01963434)
Balance Sheet as at 31 May 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
5,000 |
5,000 |
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Retained earnings |
(1,532,016) |
(1,741,290) |
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Shareholders' deficit |
(1,527,016) |
(1,736,290) |
For the financial year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Chung Ying Cantonese Restaurant Limited
(Registration number: 01963434)
Balance Sheet as at 31 May 2021
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Chung Ying Cantonese Restaurant Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
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 had another poor year of trade. The Directors continue to pledge the support for the company and has taken action to try and reduce future losses. The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
Goods and services have been supplied to the customer.
Government grants
Government grants are recognised when the company has gained a right to the income. These amounts are matched to the same period as any related expenditure.
Tax
Deferred tax is recognised upon timing differences between the company expenditure and the taxable deduction gained from this expenditure. This difference noted is then applied at the current prevailing tax rate.
However deferred tax is only recognised when the company foresees this liability to arise in the forseeable future. Currently, due to sustained trading deficits, no deferred tax is being recognised.
Chung Ying Cantonese Restaurant Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and Fittings |
15% Reducing balance |
Motor Vehicles |
25% Reducing balance |
Property Improvements |
10% Straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website costs |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Chung Ying Cantonese Restaurant Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Chung Ying Cantonese Restaurant Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Chung Ying Cantonese Restaurant Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Intangible assets |
Goodwill |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 June 2020 |
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Additions acquired separately |
- |
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At 31 May 2021 |
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Amortisation |
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At 1 June 2020 |
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Amortisation charge |
- |
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At 31 May 2021 |
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Carrying amount |
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At 31 May 2021 |
- |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2020 |
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Additions |
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- |
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At 31 May 2021 |
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Depreciation |
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At 1 June 2020 |
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Charge for the year |
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At 31 May 2021 |
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Carrying amount |
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At 31 May 2021 |
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At 31 May 2020 |
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Stocks |
2021 |
2020 |
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Other inventories |
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Chung Ying Cantonese Restaurant Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Debtors |
Current |
Note |
2021 |
2020 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,753 (2020 - £ 9,708).
Chung Ying Cantonese Restaurant Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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2021 |
2020 |
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Due after more than five years |
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After more than five years by instalments |
- |
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- |
- |
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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5,000 |
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5,000 |
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Other borrowings |
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Bank borrowings
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Included in the loans and borrowings are the following amounts due after more than five years:
Bank loans and overdrafts after five years
Chung Ying Cantonese Restaurant Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Bounceback - loan interest rate fixed at 2.5%.
Related party transactions |
Chung Ying Cantonese Restaurant Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Directors' remuneration
The directors' remuneration for the year was as follows:
2021 |
2020 |
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Remuneration |
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Contributions paid to money purchase schemes |
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22,968 |
24,377 |
Summary of transactions with entities with joint control or significant interest
Summary of transactions with other related parties
HBK Investments PTE Ltd (Singapore) provides an interest free loan with no stated terms for repayment.
Loans to related parties
2021 |
Other related parties |
Total |
At start of period |
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Advanced |
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At end of period |
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2020 |
Other related parties |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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Terms of loans to related parties
Loans from related parties
2021 |
Entities with joint control or significant influence |
Other related parties |
Total |
At start of period |
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At end of period |
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Chung Ying Cantonese Restaurant Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
2020 |
Entities with joint control or significant influence |
Other related parties |
Total |
At start of period |
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At end of period |
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Terms of loans from related parties