IRIS Accounts Production v23.2.0.158 SC192489 Board of Directors 1.2.22 31.1.23 31.1.23 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1924892022-01-31SC1924892023-01-31SC1924892022-02-012023-01-31SC1924892021-01-31SC1924892021-02-012022-01-31SC1924892022-01-31SC192489ns10:Originalns15:Scotland2022-02-012023-01-31SC192489ns14:PoundSterlingns10:Original2022-02-012023-01-31SC192489ns10:Originalns10:Director12022-02-012023-01-31SC192489ns10:Original2022-02-012023-01-31SC192489ns10:Original2023-01-31SC192489ns10:Originalns10:PrivateLimitedCompanyLtd2022-02-012023-01-31SC192489ns10:Originalns10:SmallEntities2022-02-012023-01-31SC192489ns10:Originalns10:AuditExempt-NoAccountantsReport2022-02-012023-01-31SC192489ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-02-012023-01-31SC192489ns10:SmallCompaniesRegimeForAccountsns10:Original2022-02-012023-01-31SC192489ns10:Originalns10:FullAccounts2022-02-012023-01-31SC192489ns10:Original2021-02-012022-01-31SC192489ns10:Originalns10:Director22022-02-012023-01-31SC192489ns10:CompanySecretary1ns10:Original2022-02-012023-01-31SC192489ns10:Originalns10:RegisteredOffice2022-02-012023-01-31SC192489ns10:Original2022-01-31SC192489ns10:Originalns5:CurrentFinancialInstruments2023-01-31SC192489ns10:Originalns5:CurrentFinancialInstruments2022-01-31SC192489ns5:ShareCapitalns10:Original2023-01-31SC192489ns5:ShareCapitalns10:Original2022-01-31SC192489ns10:Originalns5:SharePremium2023-01-31SC192489ns10:Originalns5:SharePremium2022-01-31SC192489ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2023-01-31SC192489ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-01-31SC192489ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-01-31SC192489ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-01-31SC192489ns10:Originalns5:PlantMachinery2022-02-012023-01-31SC192489ns10:Originalns5:FurnitureFittings2022-02-012023-01-31SC192489ns10:Originalns5:PlantMachinery2022-01-31SC192489ns10:Originalns5:FurnitureFittings2022-01-31SC192489ns10:Original2022-01-31SC192489ns10:Originalns5:PlantMachinery2023-01-31SC192489ns10:Originalns5:FurnitureFittings2023-01-31SC192489ns10:Originalns5:PlantMachinery2022-01-31SC192489ns10:Originalns5:FurnitureFittings2022-01-31SC192489ns10:Originalns5:CurrentFinancialInstruments2022-02-012023-01-31SC192489ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-01-31SC192489ns10:Originalns5:SharePremium2022-01-31SC192489ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-01-31SC192489ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-012023-01-31
REGISTERED NUMBER: SC192489 (Scotland)



















SUN WAI SHING & CO LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2023






SUN WAI SHING & CO LIMITED (REGISTERED NUMBER: SC192489)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SUN WAI SHING & CO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: Shing Chun Lau
Mrs Wai Fong Wong





SECRETARY: Mrs Wai Fong Wong





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC192489 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

SUN WAI SHING & CO LIMITED (REGISTERED NUMBER: SC192489)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 37 946
Investment property 5 697,660 545,160
697,697 546,106

CURRENT ASSETS
Debtors 6 958 777
Cash at bank 6,531 146,076
7,489 146,853
CREDITORS
Amounts falling due within one year 7 14,777 8,657
NET CURRENT (LIABILITIES)/ASSETS (7,288 ) 138,196
TOTAL ASSETS LESS CURRENT
LIABILITIES

690,409

684,302

PROVISIONS FOR LIABILITIES 11,744 11,918
NET ASSETS 678,665 672,384

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 8 301,457 301,457
Fair value reserve 8 50,038 50,038
Retained earnings 8 326,170 319,889
SHAREHOLDERS' FUNDS 678,665 672,384

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SUN WAI SHING & CO LIMITED (REGISTERED NUMBER: SC192489)

BALANCE SHEET - continued
31 JANUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 October 2023 and were signed on its behalf by:





Mrs Wai Fong Wong - Director


SUN WAI SHING & CO LIMITED (REGISTERED NUMBER: SC192489)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Sun Wai Shing & Co Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents rental income receivable for the year. Income is recognised on the basis of rent due for the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and Machinery - 25% on reducing balance
Equipment and Fittings - 10% on reducing balance

Investment properties
Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent.

This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SUN WAI SHING & CO LIMITED (REGISTERED NUMBER: SC192489)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Equipment
Plant and and
Machinery Fittings Totals
£    £    £   
COST
At 1 February 2022
and 31 January 2023 27,461 10,128 37,589
DEPRECIATION
At 1 February 2022 27,412 9,231 36,643
Charge for year 12 897 909
At 31 January 2023 27,424 10,128 37,552
NET BOOK VALUE
At 31 January 2023 37 - 37
At 31 January 2022 49 897 946

SUN WAI SHING & CO LIMITED (REGISTERED NUMBER: SC192489)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2022 545,160
Additions 152,500
At 31 January 2023 697,660
NET BOOK VALUE
At 31 January 2023 697,660
At 31 January 2022 545,160

Fair value at 31 January 2023 is represented by:
£   
Valuation in 2018 64,835
Valuation in 2020 (3,060 )
Cost 635,885
697,660

The investment properties purchased previously were revalued on an open market by the directors on 31 January 2020. The directors consider the valuations of these properties at 31 January 2023 to remain unchanged and the valuation of the property purchased during the current year is equivalent to the cost.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments and accrued income 958 777

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation Tax 1,646 7,738
Directors' current accounts 12,000 -
Accrued expenses 1,131 919
14,777 8,657

The loan from directors is interest free and repayable on demand.

SUN WAI SHING & CO LIMITED (REGISTERED NUMBER: SC192489)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


8. RESERVES
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1 February 2022 319,889 301,457 50,038 671,384
Profit for the year 6,281 6,281
At 31 January 2023 326,170 301,457 50,038 677,665

9. RELATED PARTY DISCLOSURES

The loan balances due to the directors amounted to £12,000 (2022 : £NIL).

The company leased premises to Aroma Café, owned by the director's daughter. Rent charged for the year amounted to £5,600 (2022 : £4,800).