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Registered Number: 09958611
England and Wales

 

 

 

XIANG YANG LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2022

End date: 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Xiang Yang Limited for the year ended 31 January 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://icaew.com/regulations.

This report is made solely to the Board of Directors of Xiang Yang Limited, as a body, in accordance with the terms of our engagement letter dated 20 April 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Xiang Yang Limited and state those matters that we have agreed to state to the Board of Directors of Xiang Yang Limited, as a body, in this report in accordance with AAF 2/10 as detailed at http://icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Xiang Yang Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Xiang Yang Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and Loss of Xiang Yang Limited. You consider that Xiang Yang Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Xiang Yang Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.



....................................................
P and Co (Partners) LLP
48 Faulkner Street
Manchester
M1 4FH
03 October 2023
1
 
 
Notes
 
31/01/2023
£
  31/01/2022
£
Fixed assets      
Tangible fixed assets 3 71,701    79,723 
71,701    79,723 
Current assets      
Stocks 4 9,779    7,260 
Debtors: amounts falling due within one year 5 12,475    72,400 
Cash at bank and in hand 57,934    58,831 
80,188    138,491 
Creditors: amount falling due within one year 6 (199,559)   (159,517)
Net current liabilities (119,371)   (21,026)
 
Total assets less current liabilities (47,670)   58,697 
Creditors: amount falling due after more than one year 7 (35,768)   (69,583)
Provisions for liabilities 8 (12,870)   (14,276)
Net liabilities (96,308)   (25,162)
 

Capital and reserves
     
Called up share capital 9 1,000    1,000 
Profit and loss account (97,308)   (26,162)
Shareholder's funds (96,308)   (25,162)
 


For the year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 02 October 2023 and were signed on its behalf by:


-------------------------------
Mr Bo LIU
Director
2
General Information
Xiang Yang Limited is a private company, limited by shares, registered in England and Wales, registration number 09958611, registration address 111 Portland Street, Manchester, United Kingdom, M1 6DN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies. The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Short leasehold 10 years Straight Line
Fixtures and Fittings 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 31 (2022 : 29).
3.

Tangible fixed assets

Cost or valuation Short leasehold   Fixtures and Fittings   Total
  £   £   £
At 01 February 2022 4,588    78,388    82,976 
Additions   15,172    15,172 
Disposals    
At 31 January 2023 4,588    93,560    98,148 
Depreciation
At 01 February 2022   3,253    3,253 
Charge for year 625    22,569    23,194 
On disposals    
At 31 January 2023 625    25,822    26,447 
Net book values
Closing balance as at 31 January 2023 3,963    67,738    71,701 
Opening balance as at 01 February 2022 4,588    75,135    79,723 


4.

Stocks

31/01/2023
£
  31/01/2022
£
Finished Goods 9,779    7,260 
9,779    7,260 

5.

Debtors: amounts falling due within one year

31/01/2023
£
  31/01/2022
£
Prepayments & Accrued Income 12,475    11,482 
Other Debtors - Rent Deposit   40,000 
Other Debtors   3,211 
VAT   17,707 
12,475    72,400 

6.

Creditors: amount falling due within one year

31/01/2023
£
  31/01/2022
£
Trade Creditors 31,278    22,740 
Bank Loans & Overdrafts (Secured) 6,210    6,210 
PAYE & Social Security 10,261    8,164 
Accrued Expenses 6,882    3,716 
Other Creditors 49,897    67,886 
Accounts Payable 36,958    32,991 
Wages & Salaries Control Account 26,186   
Directors' Current Accounts 7,510    17,810 
VAT 24,377   
199,559    159,517 

7.

Creditors: amount falling due after more than one year

31/01/2023
£
  31/01/2022
£
Bank Loans & Overdrafts (secured) 35,768    40,874 
Other Long Term Loan   28,709 
35,768    69,583 

8.

Provisions for liabilities

31/01/2023
£
  31/01/2022
£
Deferred Tax 12,870    7,287 
Charged to Profit & Loss   6,989 
12,870    14,276 

9.

Share Capital

Authorised
1,000 Ordinary shares of £1.00 each
Allotted, called up and fully paid
31/01/2023
£
  31/01/2022
£
1,000 Ordinary shares of £1.00 each 1,000    1,000 
1,000    1,000 

3