Company registration number 01163923 (England and Wales)
SUN KUM SHAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
SUN KUM SHAN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 4
SUN KUM SHAN LIMITED
BALANCE SHEET
AS AT
5 APRIL 2023
05 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
985,000
985,000
Current assets
Debtors
5
1,702
Cash at bank and in hand
23,364
33,916
25,066
33,916
Creditors: amounts falling due within one year
6
(23,703)
(23,791)
Net current assets
1,363
10,125
Total assets less current liabilities
986,363
995,125
Provisions for liabilities
(136,176)
(136,176)
Net assets
850,187
858,949
Capital and reserves
Called up share capital
100
100
Revaluation reserve
736,435
736,435
Profit and loss reserves
113,652
122,414
Total equity
850,187
858,949
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SUN KUM SHAN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
5 APRIL 2023
05 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
R Lee
Director
Company Registration No. 01163923
SUN KUM SHAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 3 -
1
Accounting policies
Company information
Sun Kum Shan Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rental income from investment properties, which is recognised on an accruals basis, with any outstanding rental income at the year end included within trade debtors. Any rent received which relates to future periods is included as deferred income.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. It is then transferred into the non-distributable revaluation reserve, as is any associated deferred tax movement.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’, which are measured at amortised costs. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
SUN KUM SHAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
3
4
Investment property
2023
£
Fair value
At 6 April 2022 and 5 April 2023
985,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the Directors in April 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,702
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
8,734
9,522
Other creditors
14,969
14,269
23,703
23,791