Registered number
10388767
Aomei Developments Limited
Filleted Accounts
31 January 2023
Aomei Developments Limited
Registered number: 10388767
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 1,752,999 705,730
Investments 6 - -
1,752,999 705,730
Current assets
Stocks - -
Debtors 7 127,550 187,679
Investments held as current assets - -
Cash at bank and in hand 2,029 4,955
129,579 192,634
Creditors: amounts falling due within one year 8 (1,437,418) (372,302)
Net current liabilities (1,307,839) (179,668)
Total assets less current liabilities 445,160 526,062
Creditors: amounts falling due after more than one year 9 (414,852) (432,115)
Provisions for liabilities - -
Net assets 30,308 93,947
Capital and reserves
Called up share capital 100 100
Share premium - -
Revaluation reserve 11 - -
Profit and loss account 30,208 93,847
Shareholder's funds 30,308 93,947
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms Meiyun Wu
Director
Approved by the board on 17 October 2023
Aomei Developments Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the letting of own properties.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold land nil
Freehold buildings over 50 years
Investment properties
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2023 2022
£ £
- -
3 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
4 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 -
Additions -
Disposals -
At 31 January 2023 -
Amortisation
At 1 February 2022 -
Provided during the year -
On disposals -
At 31 January 2023 -
Net book value
At 31 January 2023 -
At 31 January 2022 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 731,643 - - 731,643
Additions 1,072,479 - - 1,072,479
Surplus on revaluation - - - -
Disposals - - - -
At 31 January 2023 1,804,122 - - 1,804,122
Depreciation
At 1 February 2022 25,913 - - 25,913
Charge for the year 25,210 - - 25,210
Surplus on revaluation - - - -
On disposals - - - -
At 31 January 2023 51,123 - - 51,123
Net book value
At 31 January 2023 1,752,999 - - 1,752,999
At 31 January 2022 705,730 - - 705,730
Freehold land and buildings: 2023 2022
£ £
Historical cost - -
Cumulative depreciation based on historical cost - -
- -
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
6 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 February 2022 - - -
Additions - - -
Disposals - - -
At 31 January 2023 - - -
7 Debtors 2023 2022
£ £
Trade debtors - -
Amounts owed by group undertakings and undertakings in which the company has a participating interest 127,550 185,708
Deferred tax asset - -
Other debtors - 1,971
127,550 187,679
Amounts due after more than one year included above - -
8 Creditors: amounts falling due within one year 2023 2022
£ £
Non-equity preference shares - -
Bank loans and overdrafts 24,471 24,505
Obligations under finance lease and hire purchase contracts - -
Trade creditors 292,200 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 779,892 -
Corporation tax 8,415 8,415
Other taxes and social security costs - -
Other creditors 332,440 339,382
1,437,418 372,302
9 Creditors: amounts falling due after one year 2023 2022
£ £
Non-equity preference shares - -
Bank loans 414,852 432,115
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Other creditors - -
414,852 432,115
10 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years - -
Instalments falling due for payment after more than five years - -
- -
Secured bank loans - -
[Give an indication of the nature and form of the security for the bank loans]
11 Revaluation reserve 2023 2022
£ £
At 1 February 2022 - -
Gain on revaluation of land and buildings - -
Deferred taxation arising on the revaluation of land and buildings - -
At 31 January 2023 - -
12 Events after the reporting date
13 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts - -
14 Pension commitments
15 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases - -
16 Contingent liabilities
17 Off-balance sheet arrangements
18 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Ms Meiyun Wu
[Loan 1] - - - -
[Loan 2] - - - -
[Director 2]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 3]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 4]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 5]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 6]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 7]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 8]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 9]
[Loan 1] - - - -
[Loan 2] - - - -
- - - -
19 Guarantees made by the company on behalf of directors
Main terms Maximum Amount paid
liability and incurred
£ £
Ms Meiyun Wu
[Guarantee 1] - -
[Guarantee 2] - -
[Director 2]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 3]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 4]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 5]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 6]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 7]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 8]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 9]
[Guarantee 1] - -
[Guarantee 2] - -
- -
20 Related party transactions
Included within amounts owed to group undertakings are £370,892 (2022 - nil) due to Hongeran Properties Limited and £409,000 (2022 - nil) due to Young Deere Development Ltd.
Included within amounts owed by group undertakings are nil (2022 - £17,108) owed by Hongeran Properties Limited and £127,550 (2022 - £168,600) owed by Jinlimei Investments Limited.
Aomei Developments Limited, Jinlimei Investments Limited and Young Deere Development Ltd are wholly-owned subsidiaries of Hongeran Properties Limited, which is owned by Shuang Yun Building Contractor Limited.
Included within other creditors are £316,798 (2022 - £325,914) due to the participators.
21 Controlling party
Hongeran Properties Ltd, controls the company by virtue of a controlling of 100% of the issued ordinary share capital and its registered office is:
1st Floor, 267 High Road
Leyton
London
E10 5QN
22 Other information
Aomei Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor, 267 High Road
Leyton
London
E10 5QN
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