Registered number
07878968
LONDON CHINATOWN CHINESE ASSOCIATION
(PRIVATE COMPANY LIMITED BY GUARANTEE)
Unaudited Filleted Accounts
31 March 2023
KHMM
Chartered Accountants
7-8 Wing Yip Business Centre
395 Edgware Road
London
NW2 6LN
Tel: 0208 208 2085 Fax: 0208 208 2268
LONDON CHINATOWN CHINESE ASSOCIATION
Registered number: 07878968
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,122 7,066
Current assets
Debtors 4 88,574 87,222
Cash at bank and in hand 77,312 157,333
165,886 244,555
Creditors: amounts falling due within one year 5 (121,413) (91,521)
Net current assets 44,473 153,034
Net assets 50,595 160,100
Capital and reserves
Premises fund 6 41,440 41,440
Profit and loss account 9,155 118,660
Shareholder's funds 50,595 160,100
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 his 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.
MR DEQIN ZHENG
Director
Approved by the board on 22 September 2023
LONDON CHINATOWN CHINESE ASSOCIATION
Notes to the Accounts
for the year ended 31 March 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).
Income
Income is recognised and included in the profit and loss account when the Company has entitlement to the income, it is probable that the income will be received and the amount can be measured reliably. Income received relating to future accounting periods is deferred and recognised as a creditor within the balance sheet. The following sprecific policies are applied to particular categories of income:
Donation income are recognised when income has been received
Membership fees are recognised when received, and included in the profit and loss account for the period it relates to.
Income from grants is recognised when the company has entitlement to the funds and any performance conditions attached to the grants have been met.
Other income including sponsorship, advertising and stall rentals are meansured net of value added tax and recognised and included in the profit and loss account for the period it relates to when it is probable that the income will be received and the amount can be measured reliably.
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:
Fixtures and fittings over 4 years
Computer equipment over 3 years
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.
1 Accounting policies (Cont.)
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.
Pensions
The pension costs charged in the financial statements represents the contribution payable by the Company during the period.
The regular cost of providing retirement pensions is charged to the profit and loss account in accordance with Work Place Pension regulations.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 April 2022 17,186
Additions 838
At 31 March 2023 18,024
Depreciation
At 1 April 2022 10,120
Charge for the year 1,782
At 31 March 2023 11,902
Net book value
At 31 March 2023 6,122
At 31 March 2022 7,066
4 Debtors 2023 2022
£ £
Trade debtors 73,400 53,667
VAT repayable 7,979 -
Other debtors 7,195 33,555
88,574 87,222
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 947 6,570
Other creditors 120,466 84,951
121,413 91,521
6 Premises funds
Premises funds represents donations received for acquisition of premises.
7 Events after the reporting date
No significant events have taken place since the end of the year.
8 Related party transactions
The Company paid office rent of £39,000 at market value rent to its Chairman, Mr Chu Ting Tang during the year. There were no other transactions with the Director or other related parties during the year except in the ordinary course of trading between the Association and many of its members.
9 Controlling party
The company is under the control of the members.
10 Other information
LONDON CHINATOWN CHINESE ASSOCIATION is a private company limited by guarantee and incorporated in England. Its registered office is:
5 Newport Place
3rd Floor
London
WC2H 7JN
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