Company Registration No. 08574297 (England and Wales)
Total Asia Food Limited
Unaudited accounts
for the year ended 30 June 2023
Total Asia Food Limited
Unaudited accounts
Contents
Total Asia Food Limited
Company Information
for the year ended 30 June 2023
Company Number
08574297 (England and Wales)
Registered Office
Unit 8
Maesglas Retail Estate
Newport
NP20 2NS
Accountants
Evans Entwistle
Venta House
Maes-glas
Newport
NP20 2NS
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Total Asia Food Limited
for the year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Total Asia Food Limited for the year ended 30 June 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com.
Evans Entwistle
Member in Practice
Venta House
Maes-glas
Newport
NP20 2NS
5 October 2023
Total Asia Food Limited
Statement of financial position
as at 30 June 2023
Tangible assets
175,355
112,046
Inventories
645,478
899,780
Cash at bank and in hand
118,509
136,970
Creditors: amounts falling due within one year
(1,311,927)
(1,250,823)
Net current assets
555,882
539,597
Total assets less current liabilities
731,237
651,643
Creditors: amounts falling due after more than one year
(88,307)
(63,796)
Provisions for liabilities
Deferred tax
(33,317)
(22,596)
Net assets
609,613
565,251
Called up share capital
100
100
Profit and loss account
609,513
565,151
Shareholders' funds
609,613
565,251
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 5 October 2023 and were signed on its behalf by
Lian Wei Xu
Director
Company Registration No. 08574297
Total Asia Food Limited
Notes to the Accounts
for the year ended 30 June 2023
Total Asia Food Limited is a private company, limited by shares, registered in England and Wales, registration number 08574297. The registered office is Unit 8, Maesglas Retail Estate, Newport, NP20 2NS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
6 years straight line
Fixtures & fittings
10 years straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Total Asia Food Limited
Notes to the Accounts
for the year ended 30 June 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 July 2022
62,551
240,608
303,159
Additions
23,660
110,258
133,918
At 30 June 2023
86,211
350,866
437,077
At 1 July 2022
20,915
170,198
191,113
Charge for the year
12,559
58,050
70,609
At 30 June 2023
33,474
228,248
261,722
At 30 June 2023
52,737
122,618
175,355
At 30 June 2022
41,636
70,410
112,046
Finished goods
645,478
899,780
Amounts falling due within one year
Trade debtors
819,894
317,107
Amounts due from group undertakings etc.
283,928
436,563
Total Asia Food Limited
Notes to the Accounts
for the year ended 30 June 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,680
10,000
Obligations under finance leases and hire purchase contracts
45,275
24,376
Trade creditors
1,135,210
1,113,036
Taxes and social security
111,866
70,743
Other creditors
1,511
24,358
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
68,538
33,796
9
Deferred taxation
2023
2022
Accelerated capital allowances
33,317
22,596
Provision at start of year
22,596
30,430
Charged/(credited) to the profit and loss account
10,721
(7,834)
Provision at end of year
33,317
22,596
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
11
Transactions with related parties
At the balance sheet date the company was owed £283,928 by Jing Xing Trading Co Ltd (Company number 05125267) (2022: £436,563).
The company is a wholly owned subsidiary of Jing Xing Trading Co Ltd (company number 05125267).
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Average number of employees
During the year the average number of employees was 18 (2022: 20).