Silverfin false 31/03/2023 01/04/2022 31/03/2023 Allison Chow 24/04/2007 Raymond Chow 24/04/2007 Allan Tan 24/04/2007 Sandie Tan 24/04/2007 02 November 2023 The principal activity of the Company during the financial period was retail and wholesale trade of Chinese/Oriental groceries. 06223792 2023-03-31 06223792 bus:Director1 2023-03-31 06223792 bus:Director2 2023-03-31 06223792 bus:Director3 2023-03-31 06223792 bus:Director4 2023-03-31 06223792 2022-03-31 06223792 core:CurrentFinancialInstruments 2023-03-31 06223792 core:CurrentFinancialInstruments 2022-03-31 06223792 core:Non-currentFinancialInstruments 2023-03-31 06223792 core:Non-currentFinancialInstruments 2022-03-31 06223792 core:ShareCapital 2023-03-31 06223792 core:ShareCapital 2022-03-31 06223792 core:RetainedEarningsAccumulatedLosses 2023-03-31 06223792 core:RetainedEarningsAccumulatedLosses 2022-03-31 06223792 core:Goodwill 2022-03-31 06223792 core:Goodwill 2023-03-31 06223792 core:LeaseholdImprovements 2022-03-31 06223792 core:Vehicles 2022-03-31 06223792 core:FurnitureFittings 2022-03-31 06223792 core:OfficeEquipment 2022-03-31 06223792 core:LeaseholdImprovements 2023-03-31 06223792 core:Vehicles 2023-03-31 06223792 core:FurnitureFittings 2023-03-31 06223792 core:OfficeEquipment 2023-03-31 06223792 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-03-31 06223792 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2022-03-31 06223792 core:CurrentFinancialInstruments 10 2023-03-31 06223792 core:CurrentFinancialInstruments 10 2022-03-31 06223792 core:Non-currentFinancialInstruments 10 2023-03-31 06223792 core:Non-currentFinancialInstruments 10 2022-03-31 06223792 2021-03-31 06223792 bus:OrdinaryShareClass1 2023-03-31 06223792 2022-04-01 2023-03-31 06223792 bus:FullAccounts 2022-04-01 2023-03-31 06223792 bus:SmallEntities 2022-04-01 2023-03-31 06223792 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06223792 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06223792 bus:Director1 2022-04-01 2023-03-31 06223792 bus:Director2 2022-04-01 2023-03-31 06223792 bus:Director3 2022-04-01 2023-03-31 06223792 bus:Director4 2022-04-01 2023-03-31 06223792 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 06223792 core:Goodwill 2022-04-01 2023-03-31 06223792 core:Vehicles 2022-04-01 2023-03-31 06223792 core:FurnitureFittings 2022-04-01 2023-03-31 06223792 core:OfficeEquipment 2022-04-01 2023-03-31 06223792 2021-04-01 2022-03-31 06223792 core:LeaseholdImprovements 2022-04-01 2023-03-31 06223792 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 06223792 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 06223792 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06223792 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06223792 (England and Wales)

WAI YEE HONG LTD

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

WAI YEE HONG LTD

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

WAI YEE HONG LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
WAI YEE HONG LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Intangible assets 4 221,000 269,100
Tangible assets 5 300,173 143,917
521,173 413,017
Current assets
Stocks 516,866 282,270
Debtors
- due within one year 6 1,163,166 1,473,010
- due after more than one year 6 553,503 135,676
Cash at bank and in hand 460,869 431,236
2,694,404 2,322,192
Creditors: amounts falling due within one year 7 ( 1,280,967) ( 1,532,256)
Net current assets 1,413,437 789,936
Total assets less current liabilities 1,934,610 1,202,953
Creditors: amounts falling due after more than one year 8 ( 74,182) ( 102,500)
Provision for liabilities 9 ( 127,973) 0
Net assets 1,732,455 1,100,453
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 1,732,355 1,100,353
Total shareholders' funds 1,732,455 1,100,453

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of WAI YEE HONG LTD (registered number: 06223792) were approved and authorised for issue by the Director on 02 November 2023. They were signed on its behalf by:

Raymond Chow
Director
Allison Chow
Director
Allan Tan
Director
Sandie Tan
Director
WAI YEE HONG LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
WAI YEE HONG LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

WAI YEE HONG LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Eastgate Oriental City, Eastgate Road, Bristol, BS5 6XX, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
10 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

At the year ended 31 March 2022 a loan to a Partnership was misstated as a prepayment and the resulting s455 tax on the loan balance had not been recognised.

The prior year has been restated such that prepayments has reduced from £503,558 to £86,92 and other debtors increased from £Nil to £417,466. S455 has been recognised on the loan and corporation tax payable has increased from £193,753 to £329,429 and corporation tax recoverable has increased from £Nil to £135,676.

As previously reported Adjustment As restated
Year ended 31 March 2022 £ £ £
Prepayments 503,558 (417,466) 86,092
Other debtors 0 417,466 417,466
Other taxation and social security: amounts falling due after more than one year 0 135,676 135,676
Corporation tax 193,753 135,676 329,429

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 47 34

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 497,000 497,000
At 31 March 2023 497,000 497,000
Accumulated amortisation
At 01 April 2022 227,900 227,900
Charge for the financial year 48,100 48,100
At 31 March 2023 276,000 276,000
Net book value
At 31 March 2023 221,000 221,000
At 31 March 2022 269,100 269,100

5. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2022 18,985 223,935 490,005 19,288 752,213
Additions 0 0 192,418 0 192,418
At 31 March 2023 18,985 223,935 682,423 19,288 944,631
Accumulated depreciation
At 01 April 2022 0 174,952 419,171 14,173 608,296
Charge for the financial year 0 12,246 23,149 767 36,162
At 31 March 2023 0 187,198 442,320 14,940 644,458
Net book value
At 31 March 2023 18,985 36,737 240,103 4,348 300,173
At 31 March 2022 18,985 48,983 70,834 5,115 143,917

6. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 310,011 278,576
Amounts owed by connected companies 7,700 330,000
Amounts owed by directors 293,892 345,902
Prepayments 92,672 86,093
VAT recoverable 24,533 14,973
Other taxation and social security 16,892 0
Other debtors 417,466 417,466
1,163,166 1,473,010
Debtors: amounts falling due after more than one year
Other taxation and social security 231,203 135,676
Other debtors 322,300 0
553,503 135,676

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 1,150 6,171
Trade creditors 828,057 1,110,764
Accruals 18,815 51,659
Corporation tax 403,925 329,430
Other taxation and social security 16,091 0
Obligations under finance leases and hire purchase contracts (secured) 11,813 34,022
Other creditors 1,116 210
1,280,967 1,532,256

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 4,182 0
Other creditors 70,000 102,500
74,182 102,500

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

9. Deferred tax

2023 2022
£ £
At the beginning of financial year 0 0
Charged to the Statement of Income and Retained Earnings ( 127,973) 0
At the end of financial year ( 127,973) 0

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed by directors, at the balance sheet date 293,892 345,902
Amounts owed by companies under common control, at the balance sheet date 330,000 330,000
Amounts owed by partnership under common control, at the balance sheet date 417,466 417,466

The loan to directors is interest free and there is no fixed date for repayment.
The loan to companies under common control is interest free and there is no fixed date for repayment.
The loan to partnership under common control is interest free, there is no fixed date for repayment and the amount is presented in Other Debtors.