Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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521,173 | 413,017 | |||
Current assets | ||||
Stocks |
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Debtors | ||||
- due within one year | 6 |
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- due after more than one year | 6 |
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Cash at bank and in hand |
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2,694,404 | 2,322,192 | |||
Creditors: amounts falling due within one year | 7 | (
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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 | (
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Provision for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of WAI YEE HONG LTD (registered number:
Raymond Chow
Director |
Allison Chow
Director |
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Allan Tan
Director |
Sandie Tan
Director |
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.
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 £.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
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.
Goodwill | not amortised |
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Leasehold improvements | not depreciated |
Vehicles |
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Fixtures and fittings |
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Office equipment |
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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.
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.
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.
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.
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.
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 |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2022 |
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At 31 March 2023 |
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Accumulated amortisation | |||
At 01 April 2022 |
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Charge for the financial year |
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At 31 March 2023 |
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Net book value | |||
At 31 March 2023 |
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At 31 March 2022 |
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Leasehold improve- ments |
Vehicles | Fixtures and fittings | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 April 2022 |
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Additions |
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At 31 March 2023 |
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Accumulated depreciation | |||||||||
At 01 April 2022 |
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Charge for the financial year |
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At 31 March 2023 |
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Net book value | |||||||||
At 31 March 2023 |
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At 31 March 2022 |
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2023 | 2022 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Amounts owed by connected companies |
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Amounts owed by directors |
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Prepayments |
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VAT recoverable |
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Other taxation and social security |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Other taxation and social security |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank overdrafts |
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Trade creditors |
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Accruals |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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74,182 | 102,500 |
2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year |
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Charged to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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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.