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REGISTERED NUMBER: SC496940 (Scotland)



















TONG XIANG HANG LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 FEBRUARY 2023






TONG XIANG HANG LIMITED (REGISTERED NUMBER: SC496940)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TONG XIANG HANG LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Tongbin Lin
Dewen Liu





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC496940 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

TONG XIANG HANG LIMITED (REGISTERED NUMBER: SC496940)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 347,075 361,572

CURRENT ASSETS
Stocks 667,000 562,000
Debtors 5 153,614 147,875
Cash at bank and in hand 84,619 74,420
905,233 784,295
CREDITORS
Amounts falling due within one year 6 943,456 865,519
NET CURRENT LIABILITIES (38,223 ) (81,224 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

308,852

280,348

CREDITORS
Amounts falling due after more than one
year

7

(210,094

)

(198,125

)

PROVISIONS FOR LIABILITIES (11,498 ) (12,243 )
NET ASSETS 87,260 69,980

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 87,160 69,880
SHAREHOLDERS' FUNDS 87,260 69,980

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TONG XIANG HANG LIMITED (REGISTERED NUMBER: SC496940)

BALANCE SHEET - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:




Tongbin Lin - Director



Dewen Liu - Director


TONG XIANG HANG LIMITED (REGISTERED NUMBER: SC496940)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Tong Xiang Hang Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents the value of sales during the year, exclusive of VAT Added Tax. A sale is recognised at the point where goods are paid for at the tills or delivered to the customer.

Tangible fixed assets
Depreciation will be provided at the following annual rates in order to write off each asset over its estimated useful life.

Heritable Property - 2% on cost
Equipment and Fittings - 15% on cost
Motor Vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


TONG XIANG HANG LIMITED (REGISTERED NUMBER: SC496940)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
When employees have rendered service to the company , short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Loans and borrowings
Loans and borrowings are initially recorded at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 24 ) .

TONG XIANG HANG LIMITED (REGISTERED NUMBER: SC496940)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


4. TANGIBLE FIXED ASSETS
Equipment
Freehold and Motor
property Fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2022 309,460 127,830 29,678 466,968
Additions - 2,250 10,974 13,224
At 28 February 2023 309,460 130,080 40,652 480,192
DEPRECIATION
At 1 March 2022 6,189 78,970 20,237 105,396
Charge for year 6,189 18,394 3,138 27,721
At 28 February 2023 12,378 97,364 23,375 133,117
NET BOOK VALUE
At 28 February 2023 297,082 32,716 17,277 347,075
At 28 February 2022 303,271 48,860 9,441 361,572


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 81,206 86,846
Loan to related company 61,494 52,494
VAT 2,061 7,330
Prepayments 8,853 1,205
153,614 147,875

The loan to related company is interest free and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 36,554 24,973
Hire purchase contracts (see note 8) - 11,635
Trade creditors 809,977 740,275
Corporation Tax 19,933 28,521
Social security and other taxes 642 660
Directors' current accounts 54,152 53,090
Accrued expenses 22,198 6,365
943,456 865,519

TONG XIANG HANG LIMITED (REGISTERED NUMBER: SC496940)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

The loan from directors is repayable on demand and interest is charged at a rate of 2%.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 38,089 25,152
Bank loans - 2-5 years 77,219 69,425
Bank loans more 5 yr by instal 94,786 103,548
210,094 198,125

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 94,786 103,548

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 11,635

Non-cancellable operating leases
2023 2022
£    £   
Within one year 1,232 3,696
Between one and five years - 1,232
1,232 4,928

TONG XIANG HANG LIMITED (REGISTERED NUMBER: SC496940)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 246,648 223,098

The bank loan is secured by a standard security over the company's freehold property and a bond and floating charge over the company's other assets.

10. RELATED PARTY DISCLOSURES

The directors loan balance payable at the year end amounted to £54,152 (2022: £53,090).

Loan to related company represents a loan of £61,494 (2022: £52,494) to E Hong Properties Limited, a
company which has common directors and shareholders.