Company registration number 07349487 (England and Wales)
Sing Wong Limited
Unaudited
financial statements
for the year ended 31 August 2023
PAGES FOR FILING WITH REGISTRAR
Sing Wong Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Sing Wong Limited
Statement Of Financial Position
as at 31 August 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
50,991
42,241
Current assets
Stocks
68,195
70,000
Debtors
191,070
61,884
Cash at bank and in hand
74,028
92,008
333,293
223,892
Creditors: amounts falling due within one year
(173,448)
(134,648)
Net current assets
159,845
89,244
Total assets less current liabilities
210,836
131,485
Creditors: amounts falling due after more than one year
(21,095)
(30,470)
Provisions for liabilities
(7,378)
Net assets
182,363
101,015
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
182,362
101,014
Total equity
182,363
101,015
Sing Wong Limited
Statement Of Financial Position (continued)
as at 31 August 2023
31 August 2023
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 February 2024
Q T Ly
Director
Company Registration No. 07349487
Sing Wong Limited
Notes to the financial statements
for the year ended 31 August 2023
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities. Income is recognised at the point of sale when goods and services are first provided to the customer.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
Straight line over the life of the lease
Fixtures, fittings & equipment
15-20% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Sing Wong Limited
Notes to the financial statements (continued)
for the year ended 31 August 2023
1
Accounting policies
(continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 represent accumulated differences between the company's taxable profit and its financial profit arise primarily from the differences between the accelerated capital allowances and depreciation.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Government grants
Government grants relate to Coronavirus Job Retention Scheme (CJRS) funding of staff who have been furloughed due to Covid-19. These revenue-based grants are recognised over the same period in which the related costs are incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
12
Sing Wong Limited
Notes to the financial statements (continued)
for the year ended 31 August 2023
- 5 -
3
Tangible fixed assets
Leasehold property
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2022
65,803
51,023
40,312
157,138
Additions
348
19,995
20,343
At 31 August 2023
65,803
51,371
60,307
177,481
Depreciation and impairment
At 1 September 2022
65,803
30,362
18,732
114,897
Depreciation charged in the year
3,699
7,894
11,593
At 31 August 2023
65,803
34,061
26,626
126,490
Carrying amount
At 31 August 2023
17,310
33,681
50,991
At 31 August 2022
20,661
21,580
42,241
4
Company information
Sing Wong Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Merrion Centre, 26-28 Woodhouse Lane, Leeds, West Yorkshire, LS2 8LX.