Registered number
11401196
Lucky Gold Dragon Limited
Unaudited Filleted Accounts
30 June 2023
Lucky Gold Dragon Limited
Registered number: 11401196
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 81,803 94,219
Current assets
Stocks 85,000 83,000
Debtors 4 57,561 11,044
Cash at bank and in hand 51,966 50,600
194,527 144,644
Creditors: amounts falling due within one year 5 (132,969) (170,533)
Net current assets/(liabilities) 61,558 (25,889)
Total assets less current liabilities 143,361 68,330
Creditors: amounts falling due after more than one year 6 (41,176) (62,107)
Net assets 102,185 6,223
Capital and reserves
Called up share capital 1 1
Profit and loss account 102,184 6,222
Shareholder's funds 102,185 6,223
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr L S Khor
Director
Approved by the board on 6 March 2024
Lucky Gold Dragon Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Shop improvement 10% straight line
Plant and machinery over 5 years
Motor vehicle over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 13
3 Tangible fixed assets
Shop improvement Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 17,000 111,131 709 128,840
Additions - 14,565 - 14,565
At 30 June 2023 17,000 125,696 709 143,405
Depreciation
At 1 July 2022 1,700 32,779 142 34,621
Charge for the year 1,700 25,139 142 26,981
At 30 June 2023 3,400 57,918 284 61,602
Net book value
At 30 June 2023 13,600 67,778 425 81,803
At 30 June 2022 15,300 78,352 567 94,219
4 Debtors 2023 2022
£ £
Other debtors 57,561 11,044
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 11,655 9,570
Trade creditors 51,965 63,916
Taxation and social security costs 9,178 733
Other creditors 50,171 86,314
132,969 170,533
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,891 29,167
Obligations under finance lease and hire purchase contracts 21,285 32,940
41,176 62,107
7 Controlling party
The company is under the control of the director, Mr L S Khor by virtue of his shareholdings in the company.
8 Other information
Lucky Gold Dragon Limited is a private company limited by shares and incorporated in England. Its registered office is:
114 Hamlet Court Road
Westcliff On Sea
Essex
SS0 7LP
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