Registered number
05648914
Lingshan Trading Company Limited
Filleted Accounts
31 December 2023
Lingshan Trading Company Limited
Registered number: 05648914
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 22,611 23,586
Current assets
Debtors 4 237,248 289,251
Cash at bank and in hand 67,889 115,507
305,137 404,758
Creditors: amounts falling due within one year 5 (190,246) (215,866)
Net current assets 114,891 188,892
Total assets less current liabilities 137,502 212,478
Creditors: amounts falling due after more than one year 6 (3,000) (3,000)
Provisions for liabilities (2,057) (2,179)
Net assets 132,445 207,299
Capital and reserves
Called up share capital 2 2
Profit and loss account 132,443 207,297
Shareholders' funds 132,445 207,299
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
D Prior
Director
Approved by the board on 20 February 2024
Lingshan Trading Company Limited
Notes to the Accounts
for the year ended 31 December 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery at 20% writing down value
Fixtures, fittings, tools and equipment 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 4
3 Tangible fixed assets
Land and buildings Plant and machinery Total
£ £ £
Cost
At 1 January 2023 16,596 32,955 49,551
Additions - 1,165 1,165
At 31 December 2023 16,596 34,120 50,716
Depreciation
At 1 January 2023 4,474 21,491 25,965
Charge for the year 332 1,808 2,140
At 31 December 2023 4,806 23,299 28,105
Net book value
At 31 December 2023 11,790 10,821 22,611
At 31 December 2022 12,122 11,464 23,586
4 Debtors 2023 2022
£ £
Trade debtors 74,349 74,349
Other debtors 162,899 214,902
237,248 289,251
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 6,731 7,073
Corporation tax (304) 22,882
Other creditors 183,819 185,911
190,246 215,866
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 3,000 3,000
7 Related party transactions
The shareholders have a controlling interest in a United States based company and there are sales to them of £140,199
8 Controlling party
There is no overall controlling party
9 Other information
Lingshan Trading Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
Manor Way
Borehamwood
Hertfordshire
WD6 1QQ
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