Registered number
06316831
Polyfashion Trading Limited
Filleted Accounts
31 July 2023
Polyfashion Trading Limited
Registered number: 06316831
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,062 636,416
1,062 636,416
Current assets
Stocks 10,000 25,000
Debtors 4 8,084 -
Cash at bank and in hand 8,487 10,770
26,571 35,770
Creditors: amounts falling due within one year 5 (4,090) (233,242)
Net current assets/(liabilities) 22,481 (197,472)
Total assets less current liabilities 23,543 438,944
Creditors: amounts falling due after more than one year 6 - (145,358)
Net assets 23,543 293,586
Capital and reserves
Called up share capital 131,196 231,000
Profit and loss account (107,653) 62,586
Shareholders' funds 23,543 293,586
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.
Mr Xuanyang Jiang
Director
Approved by the board on 10 April 2024
Polyfashion Trading Limited
Notes to the Accounts
for the year ended 31 July 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:
Fixtures, fittings, tools and equipment 25% reducing balance
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.
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 3 3
3 Tangible fixed assets
Land and buildings Equipments Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 635,000 27,006 - 662,006
Additions - - - -
Surplus on revaluation - - - -
Disposals (635,000) - - (635,000)
At 31 July 2023 - 27,006 - 27,006
Depreciation
At 1 August 2022 - 25,590 - 25,590
Charge for the year - 354 - 354
Surplus on revaluation - - - -
On disposals - - - -
At 31 July 2023 - 25,944 - 25,944
Net book value
At 31 July 2023 - 1,062 - 1,062
At 31 July 2022 635,000 1,416 - 636,416
4 Debtors 2023 2022
£ £
Trade debtors 7 -
Other debtors 8,077 -
8,084 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,673 234,103
Taxation and social security costs 335 (984)
Other creditors 82 123
4,090 233,242
6 Creditors: amounts falling due after one year 2023 2022
£ £
Director's loan - 145,358
- 145,358
7 Controlling party
The company is controlled by Mrs Yuwei Zhou (40%),Mr Zhiqiang Jiang (10%), Mr Xuanyang Jiang (50%).
Polyfashion Trading Limited 06316831 false 2022-08-01 2023-07-31 2023-07-31 VT Final Accounts April 2022 Mr Xuanyang Jiang No description of principal activity 06316831 2021-08-01 2022-07-31 06316831 core:WithinOneYear 2022-07-31 06316831 core:AfterOneYear 2022-07-31 06316831 core:ShareCapital 2022-07-31 06316831 core:RetainedEarningsAccumulatedLosses 2022-07-31 06316831 2022-08-01 2023-07-31 06316831 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 06316831 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 06316831 bus:Director40 2022-08-01 2023-07-31 06316831 1 2022-08-01 2023-07-31 06316831 2 2022-08-01 2023-07-31 06316831 core:LandBuildings 2022-08-01 2023-07-31 06316831 core:PlantMachinery 2022-08-01 2023-07-31 06316831 core:Vehicles 2022-08-01 2023-07-31 06316831 bus:FRS102 2022-08-01 2023-07-31 06316831 bus:FullAccounts 2022-08-01 2023-07-31 06316831 2023-07-31 06316831 core:WithinOneYear 2023-07-31 06316831 core:AfterOneYear 2023-07-31 06316831 core:ShareCapital 2023-07-31 06316831 core:RetainedEarningsAccumulatedLosses 2023-07-31 06316831 core:LandBuildings 2023-07-31 06316831 core:PlantMachinery 2023-07-31 06316831 core:Vehicles 2023-07-31 06316831 2022-07-31 06316831 core:LandBuildings 2022-07-31 06316831 core:PlantMachinery 2022-07-31 06316831 core:Vehicles 2022-07-31 iso4217:GBP xbrli:pure