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Company registration number: |
09318670
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KWOK BO LIMITED
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REPORT OF THE DIRECTORS' AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 November 2023 |
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KWOK BO LIMITED |
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BALANCE SHEET |
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AS AT 30 November 2023
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2023 |
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2022 |
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Notes |
£ |
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£ |
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£ |
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£ |
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FIXED ASSETS | | | | | | | | | | | |
Tangible assets | | | 3 | | | 3,020 | | | | 4,027 | |
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| | | | | | | 3,020 | | | | 4,027 | |
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CURRENT ASSETS |
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Stocks | | | | 1,405 | | | | 1,984 | | | | |
Debtors | | | | 19,669 | | | | 19,297 | | | | |
Cash at bank and in hand | | | | 5,514 | | | | 4,371 | | | | |
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| | | | | 26,588 | | | | 25,652 | | | |
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CREDITORS |
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Amounts falling due within one year |
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(43,703) |
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(34,479) |
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NET CURRENT ASSETS |
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(17,115) |
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(8,827) |
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TOTAL ASSETS LESS |
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CURRENT LIABILITIES |
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(14,095) |
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(4,800) |
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Creditors falling due after one year | | | | | (3,421) | | | | (10,702) | |
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PROVISIONS FOR LIABILITIES | | | | | (567) | | | | (1,007) | |
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NET ASSETS |
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(18,083) |
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(16,509) |
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CAPITAL AND RESERVES |
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Called-up equity share capital |
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100 |
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100 |
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Profit and loss account |
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(18,183) |
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(16,609) |
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SHAREHOLDERS FUNDS |
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(18,083) |
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(16,509) |
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For the year ending 30 November 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. | | | | | | | |
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. | | | | | | | |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts. | | | | | | | |
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All the members have consented to the preparation of abridged financial statements for the year ended 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006. | | | | | | | |
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The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies' regime. | | | | | | | |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the board of directors on 3 April 2024 and signed on its behalf. | | | | | | | |
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.......................................................................... |
C P Kwok |
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3 April 2024
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The annexed notes form part of these financial statements. | | | | | | | |
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KWOK BO LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2023 |
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1. |
Accounting policies |
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Basis of preparing the financial statements |
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The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
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| Turnover | | | | | | | | | |
| Turnover comprises the value of goods and services supplied by the company, net of Value Added Tax. | |
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| Fixed Assets | | | | | | | | |
| Tangible fixed assets are stated at cost less depreciation. Depreciation i provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: | |
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| Fixtures and Fittings - 25 % per annum of cost | |
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| Stocks and Work In Progress | | | | | | | |
| Stocks are valued at the lower of cost and net realisable value. | |
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| Deferred Taxation | | | | | | | | |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date. | |
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| Pension Scheme | | | | | | | | |
| The company operates a statutory contribution pension scheme. The pension charge is the amount payable by the company to the fund in respect of the year. | |
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| GOING CONCERN | | | | | | | |
| The company has suffered a loss in the year, which has increased the deficit on its reserves, and may indicate that it is not able to continue as a going concern. The directors consider this to be a temporary situation and will ensure finance for the company until it can correct the position. The directors have therefore compiled these financial statements using the going concern principles. |
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2. | Employees | | | |
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| The average number of persons employed by the company (including directors) during the year was 6. |
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3. | Tangible fixed assets | | | | | | | | | |
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Total |
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| Cost | | | | | | | | | | |
| At start of period | | 7,611 | |
| At end of period | | 7,611 | |
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| Depreciation | | | | | | | | | | |
| At start of period | | 3,584 | |
| Provided during the period | | 1,007 | |
| At end of period | | 4,591 | |
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| Net Book Value | | | | | | | | | |
| At start of period | | 4,027 | |
| At end of period | | 3,020 | |
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4. | Creditors due within one year | | | | | |
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| The bank loans are secured by personal guarantees given by the directors, which are joint & several. |
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5. | Creditors due after more than one year | | | | | |
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| The bank loans are secured by personal guarantees given by the directors, which are joint & several. |
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6. | Directors' advances, credits and guarantees | | | | | | | | |
| The company has provided interest free loans to the directors. The balances outstanding were:- C P Kwok H C Lee Balance at 1 December 2022 7,035 7,035 Amounts advanced 11,483 11,483 Amounts repaid (11,677) (11,676) Balance at 30 November 2023 £6,841 £6,842 Maximum balance outstanding in the year £7,035 £7,035 | |
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7. | Pension costs | | | | | | | | |
| The company operates a statutory contribution scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. | |
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