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REGISTERED NUMBER: SC382886 (Scotland)



















LIANG YU COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2023






LIANG YU COMPANY LIMITED (REGISTERED NUMBER: SC382886)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LIANG YU COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTOR: Chun Yu Trevor Lee





SECRETARY: Whitelaw Wells C.A.





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC382886 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

LIANG YU COMPANY LIMITED (REGISTERED NUMBER: SC382886)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 3,667 4,167
Tangible assets 4 5,296 3,902
8,963 8,069

CURRENT ASSETS
Stocks 2,550 2,450
Debtors 5 44,357 49,748
Cash at bank and in hand 353,688 306,959
400,595 359,157
CREDITORS
Amounts falling due within one year 6 62,564 43,471
NET CURRENT ASSETS 338,031 315,686
TOTAL ASSETS LESS CURRENT
LIABILITIES

346,994

323,755

PROVISIONS FOR LIABILITIES 1,165 819
NET ASSETS 345,829 322,936

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 345,729 322,836
SHAREHOLDERS' FUNDS 345,829 322,936

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LIANG YU COMPANY LIMITED (REGISTERED NUMBER: SC382886)

BALANCE SHEET - continued
31 JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 April 2024 and were signed by:





Chun Yu Trevor Lee - Director


LIANG YU COMPANY LIMITED (REGISTERED NUMBER: SC382886)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents the value of sales during the year, exclusive of Value Added Tax. A sale is recognised at the point where a meal is served or handed over to the customer.

Intangible assets
After initial recognition intangible assets are measured at cost less any accumulated amortisation.

The company has amortised intangible assets as follows:

Lease Premium - over 20 years

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tenant's Improvement - 10% on cost
Equipment and Fittings - 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


LIANG YU COMPANY LIMITED (REGISTERED NUMBER: SC382886)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


1. ACCOUNTING POLICIES - continued
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 arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
When employees have rendered service to the company , short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company contributes to the individual personal pensions of its employees. Contributions payable are charged to the accounts in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 17 ) .

LIANG YU COMPANY LIMITED (REGISTERED NUMBER: SC382886)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


3. INTANGIBLE FIXED ASSETS
Lease
Premium
£   
COST
At 1 August 2022
and 31 July 2023 10,000
AMORTISATION
At 1 August 2022 5,833
Amortisation for year 500
At 31 July 2023 6,333
NET BOOK VALUE
At 31 July 2023 3,667
At 31 July 2022 4,167

4. TANGIBLE FIXED ASSETS
Equipment
Tenant's and
Improvement Fittings Totals
£    £    £   
COST
At 1 August 2022 47,688 40,552 88,240
Additions - 3,691 3,691
Disposals - (1,634 ) (1,634 )
At 31 July 2023 47,688 42,609 90,297
DEPRECIATION
At 1 August 2022 47,688 36,650 84,338
Charge for year - 2,008 2,008
Eliminated on disposal - (1,345 ) (1,345 )
At 31 July 2023 47,688 37,313 85,001
NET BOOK VALUE
At 31 July 2023 - 5,296 5,296
At 31 July 2022 - 3,902 3,902

LIANG YU COMPANY LIMITED (REGISTERED NUMBER: SC382886)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Credit card debtors 5,474 6,940
Director's current account - 117
Tax recoverable 39 -
PAYE/NI debtor 283 584
Prepayments 38,561 42,107
44,357 49,748

The director's loan is interests free and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 6,161 2,059
Corporation Tax 26,435 11,664
VAT 16,836 20,272
Other creditors 2,000 -
Director's current account 6,611 -
Accrued expenses 4,521 9,476
62,564 43,471

The director's loan is interests free and repayable on demand.

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 36,396 36,396
Between one and five years 145,584 145,584
In more than five years 78,858 115,254
260,838 297,234

LIANG YU COMPANY LIMITED (REGISTERED NUMBER: SC382886)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
Chun Yu Trevor Lee
Balance outstanding at start of year 117 -
Amounts advanced - 117
Amounts repaid (117 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 117

9. RELATED PARTY DISCLOSURES

The loan balance due to the director at the year end amounted to £6,611 (2022 : £117 debtor)