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Company Registration No. 04966801 (England and Wales)
WAI SANG (EUROPE) RECYCLE LIMITED Unaudited accounts for the year ended 30 November 2023
WAI SANG (EUROPE) RECYCLE LIMITED Unaudited accounts Contents
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WAI SANG (EUROPE) RECYCLE LIMITED Company Information for the year ended 30 November 2023
Director
Mr Chun Tao Leung
Company Number
04966801 (England and Wales)
Registered Office
UNIT 6 VALE PARK INDUSTRIAL ESTATE HAZELBOTTOM ROAD CRUMPSALL MANCHESTER M8 0GF
Accountants
Lams Accountants 20 Burton Road Didsbury Manchester Greater Manchester M20 3ED
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WAI SANG (EUROPE) RECYCLE LIMITED Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
384,729 
421,777 
Current assets
Debtors
5,808 
5,185 
Cash at bank and in hand
(31,904)
7,280 
(26,096)
12,465 
Creditors: amounts falling due within one year
(415,371)
(404,461)
Net current liabilities
(441,467)
(391,996)
Net (liabilities)/assets
(56,738)
29,781 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(56,739)
29,780 
Shareholders' funds
(56,738)
29,781 
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 May 2024 and were signed on its behalf by
Mr Chun Tao Leung Director Company Registration No. 04966801
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WAI SANG (EUROPE) RECYCLE LIMITED Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
WAI SANG (EUROPE) RECYCLE LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04966801. The registered office is UNIT 6 VALE PARK INDUSTRIAL ESTATE, HAZELBOTTOM ROAD, CRUMPSALL, MANCHESTER, M8 0GF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% straight line basis / 5% straight line basis
Plant & machinery
15% reducing balance / 50% straight line basis
Motor vehicles
25% reducing balance basis
Fixtures & fittings
15% reducing balance basis
Computer equipment
25% reducing balance basis
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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WAI SANG (EUROPE) RECYCLE LIMITED Notes to the Accounts for the year ended 30 November 2023
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 December 2022
399,100 
547,960 
13,184 
22,648 
982,892 
At 30 November 2023
399,100 
547,960 
13,184 
22,648 
982,892 
Depreciation
At 1 December 2022
148,717 
379,611 
12,607 
20,180 
561,115 
Charge for the year
11,035 
25,252 
144 
617 
37,048 
At 30 November 2023
159,752 
404,863 
12,751 
20,797 
598,163 
Net book value
At 30 November 2023
239,348 
143,097 
433 
1,851 
384,729 
At 30 November 2022
250,383 
168,349 
577 
2,468 
421,777 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
5,808 
5,185 
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WAI SANG (EUROPE) RECYCLE LIMITED Notes to the Accounts for the year ended 30 November 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
(3,684)
3,019 
Trade creditors
8,829 
8,763 
Taxes and social security
(496)
(225)
Other creditors
99,428 
99,428 
Loans from directors
311,294 
291,776 
Accruals
- 
1,700 
415,371 
404,461 
The total amount of money invested by Ms Caiyun Huang as director loan is £200,000
7
Average number of employees
During the year the average number of employees was 6 (2022: 6).
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