Company registration number 13299331 (England and Wales)
SINO GALLEON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
SINO GALLEON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SINO GALLEON LIMITED (REGISTERED NUMBER: 13299331)
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
77,965
76,327
Investments
4
10,000
87,965
76,327
Current assets
Debtors
5
47,594
46,977
Cash at bank and in hand
20,449
67,466
68,043
114,443
Creditors: amounts falling due within one year
6
(155,312)
(131,708)
Net current liabilities
(87,269)
(17,265)
Net assets
696
59,062
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
596
58,962
Total equity
696
59,062
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 July 2024
Mr H G Bayntun
Director
SINO GALLEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information
Sino Galleon Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Upper Grosvenor Road, Tunbridge Wells, Kent, TN1 2EP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of services, excluding value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Enter depreciation rate via StatDB - cd75
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
SINO GALLEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
1,932
1,236
76,860
80,028
Additions
19,766
738
400
20,904
At 31 July 2023
19,766
2,670
1,636
76,860
100,932
Depreciation and impairment
At 1 August 2022
286
212
3,203
3,701
Depreciation charged in the year
411
441
18,414
19,266
At 31 July 2023
697
653
21,617
22,967
Carrying amount
At 31 July 2023
19,766
1,973
983
55,243
77,965
At 31 July 2022
1,646
1,024
73,657
76,327
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
10,000
SINO GALLEON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
4
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 August 2022
-
Additions
10,000
At 31 July 2023
10,000
Carrying amount
At 31 July 2023
10,000
At 31 July 2022
-
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,196
Other debtors
47,594
42,781
47,594
46,977
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
9,337
6,499
Other creditors
145,975
125,209
155,312
131,708
7
Related party transactions
As at the balance sheet date the director owed the company £40,710 (2022: £20,013). This balance is included within other debtors and is interest free and repayable on demand.