REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
FOR |
YUNGNIEN LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
FOR |
YUNGNIEN LIMITED |
YUNGNIEN LIMITED (REGISTERED NUMBER: 04513705) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
YUNGNIEN LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
BANKERS: |
Leicestershire |
LE87 2BB |
YUNGNIEN LIMITED (REGISTERED NUMBER: 04513705) |
ABRIDGED BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 30.9.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Non-distributable reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
YUNGNIEN LIMITED (REGISTERED NUMBER: 04513705) |
ABRIDGED BALANCE SHEET - continued |
31 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
YUNGNIEN LIMITED (REGISTERED NUMBER: 04513705) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Yungnien Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on a going concern basis, the directors having agreed to continue to support the company by retaining their loan to the company. |
Tangible fixed assets |
Freehold property | - |
Investment property |
Investment properties are initially measured at cost and subsequently at fair value with any change in value recognised in the profit and loss account. |
Depreciation is not provided in respect of investment properties. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
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 period 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. |
Rents received |
Rents received are included in turnover and are calculated on the accruals basis and represents net rental income, excluding VAT. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
YUNGNIEN LIMITED (REGISTERED NUMBER: 04513705) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2022 |
Disposals | ( |
) |
Reclassification/transfer |
At 31 March 2024 |
DEPRECIATION |
At 1 October 2022 |
Eliminated on disposal | ( |
) |
Reversal of impairments | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 September 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2022 |
Revaluations | 8,213 |
Reclassification/transfer | (369,201 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 September 2022 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2024 | 8,213 |
Cost | 36,787 |
45,000 |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 30.9.22 |
value: | as restated |
£ | £ |
Ordinary | £1 | 100 | 100 |
YUNGNIEN LIMITED (REGISTERED NUMBER: 04513705) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2024 |
7. | RELATED PARTY DISCLOSURES |
At 31 March 2024, Mr and Mrs G Choi, directors of the company had on an unsecured basis advanced £ 424,555 (2022: £447,000) to the company at 4% interest.. The directors have confirmed that they consider a minimum of £350,000 to be a long term investment in the company's operations and do not intend to withdraw this portion in the near future. |
Interest on the Directors' loan account for the period to 31 March 2024 is £25,474 (2022: £16,866). |
8. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr and Mrs G Choi. |