NONG GAOW LIMITED |
Notes to the Accounts |
for the year ended 30 November 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts . Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Leasehold land and buildings |
10% reducing balance |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Tangible fixed assets |
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Land and buildings |
£ |
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Cost |
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At 1 December 2022 |
7,475 |
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At 30 November 2023 |
7,475 |
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Depreciation |
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At 1 December 2022 |
3,061 |
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At 30 November 2023 |
3,502 |
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Net book value |
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At 30 November 2023 |
3,973 |
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At 30 November 2022 |
4,414 |
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4 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Bank loans and overdrafts |
12,495 |
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16,199 |
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Taxation and social security costs |
19,375 |
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13,225 |
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Other creditors |
6,560 |
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2,542 |
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38,430 |
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31,966 |
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5 |
Other information |
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NONG GAOW LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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9 Hercies Road |
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Uxbridge |
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UB10 9LS |