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Registered number: 04483789














CHINA TANG LONDON LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
CHINA TANG LONDON LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 7


 
CHINA TANG LONDON LIMITED
REGISTERED NUMBER:04483789

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
376,555
371,127

Current assets
  

Stocks
 5 
405,945
361,945

Debtors: amounts falling due within one year
 6 
341,671
311,724

Cash at bank and in hand
  
1,981,655
2,286,274

  
2,729,271
2,959,943

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(1,105,297)
(1,362,188)

Net current assets
  
 
 
1,623,974
 
 
1,597,755

Total assets less current liabilities
  
2,000,529
1,968,882

Creditors: amounts falling due after more than one year
 8 
-
(480,000)

Provisions for liabilities
  

Deferred tax
 9 
(77,458)
(57,259)

Net assets
  
1,923,071
1,431,623


Capital and reserves
  

Called up share capital 
 10 
100,000
100,000

Profit and loss account
  
1,823,071
1,331,623

  
1,923,071
1,431,623


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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.


Y C R J Yang
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
CHINA TANG LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

China Tang London Limited is a private limited liability company registered in England and Wales. The registered and trading address is The Dorchester, Park Lane, London, W1A 2HJ.
The principal activity of the company is the operation of a restaurant.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding Value Added Tax.
Restaurant sales are recognised at the point of sale.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20% straight line
Fixtures and fittings
-
20% - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.4

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for out of date and slow moving stocks.

Page 2

 
CHINA TANG LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Debtors

Short term debtors are measured at the transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short term creditors are measured at the transaction price.

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.10

Pensions

The company contributes to a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Page 3

 
CHINA TANG LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 90 (2022 - 91).

Page 4

 
CHINA TANG LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 January 2023
3,248,344


Additions
64,827



At 31 December 2023

3,313,171



Depreciation


At 1 January 2023
2,877,217


Charge for the year on owned assets
59,399



At 31 December 2023

2,936,616



Net book value



At 31 December 2023
376,555



At 31 December 2022
371,127


5.


Stocks

2023
2022
£
£

Food and beverage
405,945
361,945



6.


Debtors

2023
2022
£
£


Trade debtors
232,094
203,815

Other debtors
5,533
8,769

Prepayments and accrued income
104,044
99,140

341,671
311,724


Page 5

 
CHINA TANG LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loan
-
180,000

Trade creditors
201,746
200,569

Taxation and social security
498,087
597,862

Other creditors
123,711
129,530

Accruals and deferred income
281,753
254,227

1,105,297
1,362,188



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan
-
480,000



9.


Deferred taxation




2023


£






At beginning of year
57,259


Charged to profit or loss
20,199



At end of year
77,458

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
77,458
57,259

Page 6

 
CHINA TANG LONDON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



11.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £39,736 (2022 - £41,809). Contributions totalling £2,557 (2022 - £4,520) were payable to the fund at the reporting date and are included in creditors.


12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
500,000
500,000

Later than 1 year and not later than 5 years
1,052,055
1,552,055

1,552,055
2,052,055


13.


Controlling party

The directors regard Gnat and Company Limited, a company registered in the British Virgin Islands, as the parent and the ultimate parent undertaking. In the opinion of the directors, there is no ultimate controlling party.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 28 August 2024 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 7