Registered number
12314601
Gerrard Street Hongqin Ltd
Filleted Accounts
30 November 2023
Gerrard Street Hongqin Ltd
Registered number: 12314601
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 181,727 212,919
Current assets
Stocks 5,500 5,500
Debtors 4 117,393 128,000
Cash at bank and in hand 349,577 144,468
472,470 277,968
Creditors: amounts falling due within one year 5 (435,143) (312,387)
Net current assets/(liabilities) 37,327 (34,419)
Total assets less current liabilities 219,054 178,500
Creditors: amounts falling due after more than one year 6 - (22,390)
Provisions for liabilities (34,263) (31,080)
Net assets 184,791 125,030
Capital and reserves
Called up share capital 100 100
Profit and loss account 184,691 124,930
Shareholder's funds 184,791 125,030
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Hong Chen
Director
Approved by the board on 21 August 2024
Gerrard Street Hongqin Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
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:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
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. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 25 25
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 54,006 270,234 324,240
Additions - 19,160 19,160
At 30 November 2023 54,006 289,394 343,400
Depreciation
At 1 December 2022 4,667 106,654 111,321
Charge for the year 4,667 45,685 50,352
At 30 November 2023 9,334 152,339 161,673
Net book value
At 30 November 2023 44,672 137,055 181,727
At 30 November 2022 49,339 163,580 212,919
4 Debtors 2023 2022
£ £
Other debtors 117,393 128,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 50,400 12,000
Trade creditors 30,688 33,351
Taxation and social security costs 256,967 213,948
Other creditors 97,088 53,088
435,143 312,387
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 22,390
7 Other information
Gerrard Street Hongqin Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Ground Floor
7 Gerrard Street
London
W1D 5PH
8 Ultimate controlling party
The company is controlled by the sole director.
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