Registered number
07548203
TAI CHEUNG LIMITED
Filleted Accounts
31 March 2024
JR HEUNG & CO.
Chartered Certified Accountants
38 Greenway
Totteridge
London
N20 8ED
1119-24
TAI CHEUNG LIMITED
Registered number: 07548203
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 32,217 32,789
Current assets
Stocks 2,550 2,040
Cash at bank and in hand 6,433 27,028
8,983 29,068
Creditors: amounts falling due within one year 4 (14,358) (20,095)
Net current (liabilities)/assets (5,375) 8,973
Total assets less current liabilities 26,842 41,762
Creditors: amounts falling due after more than one year 5 (15,585) (21,601)
Provisions for liabilities (580) (580)
Net assets 10,677 19,581
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,577 19,481
Shareholder's funds 10,677 19,581
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 his 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.
Mr. K L Chan
Director
Approved by the board on 23 September 2024
TAI CHEUNG LIMITED
Notes to the Accounts
for the year ended 31 March 2024
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 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. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Fixtures, fittings and equipment 25% p.a on reducing balance
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Improvement Fixtures, Fitings & Equipment Total
£ £ £
Cost
At 1 April 2023 30,500 8,519 39,019
At 31 March 2024 30,500 8,519 39,019
Depreciation
At 1 April 2023 - 6,230 6,230
Charge for the year - 572 572
At 31 March 2024 - 6,802 6,802
Net book value
At 31 March 2024 30,500 1,717 32,217
At 31 March 2023 30,500 2,289 32,789
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 13,058 7,995
Other creditors 1,300 12,100
14,358 20,095
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,585 21,601
6 Controlling party
The company is controlled by K L Chan by virtue of having ownership of 100% of the issued share capital in the company.
7 Other information
TAI CHEUNG LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
67 WEST GREEN ROAD
TOTTENHAM
LONDON
N15 5DA
TAI CHEUNG LIMITED 07548203 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 Mr. K L Chan No description of principal activity 07548203 2022-04-01 2023-03-31 07548203 core:WithinOneYear 2023-03-31 07548203 core:AfterOneYear 2023-03-31 07548203 core:ShareCapital 2023-03-31 07548203 core:RetainedEarningsAccumulatedLosses 2023-03-31 07548203 2023-04-01 2024-03-31 07548203 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07548203 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07548203 bus:Director40 2023-04-01 2024-03-31 07548203 1 2023-04-01 2024-03-31 07548203 2 2023-04-01 2024-03-31 07548203 core:LandBuildings 2023-04-01 2024-03-31 07548203 core:PlantMachinery 2023-04-01 2024-03-31 07548203 countries:England 2023-04-01 2024-03-31 07548203 bus:FRS102 2023-04-01 2024-03-31 07548203 bus:FilletedAccounts 2023-04-01 2024-03-31 07548203 2024-03-31 07548203 core:WithinOneYear 2024-03-31 07548203 core:AfterOneYear 2024-03-31 07548203 core:ShareCapital 2024-03-31 07548203 core:RetainedEarningsAccumulatedLosses 2024-03-31 07548203 core:LandBuildings 2024-03-31 07548203 core:PlantMachinery 2024-03-31 07548203 2023-03-31 07548203 core:LandBuildings 2023-03-31 07548203 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure