Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mrs A Chow 24/04/2007 Mr R Chow 24/04/2007 Mr A Tan 24/04/2007 Mrs S Tan 24/04/2007 07 October 2024 The principal activity of the Company during the financial period was retail and wholesale trade of Chinese/Oriental groceries. 06223792 2024-03-31 06223792 bus:Director1 2024-03-31 06223792 bus:Director2 2024-03-31 06223792 bus:Director3 2024-03-31 06223792 bus:Director4 2024-03-31 06223792 2023-03-31 06223792 core:CurrentFinancialInstruments 2024-03-31 06223792 core:CurrentFinancialInstruments 2023-03-31 06223792 core:Non-currentFinancialInstruments 2024-03-31 06223792 core:Non-currentFinancialInstruments 2023-03-31 06223792 core:ShareCapital 2024-03-31 06223792 core:ShareCapital 2023-03-31 06223792 core:RetainedEarningsAccumulatedLosses 2024-03-31 06223792 core:RetainedEarningsAccumulatedLosses 2023-03-31 06223792 core:Goodwill 2023-03-31 06223792 core:Goodwill 2024-03-31 06223792 core:LeaseholdImprovements 2023-03-31 06223792 core:Vehicles 2023-03-31 06223792 core:FurnitureFittings 2023-03-31 06223792 core:OfficeEquipment 2023-03-31 06223792 core:LeaseholdImprovements 2024-03-31 06223792 core:Vehicles 2024-03-31 06223792 core:FurnitureFittings 2024-03-31 06223792 core:OfficeEquipment 2024-03-31 06223792 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2024-03-31 06223792 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-03-31 06223792 core:CurrentFinancialInstruments 10 2024-03-31 06223792 core:CurrentFinancialInstruments 10 2023-03-31 06223792 core:Non-currentFinancialInstruments 10 2024-03-31 06223792 core:Non-currentFinancialInstruments 10 2023-03-31 06223792 bus:OrdinaryShareClass1 2024-03-31 06223792 2023-04-01 2024-03-31 06223792 bus:FilletedAccounts 2023-04-01 2024-03-31 06223792 bus:SmallEntities 2023-04-01 2024-03-31 06223792 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06223792 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06223792 bus:Director1 2023-04-01 2024-03-31 06223792 bus:Director2 2023-04-01 2024-03-31 06223792 bus:Director3 2023-04-01 2024-03-31 06223792 bus:Director4 2023-04-01 2024-03-31 06223792 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 06223792 core:Goodwill 2023-04-01 2024-03-31 06223792 core:Vehicles 2023-04-01 2024-03-31 06223792 core:FurnitureFittings 2023-04-01 2024-03-31 06223792 core:OfficeEquipment 2023-04-01 2024-03-31 06223792 2022-04-01 2023-03-31 06223792 core:LeaseholdImprovements 2023-04-01 2024-03-31 06223792 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 06223792 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 06223792 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 06223792 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06223792 (England and Wales)

WAI YEE HONG LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WAI YEE HONG LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WAI YEE HONG LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
WAI YEE HONG LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 171,300 221,000
Tangible assets 4 332,588 300,173
503,888 521,173
Current assets
Stocks 662,318 516,866
Debtors
- due within one year 5 711,814 1,163,166
- due after more than one year 5 311,000 553,503
Cash at bank and in hand 553,183 460,869
2,238,315 2,694,404
Creditors: amounts falling due within one year 6 ( 1,142,648) ( 1,280,967)
Net current assets 1,095,667 1,413,437
Total assets less current liabilities 1,599,555 1,934,610
Creditors: amounts falling due after more than one year 7 ( 42,500) ( 74,182)
Provision for liabilities ( 81,178) ( 127,973)
Net assets 1,475,877 1,732,455
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 1,475,777 1,732,355
Total shareholders' funds 1,475,877 1,732,455

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Wai Yee Hong Ltd (registered number: 06223792) were approved and authorised for issue by the Board of Directors on 07 October 2024. They were signed on its behalf by:

Mr R Chow
Director
WAI YEE HONG LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WAI YEE HONG LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wai Yee Hong Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Eastgate Oriental City, Eastgate Road, Bristol, BS5 6XX, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 45 47

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 497,000 497,000
At 31 March 2024 497,000 497,000
Accumulated amortisation
At 01 April 2023 276,000 276,000
Charge for the financial year 49,700 49,700
At 31 March 2024 325,700 325,700
Net book value
At 31 March 2024 171,300 171,300
At 31 March 2023 221,000 221,000

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 18,985 223,935 682,423 19,288 944,631
Additions 0 87,961 0 1,534 89,495
At 31 March 2024 18,985 311,896 682,423 20,822 1,034,126
Accumulated depreciation
At 01 April 2023 0 187,198 442,320 14,940 644,458
Charge for the financial year 0 20,349 36,016 715 57,080
At 31 March 2024 0 207,547 478,336 15,655 701,538
Net book value
At 31 March 2024 18,985 104,349 204,087 5,167 332,588
At 31 March 2023 18,985 36,737 240,103 4,348 300,173

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 334,452 310,011
Amounts owed by Group undertakings 1,156 0
Amounts owed by connected companies 12,000 7,700
Amounts owed by directors 0 293,892
Prepayments 98,826 92,672
VAT recoverable 17,285 24,533
Other taxation and social security 248,095 16,892
Other debtors 0 417,466
711,814 1,163,166
Debtors: amounts falling due after more than one year
Other taxation and social security 0 231,203
Other debtors 311,000 322,300
311,000 553,503

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 1,601 1,150
Trade creditors 702,728 828,057
Accruals 18,815 18,815
Corporation tax 393,528 403,925
Other taxation and social security 21,704 16,091
Obligations under finance leases and hire purchase contracts (secured) 4,182 11,813
Other creditors 90 1,116
1,142,648 1,280,967

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 0 4,182
Other creditors 42,500 70,000
42,500 74,182

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 0 756

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by the directors 0 293,892
Amounts owed by companies under common control 323,000 330,000
Amounts owed by a partnership under common control 0 417,466

The amounts owed by the directors are interest free and were fully repaid during the year.

The loan to companies under common control is interest free and is being repaid at a rate of £1,000 per month.

The loan due from a partnership under common control is interest free and was repaid in full during the year.