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Registered number: 13799562
WANG SHI HE JIA LTD
Unaudited Financial Statements
For The Year Ended 31 December 2023
LABAIT PROFESSIONALS LIMITED
Institute of Financial Accountants
Unit 1
17 Castle Street
Chester
England
CH1 2DS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13799562
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 31,499 33,249
Tangible Assets 5 63,853 67,724
95,352 100,973
CURRENT ASSETS
Stocks 6 10,000 15,000
Debtors 7 29,368 29,277
Cash at bank and in hand 94,330 66,376
133,698 110,653
Creditors: Amounts Falling Due Within One Year 8 (156,507 ) (142,846 )
NET CURRENT ASSETS (LIABILITIES) (22,809 ) (32,193 )
TOTAL ASSETS LESS CURRENT LIABILITIES 72,543 68,780
NET ASSETS 72,543 68,780
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 72,542 68,779
SHAREHOLDERS' FUNDS 72,543 68,780
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr CHANGZHONG WANG
Director
20/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
WANG SHI HE JIA LTD is a private company, limited by shares, incorporated in England & Wales, registered number 13799562 . The registered office is 40 Bishopric, Horsham, England, RH12 1QN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Straight Line
Fixtures & Fittings 20 Years
Computer Equipment 25% Straight Line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments FRS 102' to all of its financial instrument.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liability are offset, with the net amounts present in the financial statements, when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balance, and initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidence a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
...CONTINUED
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2.6. Financial Instruments - continued
Debt instrument are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 3)
6 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 34,999
As at 31 December 2023 34,999
Amortisation
As at 1 January 2023 1,750
Provided during the period 1,750
As at 31 December 2023 3,500
Net Book Value
As at 31 December 2023 31,499
As at 1 January 2023 33,249
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5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 880 70,000 608 71,488
As at 31 December 2023 880 70,000 608 71,488
Depreciation
As at 1 January 2023 135 3,500 129 3,764
Provided during the period 220 3,500 151 3,871
As at 31 December 2023 355 7,000 280 7,635
Net Book Value
As at 31 December 2023 525 63,000 328 63,853
As at 1 January 2023 745 66,500 479 67,724
6. Stocks
31 December 2023 31 December 2022
£ £
Stock 10,000 15,000
7. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 1,169 3,363
Prepayments and accrued income 11,367 9,338
Other debtors 16,832 16,576
29,368 29,277
8. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors 1,708 3,281
Corporation tax 2,986 553
VAT 9,701 13,286
Other creditors 125,726 125,726
Accruals and deferred income 4,321 -
Director's loan account 12,065 -
156,507 142,846
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9. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 1 1
10. Related Party Transactions
At the start of the accounting year, the opening balance of the directors' loans owned by the company was £0.
During the year, £78,649.33 was paid to the director Mr CHANGZHONG WANG.
The company also borrowed £90,715.87 from the director Mr CHANGZHONG WANG. 
The closing balance of directors' loans owned by the company at the end of the accounting year is £12,066.54.
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