Registered number
11147281
KAM FUNG WONG LTD
Filleted Accounts
31 January 2024
KAM FUNG WONG LTD
Registered number: 11147281
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 26,821 23,544
Current assets
Stocks 19,100 20,520
Debtors 5 164,694 315,523
Cash at bank and in hand 2,259,832 1,316,916
2,443,626 1,652,959
Creditors: amounts falling due within one year 6 (820,812) (607,369)
Net current assets 1,622,814 1,045,590
Total assets less current liabilities 1,649,635 1,069,134
Provisions for liabilities (8,381) (4,473)
Net assets 1,641,254 1,064,661
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,641,154 1,064,561
Shareholders' funds 1,641,254 1,064,661
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 members have 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.
J C MA
Director
Approved by the board on 17 September 2024
KAM FUNG WONG LTD
Notes to the Accounts
for the year ended 31 January 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).
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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 2024 2023
Number Number
Average number of persons employed by the company 24 26
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 20,000
At 31 January 2024 20,000
Amortisation
At 1 February 2023 20,000
At 31 January 2024 20,000
Net book value
At 31 January 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 141,797
Additions 9,982
At 31 January 2024 151,779
Depreciation
At 1 February 2023 118,253
Charge for the year 6,705
At 31 January 2024 124,958
Net book value
At 31 January 2024 26,821
At 31 January 2023 23,544
5 Debtors 2024 2023
£ £
Trade debtors 155,455 305,723
Other debtors 9,239 9,800
164,694 315,523
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 178,582 134,160
Taxation and social security costs 642,230 473,209
820,812 607,369
7 Other information
KAM FUNG WONG LTD is a private company limited by shares and incorporated in England. Its registered office is:
111 High Street
Edgware
Middlesex
HA8 7DB
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