Tonghouk Limited
Registered number: 09462500
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 446,824 425,774
Current assets
Stocks 100,210 130,430
Debtors 4 518,658 439,360
Cash at bank and in hand 218,102 85,339
836,970 655,129
Creditors: amounts falling due within one year 5 (314,216) (229,934)
Net current assets 522,754 425,195
Total assets less current liabilities 969,578 850,969
Creditors: amounts falling due after more than one year 6 (81,778) (209,990)
Net assets 887,800 640,979
Capital and reserves
Called up share capital 100 100
Profit and loss account 887,700 640,879
Shareholders' funds 887,800 640,979
The directors are 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 directors acknowledge their 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.
K Kim
Director
Approved by the board on 7 October 2024
Tonghouk Limited
Notes to the Accounts
for the year ended 29 February 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. 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:
Plant and machinery 15% reducing balance
Motor vehicles 15% 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 40 21
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 606,522 27,995 634,517
Additions 54,048 38,825 92,873
At 29 February 2024 660,570 66,820 727,390
Depreciation
At 1 March 2023 200,974 7,769 208,743
Charge for the year 61,320 10,503 71,823
At 29 February 2024 262,294 18,272 280,566
Net book value
At 29 February 2024 398,276 48,548 446,824
At 28 February 2023 405,548 20,226 425,774
4 Debtors 2024 2023
£ £
Trade debtors 387,127 367,768
Other debtors 131,531 71,592
518,658 439,360
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 223,764 158,307
Corporation tax 71,062 39,154
Other taxes and social security costs 2,867 7,518
Other creditors 16,523 24,955
314,216 229,934
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 42,324 59,704
Obligations under finance lease and hire purchase contracts 39,454 17,302
Other creditors - 132,984
81,778 209,990
7 Other information
Tonghouk Limited is a private company limited by shares and incorporated in England. Its registered office is:
71-73 High Street
New Malden
Surrey
KT3 4BT
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