Registered number
14682466
Fanchang Limited
Filleted Accounts
31 March 2024
Fanchang Limited
Registered number: 14682466
Balance Sheet
as at 31 March 2024
Notes 2024
£
Current assets
Stocks 254
Debtors 3 1,776
Cash at bank and in hand 6,170
8,200
Creditors: amounts falling due within one year 4 (2,266)
Net current assets 5,934
Total assets less current liabilities 5,934
Creditors: amounts falling due after more than one year 5 (4,352)
Net assets 1,582
Capital and reserves
Called up share capital 10
Profit and loss account 1,572
Shareholder's funds 1,582
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 her 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.
Meiling Guo
Director
Approved by the board on 2 July 2024
Fanchang 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 tangible fixed assets at rates calculated as follows:
Plant and machinery 18% reducing balance
Fixtures, fittings, tools and equipment 6% 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.
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
Number
Average number of persons employed by the company 3
3 Debtors 2024
£
Trade debtors 1,576
Other debtors 200
1,776
4 Creditors: amounts falling due within one year 2024
£
Taxation and social security costs 369
Other creditors 1,897
2,266
5 Creditors: amounts falling due after one year 2024
£
Other creditors 4,352
6 Other information
Fanchang Limited is a private company limited by shares and incorporated in England. Its registered office is:
129 Allenby Road
Leeds
LS11 5RR
Fanchang Limited 14682466 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 Meiling Guo No description of principal activity 14682466 2023-04-01 2024-03-31 14682466 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 14682466 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 14682466 bus:Director40 2023-04-01 2024-03-31 14682466 1 2023-04-01 2024-03-31 14682466 2 2023-04-01 2024-03-31 14682466 countries:England 2023-04-01 2024-03-31 14682466 bus:FRS102 2023-04-01 2024-03-31 14682466 bus:FilletedAccounts 2023-04-01 2024-03-31 14682466 2024-03-31 14682466 core:WithinOneYear 2024-03-31 14682466 core:AfterOneYear 2024-03-31 14682466 core:ShareCapital 2024-03-31 14682466 core:RetainedEarningsAccumulatedLosses 2024-03-31 14682466 2023-03-31 iso4217:GBP xbrli:pure