REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
China Cabinet Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
China Cabinet Limited |
China Cabinet Limited (Registered number: 04775858) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company information | 1 |
Chartered accountants' report | 2 |
Statement of financial position | 3 |
Notes to the financial statements | 4 | to | 6 |
China Cabinet Limited |
Company Information |
for the Year Ended 30 June 2024 |
Directors: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
China Cabinet Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of China Cabinet Limited for the year ended 30 June 2024 which comprise the Income statement, Statement of financial position, Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of China Cabinet Limited, as a body, in accordance with the terms of our engagement letter dated 12 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of China Cabinet Limited and state those matters that we have agreed to state to the Board of Directors of China Cabinet Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than China Cabinet Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that China Cabinet Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of China Cabinet Limited. You consider that China Cabinet Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of China Cabinet Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
China Cabinet Limited (Registered number: 04775858) |
Statement of Financial Position |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
China Cabinet Limited (Registered number: 04775858) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | Statutory information |
China Cabinet Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
The presentation currency of the financial statements is the Pound Sterling (£). |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Tangible fixed assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
Depreciation |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
Fixtures and fittings | - | 15% reducing balance |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
China Cabinet Limited (Registered number: 04775858) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | Accounting policies - continued |
Going concern |
At the balance sheet date, current liabilities exceed current assets by £7,035.00. This is due to amounts owed to one of the directors being included within creditors due within one year. However, the director has indicated that he will not withdraw from these accounts in preference to other creditors, that they have operated within their bank facilities and that the accounts have been prepared on a going concern basis. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 July 2023 |
and 30 June 2024 |
Depreciation |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
6. | Stocks |
2024 | 2023 |
£ | £ |
Stocks |
7. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Social security and other |
taxes |
Prepayments |
China Cabinet Limited (Registered number: 04775858) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other |
taxes | - | 1,096 |
Directors' current accounts | 109,214 | 191,697 |
Accrued expenses |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 75,100 | 100 |
75,000 Ordinary shares of £1 each were allotted and fully paid for |