Registered number
08040076
789 Trading Limited
Filleted Accounts
31 March 2024
789 Trading Limited
Registered number: 08040076
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,358,832 2,358,832
Investments 4 10,000 10,000
2,368,832 2,368,832
Current assets
Debtors 5 1,552,001 1,511,011
Cash at bank and in hand 28,550 174,902
1,580,551 1,685,913
Creditors: amounts falling due within one year 6 (42,251) (65,396)
Net current assets 1,538,300 1,620,517
Total assets less current liabilities 3,907,132 3,989,349
Creditors: amounts falling due after more than one year 7 (3,288,649) (3,378,399)
Net assets 618,483 610,950
Capital and reserves
Called up share capital 10,000 10,000
Revaluation reserve 9 (230,000) (230,000)
Profit and loss account 838,483 830,950
Shareholders' funds 618,483 610,950
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.
Wan Loi Cheung
Director
Approved by the board on 10 November 2024
789 Trading 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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 2,358,832
At 31 March 2024 2,358,832
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 2,358,832
At 31 March 2023 2,358,832
4 Investments
Other
investments
£
Cost
At 1 April 2023 10,000
At 31 March 2024 10,000
5 Debtors 2024 2023
£ £
Trade debtors 114,730 73,740
Other debtors 1,437,271 1,437,271
1,552,001 1,511,011
Amounts due after more than one year included above 1,437,271 1,437,271
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 32,707 (462)
Taxation and social security costs 9,031 19,296
Other creditors 513 46,562
42,251 65,396
7 Creditors: amounts falling due after one year 2024 2023
£ £
Loans 3,280,000 3,280,000
Trade creditors 8,649 8,399
Other creditors - 90,000
3,288,649 3,378,399
8 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 3,280,000 3,280,000
Creditors include a total loan amount of £3,280,000, comprising:
£2,280,000 from 789 Investments Limited, classified as a shareholder loan, which is interest-free and repayable upon demand after 27 June 2027.
£1,000,000 from Sanlian-Acme Limited, with interest payments that commenced on 31 December 2014. Capital repayments are set to begin on 27 June 2027, with full repayment expected within 30 days of demand by the lender, provided this does not occur before the stated repayment date.
9 Revaluation reserve 2024 2023
£ £
At 1 April 2023 (230,000) (230,000)
At 31 March 2024 (230,000) (230,000)
10 Related party transactions
Sanlian-Acme Limited: The company has a £1,000,000 loan from Sanlian-Acme Limited, which is payable with interest. The director of Sanlian-Acme Limited - Mr Zhen Qin was appointed as a a director of 789 Trading Limited on 15 June 2018.
789 Investments Limited: The holding company, 789 Investments Limited, holds a 95% ownership in 789 Trading Limited and has provided a shareholder loan of £2,280,000. No interest is charged on this loan, and it is repayable on demand only after 27 June 2027.
KH Oriental Group Limited: 789 Trading Limited, as the sole shareholder, has extended a loan of £1,437,271 to KH Oriental Group Limited as of 31 March 2022, which remains outstanding.
11 Controlling party
The ultimate controlling party is 789 Investments Limited (Company Number: 05798051), which holds 95% of the ordinary shares of 789 Trading Limited as of 28 July 2017. The registered office of 789 Investments Limited is located at Office One, 10 New Era Square, Sheffield, S2 4BF.
12 Other information
789 Trading Limited is a private company limited by shares and incorporated in England. Its registered office is:
12 New Era Square
Sheffield
S2 4BF
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