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Company registration number:09329644
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HAPPY LEMON FRANCHISE UK LTD
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 March 2024 |
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HAPPY LEMON FRANCHISE UK LTD |
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BALANCE SHEET |
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AS AT 31 March 2024
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2024 |
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2023 |
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Notes |
£ |
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£ |
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£ |
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£ |
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FIXED ASSETS | | | | | | | | | | | |
Intangible assets | | | 3 | | | 8,469 | | | | 13,648 | |
Tangible assets | | | 4 | | | 393,138 | | | | 397,838 | |
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| | | | | | | 401,607 | | | | 411,486 | |
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CURRENT ASSETS |
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Stocks | | | | 36,000 | | | | 48,860 | | | | |
Debtors | | | 5 | 3,995,352 | | | | 2,922,661 | | | | |
Cash at bank and in hand | | | | 383,409 | | | | 536,129 | | | | |
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| | | | | 4,414,761 | | | | 3,507,650 | | | |
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CREDITORS |
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Amounts falling due within one year |
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6 |
(684,668) |
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(362,585) |
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NET CURRENT ASSETS |
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3,730,093 |
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3,145,065 |
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TOTAL ASSETS LESS |
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CURRENT LIABILITIES |
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4,131,700 |
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3,556,551 |
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Creditors falling due after one year | | 7 | | | (12,236) | | | | (22,438) | |
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PROVISIONS FOR LIABILITIES | | | | | (20,505) | | | | (17,563) | |
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NET ASSETS |
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4,098,959 |
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3,516,550 |
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CAPITAL AND RESERVES |
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Called-up equity share capital |
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8 |
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300 |
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100 |
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Profit and loss account |
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4,098,659 |
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3,516,450 |
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SHAREHOLDERS FUNDS |
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4,098,959 |
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3,516,550 |
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For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. | | | | | | | |
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. | | | | | | | |
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts. | | | | | | | |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the board of directors on 13 November 2024 and signed on its behalf. | | | | | | | |
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The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies' regime. | | | | | | | |
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.......................................................................... |
Mr Jun Xu |
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13 November 2024
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The annexed notes form part of these financial statements. | | | | | | | |
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HAPPY LEMON FRANCHISE UK LTD | | | | | | |
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STATEMENT OF CHANGES IN EQUITY | | | | | | |
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FOR THE YEAR ENDED 31 MARCH 2024 | | |
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Share |
Share |
P and L |
Revaluation |
Other |
Total |
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Capital |
Premium |
Account |
reserve |
reserves |
equity |
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£ |
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Balance at 1 April 2022 | | 100 | 0 | 2,478,702 | 0 | 0 | 2,478,802 |
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Changes in equity | | | | | | | | | | |
Dividend | | | 0 | 0 | (12,000) | 0 | 0 | (12,000) |
Total Comprehensive Income | | 0 | 0 | 1,049,748 | 0 | 0 | 1,049,748 |
Balance at 31 March 2023 | | 100 | 0 | 3,516,450 | 0 | 0 | 3,516,550 |
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Changes in equity | | | | | | | | | | |
Share issue | | | 200 | 0 | 0 | 0 | 0 | 200 |
Total comprehensive income | | 0 | 0 | 582,209 | 0 | 0 | 582,209 |
Balance at 31 March 2024 | | 300 | 0 | 4,098,659 | 0 | 0 | 4,098,959 |
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HAPPY LEMON FRANCHISE UK LTD |
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NOTES TO THE FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2024 |
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1. |
Accounting policies |
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| Statutory information | | | | | | | |
| The company is registered in England and its registered number is 09329644. The company is a private company limited by shares. Its registered office is Flat 7 Bristol Court, 248-250 Bristol Road, | |
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Basis of preparing the financial statements |
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The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. These financial statements have been prepared in accordance with FRS102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
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| Turnover | | | | | | | | | |
| Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer. | |
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| Intangible Assets |
| Amortisation is provided at rates calculated to write off the cost or valuation of intangible assets, less their estimated residual value, over their expected useful lives on the following bases: Goodwill is the difference between the amount paid on the acquisition of a business and the aggregate fair value of its separable net assets. It is being written off in equal annual instalments over its estimated economic life. Franchise Patents Straight line over life of asset Website 25% Straight line | |
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| Financial assets |
| Investments are stated at their market value at the year end. Investment property is stated at fair value. | |
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| Foreign Currency | | | | | | | | |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. | |
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| Fixed Assets | | | | | | | | |
| Tangible fixed assets are stated at cost less depreciation Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: | |
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| Property Improvements 20% Reducing balance basis | |
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| Fixtures and Fittings 20% Reducing balance basis | |
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| Motor Vehicles 25% Reducing balance basis | |
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| Leases Straight line over length of lease | |
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| Stocks and Work In Progress | | | | | | | |
| Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. | |
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| Leasing | | | | | | | | | |
| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis over the life of the lease. | |
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| Deferred Taxation | | | | | | | | |
| Deferred tax is provided on the liability method take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. | |
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| Pension Scheme | | | | | | | | |
| The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. | |
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| Financial instruments | | | | | | | |
| Financial instruments, for the company, comprises of debtors and creditors due receivable or payable after more than one year. Financial instruments are recorded at cost, and discounted over the expected life of the financial instruments, and charged to the profit and loss account according to the underlying class of the instrument. Where a financial instrument was found to be impaired, the value of underlying asset will be written down to the revised impaired value and discounted over the expected period of new expected life of the financial instrument. |
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2. | Employees | | | |
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| The average number of persons employed by the company (including directors) during the year was 20. |
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3. | Intangible fixed assets | | | | | | | | | |
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Patents |
Total |
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| Cost | | | | | | | | | | |
| At start of period | |
156,685 |
2,175 |
218,860 |
| At end of period | |
156,685 |
2,175 |
218,860 |
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| Amortisation | | | | | | | | | | |
| At start of period | |
143,037 |
2,175 |
205,212 |
| Provided during the period | |
5,179 |
0 |
5,179 |
| At end of period | |
148,216 |
2,175 |
210,391 |
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| Net Book Values | | | | | | | | | |
| At start of period | |
13,648 |
0 |
13,648 |
| At end of period | |
8,469 |
0 |
8,469 |
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4. | Tangible fixed assets | | | | | | | | | |
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Land/Buildings |
Short Lease |
Motor |
F and F |
Total |
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| Cost | | | | | | | | | | |
| At start of period | |
192,062 |
16,292 |
27,163 |
457,323 |
692,840 | |
| Additions | | |
0 |
0 |
0 |
50,490 |
50,490 | |
| At end of period | |
192,062 |
16,292 |
27,163 |
507,813 |
743,330 | |
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| Depreciation | | | | | | | | | | |
| At start of period | |
0 |
14,900 |
6,791 |
273,311 |
295,002 | |
| Provided during the period |
0 |
1,392 |
5,093 |
48,705 |
55,190 | |
| At end of period | |
0 |
16,292 |
11,884 |
322,016 |
350,192 | |
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| Net Book Value | | | | | | | | | |
| At start of period | |
192,062 |
1,392 |
20,372 |
184,012 |
397,838 | |
| At end of period | |
192,062 |
0 |
15,279 |
185,797 |
393,138 | |
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5. | Debtors | | | | | | | |
| | | | | 2024 | 2023 | | | |
| | | | | £ | £ | | | |
| Due within one year | | | | | | | |
| Trade Debtors | | | 33,610 | 3,460 | | | |
| Other Debtors | | | 3,786,164 | 2,861,548 | | | |
| Prepayments and accrued income | | 33,360 | 40,441 | | | |
| Corporation tax recoverable assets | | 142,218 | 17,212 | | | |
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| | | | | 3,995,352 | 2,922,661 | | | |
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| Included in the Other debtors is an amount owed by a related party £6,274 (2023: £5,550) and loan to the director £423,146 (2023:£52,760). |
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6. | Creditors due within one year | | | | | |
| | | | | 2024 | 2023 | | |
| | | | | £ | £ | | |
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| Trade creditors | | | 262,959 | 28,486 | | |
| Bank Loans and Overdrafts | | | 10,204 | 9,951 | | |
| Corporation Tax | | | 333,846 | 246,418 | | |
| Other taxes and social security costs | | 2,438 | 1,946 | | |
| Other creditors | | | 54,774 | 56,215 | | |
| Accruals and deferred income | | 20,447 | 19,569 | | |
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| | | | | 684,668 | 362,585 | | |
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7. | Creditors due after one year | | | | | |
| | | | | 2024 | 2023 | | |
| | | | | £ | £ | | |
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| Bank Loans | | 12,236 | 22,438 | | |
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| | | | | 12,236 | 22,438 | | |
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8. |
Share capital |
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Alloted, Issued and fully paid |
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2024 |
2023 |
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| Ordinary shares of £1 each | | | 100 | 100 | | | |
| Total issued share capital | | | 300 | 100 | | | |
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9. | Related Party Transactions | | | | | | | | |
| During the year the company paid £0 (2023:£12,000)dividend to the director. Amounts were paid to Mr Egg Franchise UK Ltd, a company under common control. The loan is interest free and repayable on demand | |
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| | | | | 2024 | 2023 | | | |
| | | | | £ | £ | | | |
| At start of period | | 5,550 | 12,894 | | |
| Advanced or Reimbursed | | 15,274 | 1,657 | | |
| Repaid or Recharges | | 14,550 | 9,001 | | |
| At end of period | | 6,274 | 5,550 | | |
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