IRIS Accounts Production v24.3.0.553 SC388688 director 1.12.22 30.11.23 30.11.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC3886882022-11-30SC3886882023-11-30SC3886882022-12-012023-11-30SC3886882021-11-30SC3886882021-12-012022-11-30SC3886882022-11-30SC388688ns15:Scotland2022-12-012023-11-30SC388688ns14:PoundSterling2022-12-012023-11-30SC388688ns10:Director12022-12-012023-11-30SC388688ns10:PrivateLimitedCompanyLtd2022-12-012023-11-30SC388688ns10:SmallEntities2022-12-012023-11-30SC388688ns10:AuditExempt-NoAccountantsReport2022-12-012023-11-30SC388688ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-30SC388688ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-30SC388688ns10:FullAccounts2022-12-012023-11-30SC388688ns10:RegisteredOffice2022-12-012023-11-30SC388688ns5:CurrentFinancialInstruments2023-11-30SC388688ns5:CurrentFinancialInstruments2022-11-30SC388688ns5:Non-currentFinancialInstruments2023-11-30SC388688ns5:Non-currentFinancialInstruments2022-11-30SC388688ns5:ShareCapital2023-11-30SC388688ns5:ShareCapital2022-11-30SC388688ns5:SharePremium2023-11-30SC388688ns5:SharePremium2022-11-30SC388688ns5:RetainedEarningsAccumulatedLosses2023-11-30SC388688ns5:RetainedEarningsAccumulatedLosses2022-11-30SC388688ns5:PlantMachinery2022-12-012023-11-30SC388688ns5:PlantMachinery2022-11-30SC388688ns5:PlantMachinery2023-11-30SC388688ns5:PlantMachinery2022-11-30SC388688ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-11-30SC388688ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-11-30SC388688ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-012023-11-30SC388688ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-11-30SC388688ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-30SC388688ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-30SC388688ns5:CurrentFinancialInstruments2022-12-012023-11-30
REGISTERED NUMBER: SC388688 (Scotland)




















Wing Fung (Fife) Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023






Wing Fung (Fife) Limited (Registered number: SC388688)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wing Fung (Fife) Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: Mrs Z Feng



REGISTERED OFFICE: Unit 9 Hayfield Place
Hayfield Industrial Estate
Kirkcaldy
KY2 5DH



REGISTERED NUMBER: SC388688 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Virgin Money
Falkland Gate
Glenrothes
Fife
KY7 5NS

Wing Fung (Fife) Limited (Registered number: SC388688)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 30,560 61,346

CURRENT ASSETS
Stocks 360,000 215,000
Debtors 5 308,816 384,988
Cash at bank and in hand 182,572 70,530
851,388 670,518
CREDITORS
Amounts falling due within one year 6 710,329 437,656
NET CURRENT ASSETS 141,059 232,862
TOTAL ASSETS LESS CURRENT LIABILITIES 171,619 294,208

CREDITORS
Amounts falling due after more than one
year

7

(34,163

)

(56,486

)

PROVISIONS FOR LIABILITIES (7,640 ) (15,337 )
NET ASSETS 129,816 222,385

Wing Fung (Fife) Limited (Registered number: SC388688)

Balance Sheet - continued
30 November 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 200 200
Share premium 99,900 99,900
Retained earnings 29,716 122,285
SHAREHOLDERS' FUNDS 129,816 222,385

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 November 2024 and were signed by:





Mrs Z Feng - Director


Wing Fung (Fife) Limited (Registered number: SC388688)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Wing Fung (Fife) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
Turnover, which represents net invoiced sales of goods, is recognised at the point of sale or when goods have been delivered to customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on cost and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Wing Fung (Fife) Limited (Registered number: SC388688)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provision for liabilities
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

Wing Fung (Fife) Limited (Registered number: SC388688)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 250,433
Additions 551
Disposals (12,995 )
At 30 November 2023 237,989
DEPRECIATION
At 1 December 2022 189,087
Charge for year 31,337
Eliminated on disposal (12,995 )
At 30 November 2023 207,429
NET BOOK VALUE
At 30 November 2023 30,560
At 30 November 2022 61,346

Wing Fung (Fife) Limited (Registered number: SC388688)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 December 2022 100,125
Transfer to ownership (41,900 )
At 30 November 2023 58,225
DEPRECIATION
At 1 December 2022 52,376
Charge for year 21,332
Transfer to ownership (35,125 )
At 30 November 2023 38,583
NET BOOK VALUE
At 30 November 2023 19,642
At 30 November 2022 47,749

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 271,116 339,703
Amounts owed by group undertakings - 217
Other debtors 37,700 45,068
308,816 384,988

Wing Fung (Fife) Limited (Registered number: SC388688)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,599 8,556
Hire purchase contracts 16,056 24,936
Trade creditors 555,827 356,070
Amounts owed to group undertakings 88,693 -
Taxation and social security 24,787 23,361
Other creditors 14,367 24,733
710,329 437,656

The director's current accounts are unsecured, interest free and has no fixed repayment period.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 24,533 30,800
Hire purchase contracts 9,630 25,686
34,163 56,486

8. RELATED PARTY DISCLOSURES

First Horizon Scotland Ltd
The outstanding balance of £16,548 (2022: £16,548) due to the company is unsecured and no interest was charged in the year.

Sunshine Developments Scotland Ltd
The company's parent company.
During the year, the company paid expenses of £90 on behalf of Sunshine Developments Scotland Ltd. Sunshine Developments Scotland Ltd loaned £89,000 to the company. The outstanding balance of £88,693 (2022: £217 owed from) due to the Sunshine Developments Scotland Ltd is unsecured and no interest was charged in the year.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr J Chen.

Wing Fung (Fife) Limited is a subsidiary of Sunshine Developments Scotland Ltd. A company registered in Scotland and whose registered address is Unit 9 Hayfield Place, Kirkcaldy, KY2 5DH.