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Registered number: 11886412
Hang Sing Hong Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11886412
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 725,675 713,339
725,675 713,339
CURRENT ASSETS
Stocks 5 15,000 10,000
Debtors 6 2,821 55,775
Cash at bank and in hand 839,685 440,593
857,506 506,368
Creditors: Amounts Falling Due Within One Year 7 (309,910 ) (281,908 )
NET CURRENT ASSETS (LIABILITIES) 547,596 224,460
TOTAL ASSETS LESS CURRENT LIABILITIES 1,273,271 937,799
Creditors: Amounts Falling Due After More Than One Year 8 (525,220 ) (544,448 )
NET ASSETS 748,051 393,351
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 747,951 393,251
SHAREHOLDERS' FUNDS 748,051 393,351
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Y JIANG
Director
Mr X HE
Director
01/02/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Hang Sing Hong Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11886412 . The registered office is 219 Glossop Road, Sheffiel, S10 2GW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold N/A
Plant & Machinery 20% SL
Motor Vehicles 20% SL
Fixtures & Fittings 10% SL
Computer Equipment 20% SL
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 26 (2023: 12)
26 12
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 March 2023 475,647 25,080 - 291,612
Additions 22,000 9,582 23,233 -
As at 28 February 2024 497,647 34,662 23,233 291,612
Depreciation
As at 1 March 2023 - 5,016 - 80,954
Provided during the period - 6,932 4,647 29,161
As at 28 February 2024 - 11,948 4,647 110,115
Net Book Value
As at 28 February 2024 497,647 22,714 18,586 181,497
As at 1 March 2023 475,647 20,064 - 210,658
Computer Equipment Total
£ £
Cost
As at 1 March 2023 12,640 804,979
Additions 986 55,801
As at 28 February 2024 13,626 860,780
Depreciation
As at 1 March 2023 5,670 91,640
Provided during the period 2,725 43,465
As at 28 February 2024 8,395 135,105
Net Book Value
As at 28 February 2024 5,231 725,675
As at 1 March 2023 6,970 713,339
5. Stocks
2024 2023
£ £
Finished goods 15,000 10,000
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income - 25,000
VAT 2,821 30,775
2,821 55,775
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 115,336 51,638
Other creditors - 35,696
DEYI LTD-LOAN 64,574 64,574
Directors' loan accounts 130,000 130,000
309,910 281,908
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
HSBC Bank Loan 245,563 264,791
Other creditors - HWH LEEDS LOAN 279,657 279,657
525,220 544,448
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5