2 false false false false false false false false false false true false false false false true false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP NI658943 2023-03-01 2024-02-29 NI658943 2024-02-29 NI658943 2023-02-28 NI658943 2022-03-01 2023-02-28 NI658943 2023-02-28 NI658943 2022-02-28 NI658943 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 NI658943 bus:Director1 2023-03-01 2024-02-29 NI658943 core:WithinOneYear 2024-02-29 NI658943 core:WithinOneYear 2023-02-28 NI658943 core:UKTax 2023-03-01 2024-02-29 NI658943 core:UKTax 2022-03-01 2023-02-28 NI658943 bus:AllOrdinaryShares 2023-03-01 2024-02-29 NI658943 bus:AllOrdinaryShares 2022-03-01 2023-02-28 NI658943 core:ShareCapital 2024-02-29 NI658943 core:ShareCapital 2023-02-28 NI658943 core:RetainedEarningsAccumulatedLosses 2024-02-29 NI658943 core:RetainedEarningsAccumulatedLosses 2023-02-28 NI658943 bus:SmallEntities 2023-03-01 2024-02-29 NI658943 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 NI658943 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 NI658943 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 NI658943 bus:FullAccounts 2023-03-01 2024-02-29 NI658943 bus:OrdinaryShareClass1 2024-02-29 NI658943 bus:OrdinaryShareClass1 2023-02-28
COMPANY REGISTRATION NUMBER: NI658943
W & S Fong Limited
Filleted Unaudited Financial Statements
29 February 2024
W & S Fong Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Current assets
Debtors
7
2,110
2,740
Cash at bank and in hand
3,933
4,845
-------
-------
6,043
7,585
Creditors: amounts falling due within one year
8
5,960
7,055
-------
-------
Net current assets
83
530
----
----
Total assets less current liabilities
83
530
----
----
Net assets
83
530
----
----
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
81
528
----
----
Shareholders funds
83
530
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
Mr W T Fong
Director
Company registration number: NI658943
W & S Fong Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 4 Fort Hill, Dundonald, Belfast, BT16 1XY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
130
821
----
----
Tax on profit
130
821
----
----
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is the same as (2023: the same as) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
683
4,322
----
-------
Profit on ordinary activities by rate of tax
130
821
----
-------
6. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
1,000
6,000
-------
-------
7. Debtors
2024
2023
£
£
Other debtors
2,110
2,740
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
130
822
Social security and other taxes
4,630
5,033
Other creditors
1,200
1,200
-------
-------
5,960
7,055
-------
-------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Director's advances, credits and guarantees
11. Related party transactions
The company was under control of Mr WT Fong throughout the current period. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
12. Controlling party
The company is a private company, limited by shares. It is registered in Northern Ireland ( NI658943 ) with its registered office at 49 Old Mill Rise, Dundonald, Belfast, United Kingdom, BT16 1WE. The company was under the control of Mr WT Fong throughout the current period. Mr WT Fong is the managing director and sole shareholder.