2023-01-012023-12-312023-12-31false10434260TAI UNITED MANAGEMENT COMPANY 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TAI UNITED MANAGEMENT COMPANY LIMITED

Registered Number
10434260
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

TAI UNITED MANAGEMENT COMPANY LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

PANG, Dayong
POON, Yick Pang Philip

Registered Address

9 Buckingham Gate
London
SW1E 6JP

Registered Number

10434260 (England and Wales)
TAI UNITED MANAGEMENT COMPANY LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3501-
Investments4-1
5011
Current assets
Debtors6205199
Cash at bank and on hand1,68444,136
1,88944,335
Creditors amounts falling due within one year7(2,812,352)(2,394,936)
Net current assets (liabilities)(2,810,463)(2,350,601)
Total assets less current liabilities(2,809,962)(2,350,600)
Net assets(2,809,962)(2,350,600)
Capital and reserves
Called up share capital11
Profit and loss account(2,809,963)(2,350,601)
Shareholders' funds(2,809,962)(2,350,600)
The financial statements were approved and authorised for issue by the Board of Directors on 27 December 2024, and are signed on its behalf by:
PANG, Dayong
Director
Registered Company No. 10434260
TAI UNITED MANAGEMENT COMPANY LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Going concern
These financial statements have been prepared in accordance with the provisions of section 1A ‘’Small Entities’’ of FRS 102 ‘’ The Financial Reporting Standard applicable in the UK and Republic of Ireland’’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The company’s financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future on the grounds that the Director will continue to financially support the company until such time has the business achieves financial viability. The company financial statements do not reflect any adjustments that would be required if they were to be prepared on a basis other than the going concern basis.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment3
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. 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.
2.Average number of employees

20232022
Average number of employees during the year59
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 237,474
Additions650
At 31 December 238,124
Depreciation and impairment
At 01 January 237,474
Charge for year149
At 31 December 237,623
Net book value
At 31 December 23501
At 31 December 22-
4.Fixed asset investments

Total

£
Cost or valuation
At 01 January 231
At 31 December 231
Impairment
Charge for year1
At 31 December 231
Net book value
At 31 December 23-
At 31 December 221
5.Impairment of fixed asset investments
During the year, its subsidiary company, Tai United Asset Management Company Limited was struck off from the register of companies. As a result, Tai United Management Company Limited has written off the investment in this subsidiary, amounting to £1. This has been recognised in the profit and loss account as an impairment loss. No additional amounts were received as consideration, and no liabilities remain outstanding to the subsidiary and vice versa.
6.Debtors: amounts due within one year

2023

2022

££
Other debtors199199
Prepayments and accrued income6-
Total205199
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables199199
Amounts owed to related parties2,796,7762,389,697
Accrued liabilities and deferred income15,3775,040
Total2,812,3522,394,936
8.Events after reporting date
The directors have evaluated the subsequent events from the date of the financial statements through to the date the financial statements were available to be issued. There were no subsequent events identified which required accrual or disclosure in these financial statements.
9.Related party transactions
The company was under the control of Wide Flourish Investments Limited throughout its current and previous years. As at 31 December 2023, the balances owing to/by the associated companies are as follows: owed by/(owing to) MRB Residential Limited £37,469 MRB Residential Partners LLP (£864,939) RCBG Residential (UK) Ltd £27,168 Wide Flourish Ltd £446,360 Tai United Holdings Ltd (1,420,839)
10.Controlling party
In the opinion of the directors, the immediate parent company is Wide Flourish Investments Limited and the ultimate controlling party is Tai United Holdings Limited. The group companies is headed and consolidated by Tai United Holdings Limited, incorporated in Bermuda. The consolidated financial statements of the group companies can be obtained from Room 4202-03A, 42/F, China Resources Building, 26 Harbour Road, Wan Chai, Hong Kong.