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Registered Number: 13996776
England and Wales

 

 

 

UNGRATEFUL GRANDKIDS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Directors Lok Tak Wong
Kar Lok Wong
Registered Number 13996776
Registered Office Unit 15 City Business Centre
Lower Road
London
SE16 2XB
Accountants Cocke, Vellacott & Hill
Chartered Accountants
Unit 15 City Business Centre
Lower Road
LONDON
SE16 2XB
Bankers HSBC UK
2 Borough High Street
Southwark
London
SE1 1YB

1
Director's report and financial statements
The directors present report and unaudited accounts for the year ended 31 March 2024.
Principal activities
The principal activity of the company during the financial year was of selling wine.
Audit exemption
Ungrateful Grandkids Ltd has taken advantage of the exemption under Section 477 of the Companies Act 2006 and these financial statements are therefore unaudited.
Directors
The directors who served the company throughout the year were as follows:
Lok Tak Wong
Kar Lok Wong
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions
Small company regime
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime with Part 15 of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:


----------------------------------
Lok Tak Wong
Director

Date approved: 20 December 2024
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 5,328    6,265 
5,328    6,265 
Current assets      
Stocks 4 3,000    2,500 
Debtors 5 7,371    7,791 
Cash at bank and in hand 1,026    (1,639)
11,397    8,652 
Creditors: amount falling due within one year 6 (69,968)   (51,941)
Net current assets (58,571)   (43,289)
 
Total assets less current liabilities (53,243)   (37,024)
Net assets (53,243)   (37,024)
 

Capital and reserves
     
Called up share capital 7 10    10 
Profit and loss account (53,253)   (37,034)
Shareholders' funds (53,243)   (37,024)
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 20 December 2024 and were signed on its behalf by:


-------------------------------
Lok Tak Wong
Director
3
General Information
Ungrateful Grandkids Ltd is a private company, limited by shares, registered in England and Wales, registration number 13996776, registration address Unit 15 City Business Centre, Lower Road , London, SE16 2XB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
These financial statements are for the year ended 31 March 2024. Comparative figures are for the period from 23 March 2022 to 31 March 2023. 
Going concern basis
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the directors who have undertaken to provide such support for the foreseeable future.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax.
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past years and it is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.

Deferred tax is recognised on all 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 profits. 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
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. 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 basis:
Fixtures and Fittings 20% Reducing Balance
Computer Equipment 4 Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads, appropriate to the type of stock. 
2.

Average number of employees

Average number of employees during the year was 0 (2023 : 0).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 April 2023 6,483    865    7,348 
Additions 432      432 
Disposals    
At 31 March 2024 6,915    865    7,780 
Depreciation
At 01 April 2023 950    133    1,083 
Charge for year 1,153    216    1,369 
On disposals    
At 31 March 2024 2,103    349    2,452 
Net book values
Closing balance as at 31 March 2024 4,812    516    5,328 
Opening balance as at 01 April 2023 5,533    732    6,265 


4.

Stocks

2024
£
  2023
£
Stocks 3,000    2,500 
3,000    2,500 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income 2,063    1,979 
Rent deposit 5,250    5,250 
VAT 58    562 
7,371    7,791 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 2,956   
Accrued Expenses 1,801    2,000 
Directors' Current Account 1 45,137    29,867 
Directors' Current Account 2 20,074    20,074 
69,968    51,941 

7.

Share Capital

Authorised
1,000 Class A shares of £0.01 each
Allotted, called up and fully paid
2024
£
  2023
£
1,000 Class A shares of £0.01 each 10    10 
10    10 

8.

Other commitments

At 31 March 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £24,011 (2023 - £42,203).
4