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Registration number: 06443285

Orientalmart (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Orientalmart (UK) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Orientalmart (UK) Limited

Company Information

Directors

Ms Sau King Yip

Mr Chung Yan Liu

Registered office

Trent Lane
Little Tennis Street South
Nottingham
NG2 4DS

Accountants

RSW Chartered Accountants
Unit 6,
17 Thorp Street
Birmingham
West Midlands
B5 4AT

 

Orientalmart (UK) Limited

(Registration number: 06443285)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

65,135

8,870

Tangible assets

5

627,095

529,324

 

692,230

538,194

Current assets

 

Stocks

6

276,730

255,742

Debtors

7

178,792

215,162

Cash at bank and in hand

 

788,107

602,387

 

1,243,629

1,073,291

Creditors: Amounts falling due within one year

8

(531,173)

(551,180)

Net current assets

 

712,456

522,111

Total assets less current liabilities

 

1,404,686

1,060,305

Creditors: Amounts falling due after more than one year

8

(14,002)

-

Provisions for liabilities

(95,450)

(67,635)

Net assets

 

1,295,234

992,670

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

1,295,232

992,668

Shareholders' funds

 

1,295,234

992,670

For the financial year ending 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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 January 2025 and signed on its behalf by:
 

 

Orientalmart (UK) Limited

(Registration number: 06443285)
Balance Sheet as at 31 March 2024

.........................................
Mr Chung Yan Liu
Director

 

Orientalmart (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Trent Lane
Little Tennis Street South
Nottingham
NG2 4DS

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

Financial instruments have not been discounted on the basis of immateriality.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
Goods sold are despatched to customers less any returns and credits.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Orientalmart (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property Improvements

15% reducing balance

Long Leasehold

Not depreciated

Fixture and Fittings

20% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

Amortised straight line over 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Orientalmart (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of stocks, where applicable, include direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Orientalmart (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2023 - 32).

 

Orientalmart (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2023

59,983

59,983

Additions acquired separately

93,725

93,725

At 31 March 2024

153,708

153,708

Amortisation

At 1 April 2023

51,113

51,113

Amortisation charge

37,460

37,460

At 31 March 2024

88,573

88,573

Carrying amount

At 31 March 2024

65,135

65,135

At 31 March 2023

8,870

8,870

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

135,186

632,718

-

767,904

Additions

-

193,492

23,291

216,783

At 31 March 2024

135,186

826,210

23,291

984,687

Depreciation

At 1 April 2023

8,398

230,182

-

238,580

Charge for the year

3,165

110,024

5,823

119,012

At 31 March 2024

11,563

340,206

5,823

357,592

Carrying amount

At 31 March 2024

123,623

486,004

17,468

627,095

At 31 March 2023

126,788

402,536

-

529,324

 

Orientalmart (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Included within the net book value of land and buildings above is £103,546 (2023 - £103,546) in respect of long leasehold land and buildings and £20,077 (2023 - £23,242) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

276,730

255,742

7

Debtors

Current

2024
£

2023
£

Prepayments

25,935

9,819

Other debtors

152,857

205,343

 

178,792

215,162

 

Orientalmart (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

31,843

28,399

Trade creditors

 

326,711

422,509

Taxation and social security

 

107,094

1,746

Accruals and deferred income

 

6,117

262

Other creditors

 

59,408

98,264

 

531,173

551,180

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

14,002

-

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

14,002

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

4,301

-

Other borrowings

27,542

28,399

31,843

28,399

 

Orientalmart (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

154,000

150,000

Later than one year and not later than five years

400,500

520,000

Later than five years

-

23,333

554,500

693,333

The amount of non-cancellable operating lease payments recognised as an expense during the year was £137,123 (2023 - £112,127).

12

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £47,000.00 (2023 - £10,000.00) per each Ordinary shares

94,000

20,000

 

 

13

Related party transactions

 

Orientalmart (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

29,500

24,500

Contributions paid to money purchase schemes

10,511

20,961

40,011

45,461

In respect of the highest paid director:

2024
£

2023
£

Remuneration

18,500

13,500

Company contributions to money purchase pension schemes

10,368

20,818

Dividends paid to directors

2024
£

2023
£

Mr Chung Yan Liu

Dividends

47,000

10,000

 

 

Ms Sau King Yip

Dividends

47,000

10,000

 

 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

101,033

101,033

At end of period

101,033

101,033

2023

Other related parties
£

Total
£

At start of period

101,033

101,033

At end of period

101,033

101,033

Terms of loans to related parties

Loan to related party - Orientalmart Properties Limited which is interest free and repayable on demand

Loans from related parties

 

Orientalmart (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024

Key management
£

Total
£

At start of period

27,021

27,021

At end of period

27,021

27,021

2023

Key management
£

Total
£

At start of period

27,021

27,021

At end of period

27,021

27,021