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REGISTERED NUMBER: SC256386 (Scotland)



















YUNG YEE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2024






YUNG YEE LIMITED (REGISTERED NUMBER: SC256386)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


YUNG YEE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Ken Ping Lee
Ms Ka Yee Chiu





SECRETARY: Ken Ping Lee





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC256386 (Scotland)





ACCOUNTANTS: CW
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

YUNG YEE LIMITED (REGISTERED NUMBER: SC256386)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 225,000 225,000

CURRENT ASSETS
Stocks 1,250 -
Debtors 5 1,564 -
Cash at bank and in hand 7,460 889
10,274 889
CREDITORS
Amounts falling due within one year 6 29,977 27,732
NET CURRENT LIABILITIES (19,703 ) (26,843 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

205,297

198,157

PROVISIONS FOR LIABILITIES 8,507 8,507
NET ASSETS 196,790 189,650

CAPITAL AND RESERVES
Called up share capital 5 5
Fair value reserve 8 36,268 36,268
Retained earnings 8 160,517 153,377
SHAREHOLDERS' FUNDS 196,790 189,650

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

YUNG YEE LIMITED (REGISTERED NUMBER: SC256386)

BALANCE SHEET - continued
30 APRIL 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:





Ken Ping Lee - Director


YUNG YEE LIMITED (REGISTERED NUMBER: SC256386)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Yung Yee Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents the rental income receivable and the value of sales during the year. Income is recognised on the basis of rent due for the year. A sale is recognised at the point where a meal is served or handed over to the customer.

Investment property
Investment property is shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent.

This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

YUNG YEE LIMITED (REGISTERED NUMBER: SC256386)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Loans and borrowings
Loans and borrowings are initially recorded at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - NIL ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 225,000
NET BOOK VALUE
At 30 April 2024 225,000
At 30 April 2023 225,000

The investment property was revalued by the director on 30 April 2018. The director's valuation at 30 April 2024 remains unchanged.

YUNG YEE LIMITED (REGISTERED NUMBER: SC256386)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. INVESTMENT PROPERTY - continued

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2018 44,775
Cost 180,225
225,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Online debtors 1,548 -
Prepayments and accrued income 16 -
1,564 -

The loan to director is interest free and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 1,674
Trade creditors 45 -
Corporation Tax 1,675 2,286
Social security and other taxes 3,264 -
Shareholders' loans 19,612 23,161
Accrued expenses 5,381 611
29,977 27,732

The loan from shareholders is interest free and repayable on demand.

YUNG YEE LIMITED (REGISTERED NUMBER: SC256386)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 1,674

The Bank Loan was secured by standard security over the company's investment property. In addition Royal Bank of Scotland PLC also holds a floating charge over the company's other assets.

8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 May 2023 153,377 36,268 189,645
Profit for the year 7,140 7,140
At 30 April 2024 160,517 36,268 196,785

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
Ken Ping Lee
Balance outstanding at start of year - -
Amounts advanced - 700
Amounts repaid - (700 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

10. RELATED PARTY DISCLOSURES

Shareholders' loans represents a loan of £19,612 (2023 : £23,161) due to the director's mother.