Registered number
07430360
NEW KUEN KEE VEGETABLE WHOLESALE LTD
Filleted Accounts
For the year ended
31 May 2024
KHMM
CHARTERED MANAGEMENT ACCOUNTANTS
7-8 WING YIP BUSINESS CENTRE
395 EDGWARE ROAD
LONDON
NW2 6LN
Tel: 0208 208 2085 Fax: 0208 208 2268
NEW KUEN KEE VEGETABLE WHOLESALE LTD
Registered number: 07430360
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 47,515 51,805
Tangible assets 4 54,157 81,743
101,672 133,548
Current assets
Stocks 15,500 15,300
Debtors 5 557,035 603,859
Cash at bank and in hand 461,863 170,670
1,034,398 789,829
Creditors: amounts falling due within one year 6 (552,671) (476,535)
Net current assets 481,727 313,294
Total assets less current liabilities 583,399 446,842
Creditors: amounts falling due after more than one year 7 (42,787) (52,772)
Net assets 540,612 394,070
Capital and reserves
Called up share capital 20,000 20,000
Profit and loss account 520,612 374,070
Shareholders' funds 540,612 394,070
These financial statements have been prepared 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'.
For the year ending 31 May 2024 the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Director's responsibilities:
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms Judy Pui-Sze Man
Director
Approved by the board on 14 February 2025
NEW KUEN KEE VEGETABLE WHOLESALE LTD
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Goodwill written off over its estimated useful life of 20 years
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 15% per annum on cost
Fixtures, fittings, tools and equipment 25% per annum on cost
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 85,800
At 31 May 2024 85,800
Amortisation
At 1 June 2023 33,995
Provided during the year 4,290
At 31 May 2024 38,285
Net book value
At 31 May 2024 47,515
At 31 May 2023 51,805
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 7,002 73,993 87,476 168,471
Additions - 1,124 - 1,124
At 31 May 2024 7,002 75,117 87,476 169,595
Depreciation
At 1 June 2023 5,084 53,550 28,094 86,728
Charge for the year 980 11,170 16,560 28,710
At 31 May 2024 6,064 64,720 44,654 115,438
Net book value
At 31 May 2024 938 10,397 42,822 54,157
At 31 May 2023 1,918 20,443 59,382 81,743
5 Debtors 2024 2023
£ £
Trade debtors 536,852 586,104
Other debtors 20,183 17,755
557,035 603,859
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 378,960 343,090
Taxation and social security costs 111,749 56,196
Other creditors 61,962 77,249
552,671 476,535
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 42,787 52,772
8 Other information
NEW KUEN KEE VEGETABLE WHOLESALE LTD is a private company limited by shares and incorporated in England. Its registered office is:
8 Wing Yip Business Centre
395 Edgeware Road
London
NW2 6LN
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