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2024-03-31
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No description of principal activities is disclosed
2023-04-01
Sage Accounts Production 23.0 - FRS102_2021
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11252678
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2023-03-31
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2024-03-31
11252678
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2023-03-31
11252678
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2023-04-01
2024-03-31
11252678
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core:LongLeaseholdAssets
2023-04-01
2024-03-31
11252678
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2023-03-31
11252678
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2023-03-31
11252678
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11252678
1
2023-04-01
2024-03-31
Company registration number:
11252678
Jin Bo Law UK Limited
Unaudited filleted financial statements
31 March 2024
Jin Bo Law UK Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Jin Bo Law UK Limited
Directors and other information
|
|
|
|
Directors |
Wai Keung Lai |
|
|
Jackie Hing Kit Hung |
|
|
|
|
|
|
|
Company number |
11252678 |
|
|
|
|
|
|
|
Registered office |
First Floor |
|
|
8 Minories |
|
|
London |
|
|
EC3N 1BJ |
|
|
|
|
|
|
|
Accountants |
Leftley Rowe & Company |
|
|
Second Floor |
|
|
107 Charterhouse Street |
|
|
Clerkenwell |
|
|
EC1M 6HW |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
Santander UK Plc |
|
|
4th Floor |
|
|
100 Ludgate Hill |
|
|
EC4M 7RE |
|
|
|
Jin Bo Law UK Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Jin Bo Law UK Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jin Bo Law UK Limited for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Jin Bo Law UK Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Jin Bo Law UK Limited and state those matters that we have agreed to state to the board of directors of Jin Bo Law UK Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jin Bo Law UK Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Jin Bo Law UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jin Bo Law UK Limited. You consider that Jin Bo Law UK Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Jin Bo Law UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Leftley Rowe & Company
Chartered Accountants
Second Floor
107 Charterhouse Street
Clerkenwell
EC1M 6HW
3 January 2025
Jin Bo Law UK Limited
Statement of financial position
31 March 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
5 |
18,151 |
|
|
|
19,497 |
|
|
Right-of-use assets |
|
6 |
560,436 |
|
|
|
622,839 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
578,587 |
|
|
|
642,336 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Inventories |
|
|
42,094 |
|
|
|
64,251 |
|
|
Trade and other receivables |
|
7 |
330,613 |
|
|
|
226,142 |
|
|
Cash and cash equivalents |
|
|
1,354,001 |
|
|
|
1,506,944 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
1,726,708 |
|
|
|
1,797,337 |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
8 |
(
925,968) |
|
|
|
(
827,413) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
800,740 |
|
|
|
969,924 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
1,379,327 |
|
|
|
1,612,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
9 |
|
|
(
557,977) |
|
|
|
(
617,430) |
|
|
|
|
|
|
|
|
|
|
Provisions |
|
|
|
|
(
4,538) |
|
|
|
(
3,704) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
816,812 |
|
|
|
991,126 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
Share capital |
|
|
|
|
1 |
|
|
|
1 |
Retained earnings |
|
|
|
|
816,811 |
|
|
|
991,125 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
816,812 |
|
|
|
991,126 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
03 January 2025
, and are signed on behalf of the board by:
Wai Keung Lai
Director
Company registration number:
11252678
Jin Bo Law UK Limited
Statement of changes in equity
Year ended 31 March 2024
|
|
Share capital |
|
Retained earnings |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 April 2022 |
|
1 |
|
577,805 |
577,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
773,320 |
773,320 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
773,320 |
773,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
360,000) |
(
360,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
360,000) |
(
360,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 and 1 April 2023 |
|
1 |
|
991,125 |
991,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
370,686 |
370,686 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
370,686 |
370,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary dividends |
|
|
|
(
545,000) |
(
545,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2024 |
|
1 |
|
816,811 |
816,812 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jin Bo Law UK Limited
Notes to the financial statements
Year ended 31 March 2024
1.
General information and basis of preparation of the financial statements
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is First Floor, 8 Minories, London, EC3N 1BJ. The nature of the company's operations and principal activities are the operation of Jin Bo Law Sky-bar. The financial statements have been prepared in accordance with International Financial Reporting Standards including standards and interpretations issued by the International Accounting Standards Board and in accordance with International accounting standards in conformity with the requirements of the Companies Act 2006. They have been prepared using the historical cost convention except that as disclosed in the accounting policies below certain items are shown at fair value. The financial statements are presented in sterling which is the functional currency of the company. The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions which are based on management's best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change. Where necessary, the comparatives have been reclassified or extended from the previously reported results to take into account presentational changes.
2.
Accounting policies
Revenue
Revenue represents sales of bar food and beverages to external customers at retail amounts less value added tax. The Company recognizes revenue at the point of consumption as it has satisfied a performance obligation by transferring control of the goods to a customer.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.Current taxTaxable profit differs from the result in the profit and loss account because it includes items of income and expense that are taxable or deductible on other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the balance sheet date.Deferred taxDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statement and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all the taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.The carrying amount of deferred tax assets is reviewed at each balance sheet date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or asset is realised based on the tax laws and rates that have been enacted or substantially enacted at the balance sheet date. Deferred tax is credited in the profit and loss account, except when it relates to items charged or credited in other comprehensive income, in which case deferred tax is also dealt with in other comprehensive income.Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the company intends to settle its current tax assets and liabilities on a net basis.Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively.
Operating leases
The company applies IFRS 16 Leases. Accordingly leases are all accounted for in the same manner.A right of use asset and lease liability is recognised on the statement of financial position, initially measured at the present value of future lease payments.Depreciation of right-of-use assets and interest on lease liabilities are recognised in the statement of comprehensive income.The initial measurement of the right-of-use asset and lease liability takes into account the value of lease incentives such as rent free periods.The costs of leases of low value items and those with a short term at inception are recognised as incurred.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss.Historical cost includes expenditure that is directly attributable to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation
Depreciation is recognised so as to write off the cost less their residual values over the following useful lives, using the straight-line method. Depreciation is provided on the following basis:
|
|
|
|
|
Computer equipment |
- |
4 years |
|
Fixtures and fittings |
- |
4 years |
|
Other equipment |
- |
3 years |
|
|
|
|
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using first in, first out (FIFO).
Provisions
Provisions are recognised where a legal or constructive obligation has been incurred which will probably lead to an outflow of resources that can be reasonably estimated. Provisions are recorded for the estimated ultimate liability that is expected to arise, taking into account the time value of money. A contingent liability is disclosed where the existence of the obligations will only be confirmed by future events, or where the amount of the obligation cannot be measured with reasonable reliability.
Financial instruments
Financial assets and financial liabilities are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of the financial assets or liabilities at fair value through the profit or loss are recognised immediately in the profit or loss account.Financial assetsOn initial recognition, financial assets are classified and measured at either: amortised cost, fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVTOCI), as appropriate. The classification and measurement depend on the purpose for which the financial assets were acquired. All the financial assets that the Company holds are classified at amortised cost.Financial assets that have fixed or determinable payments that are not quoted in an active market are classified and measured at amortised cost. Amortised cost is calculated using effective interest method, less any impairment loss. Interest income is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The Company's amortised cost financial assets comprise: trade and other receivables and cash and cash equivalents as included in the balance sheet.The Company derecognises a financial asset only when contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. On derecognition of a financial asset measured at amortised cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognised in the profit or loss account. Impairment of financial assetsThe Company recognises a loss allowance for expected credit losses on trade receivables and contract assets. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.The Company always recognises lifetime ECL for trade receivables and contract assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Company's historical credit loss experience, adjusted for factors that are specific to the receivables, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.Financial liabilitiesAll financial liabilities are measured subsequently at amortised cost using the effective interest method or FVTPL. A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires.
3.
Critical accounting judgements and key sources of estimation uncertainty
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under circumstances. Actual results in the future could differ from such estimates. In the opinion of the directors, there were no critical judgements and key sources of estimation uncertainty that would have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
38
(2023:
39
).
5.
Tangible assets
|
|
Computer equipment |
Fixtures and fittings |
Other equipment |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2023 |
10,378 |
128,577 |
14,530 |
153,485 |
|
|
|
|
Additions |
- |
8,842 |
- |
8,842 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2024 |
10,378 |
137,419 |
14,530 |
162,327 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2023 |
10,378 |
109,080 |
14,530 |
133,988 |
|
|
|
|
Charge for the year |
- |
10,188 |
- |
10,188 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2024 |
10,378 |
119,268 |
14,530 |
144,176 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2024 |
- |
18,151 |
- |
18,151
|
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2023 |
- |
19,497 |
- |
19,497
|
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Right-of-use assets
|
|
Leasehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2023 and 31 March 2024 |
871,771 |
871,771
|
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2023 |
248,932 |
248,932
|
|
|
|
|
|
|
Charge for the year |
62,403 |
62,403
|
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2024 |
311,335 |
311,335
|
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2024 |
560,436 |
560,436
|
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2023 |
622,839 |
622,839
|
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Trade and other receivables
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade receivables |
|
272,286 |
167,734 |
|
Other receivables |
|
58,327 |
58,408 |
|
|
|
_______ |
_______ |
|
|
|
330,613 |
226,142 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Current liabilities
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade payables |
|
532,566 |
347,974 |
|
Corporation tax |
|
178,091 |
228,165 |
|
Social security and other taxes |
|
96,100 |
87,622 |
|
Lease liabilities (note 10) |
|
59,453 |
57,421 |
|
Other payables |
|
59,758 |
106,231 |
|
|
|
_______ |
_______ |
|
|
|
925,968 |
827,413 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Non-current liabilities
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Lease liabilities (note 10) |
|
557,977 |
617,430 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Leasing
Right-of-use assets
|
|
|
|
£ |
£ |
|
|
|
Within one year |
59,453 |
57,421 |
Between one and five years |
259,613 |
250,738 |
In more than five years |
298,364 |
366,602 |
|
_______ |
_______ |
|
617,430 |
674,761 |
|
_______ |
_______ |
|
|
|
These amounts are included within Current liabilities and Non-current liabilities in notes 8 and 9 respectively.
11.
Controlling party
The company's immediate and ultimate parent undertaking is Paradise Prospect Limited, a company registered in British Virgin Islands. The ultimate controlling party is
Jackie Hing Kit Hung
.