Company registration number 05316616 (England and Wales)
Sing Kee Group Limited
Annual Report and
Consolidated Financial Statements
for the year ended 31 August 2024
Sing Kee Group Limited
Company Information
Director
Q T Ly
Secretary
Q T Ly
Company number
05316616
Registered office
30 Cross Stamford Street
Leeds
West Yorkshire
LS7 1BA
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Bankers
HSBC Bank plc
33 Park Row
Leeds
West Yorkshire
LS1 1LD
Sing Kee Group Limited
Contents
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 23
Sing Kee Group Limited
Strategic Report
for the year ended 31 August 2024
- 1 -

The director presents the strategic report for the year ended 31 August 2024.

Principal activities

The principal activity of the group is the sale of Chinese foods to the trade and the public. There have not been any changes in the group's principal activities in the year under review.

Business review

The director is pleased with the performance of the group for the year ended 31 August 2024. Turnover has increased by 15% to £47.67m and generated profits in line with his expectations.

Financial risks and uncertainties

Economic risk

Competition and threat to market share is a key risk to the group. These risks are expected to be mitigate through the groups wide range of customers, good relationships with long standing suppliers and tightly controlled overhead expenditure.

Credit risk

The group seeks to manage its credit risk by dealing with established customers in the industry. The group is partly financed by bank loans and so is exposed to interest rate fluctuations. Cash flow is managed to minimise the risk to the group.

 

Liquidity risk

The group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest in cash assets safely and profitably.

 

Interest rate risk

The group's exposure is due to changes in interest rates. The group is partly financed by bank loans and is so exposed to interest fluctuations. Cashflow is managed to minimise the risk to the group.

 

Foreign currency risk

Foreign currency risk is mitigated by continually monitoring currency rate variances.

Key performance indicators

The key financial performance indicators are those that communicate the financial performance and strength of the group as a whole and are summarised below:

 

 

 

 

 

 

 

 

 

2024

 

2023

 

 

 

£

 

£

Turnover

 

 

47,668,947

 

41,382,345

Gross profit

 

 

4,915,843

 

4,158,122

Gross profit margin

 

 

10.31%

 

10.05%

Profit before taxation

 

 

619,962

 

788,839

Net assets

 

 

10,119,537

 

8,229,034

 

The group has performed well against its budgeted activities, despite the challenges faced within the global economy during the year ended 31 August 2024.

On behalf of the board

Q T Ly
Director
1 March 2025
Sing Kee Group Limited
Director's Report
for the year ended 31 August 2024
- 2 -

The director presents his annual report and financial statements for the year ended 31 August 2024.

Results and dividends

The group's results for the year are set out on page 7.

Ordinary dividends were paid amounting to £61,847. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Q T Ly
Auditor

The auditor, B M Howarth Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the director's report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Sing Kee Group Limited
Director's Report (continued)
for the year ended 31 August 2024
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Q T Ly
Director
1 March 2025
Sing Kee Group Limited
Independent auditor's Report
to the members of Sing Kee Group Limited
- 4 -
Opinion

We have audited the financial statements of Sing Kee Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Sing Kee Group Limited
Independent auditor's Report (continued)
to the members of Sing Kee Group Limited
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the group and the sectors in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.

 

We evaluated management incentives and opportunities for manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.

 

There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Sing Kee Group Limited
Independent auditor's Report (continued)
to the members of Sing Kee Group Limited
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Charles R Moorby
Senior Statutory Auditor
For and on behalf of
B M Howarth Ltd
Chartered Accountants
Statutory Auditor
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
1 March 2025
Sing Kee Group Limited
Group Statement of Comprehensive Income
for the year ended 31 August 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
47,668,947
41,382,345
Cost of sales
(42,753,104)
(37,224,223)
Gross profit
4,915,843
4,158,122
Distribution costs
(26,888)
-
0
Administrative expenses
(4,152,535)
(3,345,618)
Other operating income
110,978
115,000
Operating profit
4
847,398
927,504
Interest receivable
7
1,726
1,037
Interest payable
8
(229,163)
(139,702)
Profit before taxation
619,961
788,839
Tax on profit
9
(173,509)
(274,392)
Profit for the financial year
446,452
514,447
Other comprehensive income
Revaluation of tangible fixed assets
1,950,896
-
0
Deferred tax on revaluation
(466,532)
(5,086)
Total comprehensive income for the year
1,930,816
509,361
Total comprehensive income for the year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

Sing Kee Group Limited
Group Statement Of Financial Position
as at 31 August 2024
31 August 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
185,517
-
0
Tangible assets
11
16,418,721
11,890,816
16,604,238
11,890,816
Current assets
Stocks
14
1,890,146
1,347,188
Debtors
15
3,058,142
2,877,901
Cash at bank and in hand
947,220
2,154,472
5,895,508
6,379,561
Creditors: amounts falling due within one year
16
(9,740,595)
(8,203,177)
Net current liabilities
(3,845,087)
(1,823,616)
Total assets less current liabilities
12,759,151
10,067,200
Creditors: amounts falling due after more than one year
17
(1,872,790)
(1,468,555)
Provisions for liabilities
Deferred tax liability
18
788,358
369,611
(788,358)
(369,611)
Net assets
10,098,003
8,229,034
Capital and reserves
Called up share capital
20
367
367
Revaluation reserve
1,547,940
63,576
Profit and loss reserves
8,549,696
8,165,091
Total equity
10,098,003
8,229,034

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 1 March 2025
01 March 2025
Q T Ly
Director
Company registration number 05316616 (England and Wales)
Sing Kee Group Limited
Company Statement Of Financial Position
as at 31 August 2024
31 August 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
15,420,931
10,863,984
Investments
12
201
200
15,421,132
10,864,184
Current assets
Debtors
15
285,768
446,658
Cash at bank and in hand
44,815
415,773
330,583
862,431
Creditors: amounts falling due within one year
16
(4,459,430)
(4,103,716)
Net current liabilities
(4,128,847)
(3,241,285)
Total assets less current liabilities
11,292,285
7,622,899
Creditors: amounts falling due after more than one year
17
(1,811,567)
(607,922)
Provisions for liabilities
Deferred tax liability
18
596,365
122,855
(596,365)
(122,855)
Net assets
8,884,353
6,892,122
Capital and reserves
Called up share capital
20
367
367
Revaluation reserve
1,547,940
63,576
Profit and loss reserves
7,336,046
6,828,179
Total equity
8,884,353
6,892,122

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £569,714 (2023 - £254,895 profit).

These financial statements have been prepared in accordance with the provisions relating to small-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 1 March 2025
01 March 2025
Q T Ly
Director
Company registration number 05316616 (England and Wales)
Sing Kee Group Limited
Group Statement Of Changes In Equity
for the year ended 31 August 2024
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
367
68,662
7,650,644
7,719,673
Year ended 31 August 2023:
Profit for the year
-
-
514,447
514,447
Other comprehensive income:
Tax relating to other comprehensive income
-
(5,086)
-
0
(5,086)
Total comprehensive income
-
(5,086)
514,447
509,361
Balance at 31 August 2023
367
63,576
8,165,091
8,229,034
Year ended 31 August 2024:
Profit for the year
-
-
446,452
446,452
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,950,896
-
1,950,896
Deferred tax on revaluation
-
(466,532)
-
0
(466,532)
Total comprehensive income
-
1,484,364
446,452
1,930,816
Dividends
10
-
-
(61,847)
(61,847)
Balance at 31 August 2024
367
1,547,940
8,549,696
10,098,003
Sing Kee Group Limited
Company Statement of Changes in Equity
for the year ended 31 August 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
367
68,662
6,573,284
6,642,313
Year ended 31 August 2023:
Profit for the year
-
-
254,895
254,895
Other comprehensive income:
Tax relating to other comprehensive income
-
(5,086)
-
0
(5,086)
Total comprehensive income
-
(5,086)
254,895
249,809
Balance at 31 August 2023
367
63,576
6,828,179
6,892,122
Year ended 31 August 2024:
Profit for the year
-
-
569,714
569,714
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,950,896
-
1,950,896
Deferred tax on revaluation
-
(466,532)
-
0
(466,532)
Total comprehensive income
-
1,484,364
569,714
2,054,078
Dividends
10
-
-
(61,847)
(61,847)
Balance at 31 August 2024
367
1,547,940
7,336,046
8,884,353
Sing Kee Group Limited
Group Statement of Cash Flows
for the year ended 31 August 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
2,022,230
1,177,641
Interest paid
(229,163)
(139,702)
Income taxes paid
(239,657)
(134,396)
Net cash inflow from operating activities
1,553,410
903,543
Investing activities
Purchase of intangible assets
(193,583)
-
Purchase of tangible fixed assets
(2,901,203)
(460,258)
Proceeds from disposal of tangible fixed assets
52,883
157,548
Interest received
1,726
1,037
Net cash used in investing activities
(3,040,177)
(301,673)
Financing activities
Receipt / (repayment) of bank loans
362,687
(701,883)
(Payment) / increase of finance leases obligations
(21,325)
26,048
Dividends paid to equity shareholders
(61,847)
-
0
Net cash generated from/(used in) financing activities
279,515
(675,835)
Net decrease in cash and cash equivalents
(1,207,252)
(73,965)
Cash and cash equivalents at beginning of year
2,154,472
2,228,437
Cash and cash equivalents at end of year
947,220
2,154,472
Sing Kee Group Limited
Notes to the Group Financial Statements
for the year ended 31 August 2024
- 13 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Basis of consolidation

The consolidated financial statements incorporate those of Sing Kee Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. The results of the subsidiaries which are disposed of during the year are excluded for the period to the date of disposal.

 

All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

Tangible fixed assets

Tangible fixed assets, other than freehold properties, are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Sing Kee Group Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 August 2024
1
Accounting policies
(continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated
Plant and equipment
20% reducing balance
Fixtures and fittings
10 - 20% reducing balance
Computers
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Fixed asset investments

Fixed asset investments in subsidiaries are stated at cost less provision for permanent diminution in value.

 

Investment properties are initially measured at cost and are subsequently included at fair value at each reporting date. Gains are recognised in the income statement.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Sing Kee Group Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 August 2024
1
Accounting policies
(continued)
- 15 -
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
271,311
221,261
Profit on disposal of tangible fixed assets
-
(24,579)
Amortisation of intangible assets
8,066
-
Operating lease charges
25,000
-
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,500
7,500
Audit of the financial statements of the company's subsidiaries
21,000
12,000
28,500
19,500
Sing Kee Group Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 August 2024
- 16 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
46
25
-
-
Selling and distribution
48
39
-
-
Total
94
64
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,946,851
1,411,456
-
0
-
0
Pension costs
17,733
14,942
-
0
-
0
1,964,584
1,426,398
-
0
-
0
7
Interest receivable
2024
2023
£
£
Interest income
Other interest income
1,726
1,037
8
Interest payable
2024
2023
£
£
Interest on bank overdrafts and loans
217,358
130,409
Interest on finance leases and hire purchase contracts
4,107
4,753
Other interest on overdue taxation
7,698
4,540
Total finance costs
229,163
139,702
Sing Kee Group Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 August 2024
- 17 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
221,605
184,363
Adjustments in respect of prior periods
(311)
-
0
Total current tax
221,294
184,363
Deferred tax
Origination and reversal of timing differences
(47,785)
(10,967)
Changes in tax rates
-
0
85,714
Adjustment in respect of prior periods
-
0
14,582
Other adjustments
-
0
700
Total deferred tax
(47,785)
90,029
Total tax charge
173,509
274,392

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
619,961
788,839
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
154,990
197,210
Tax effect of expenses that are not deductible in determining taxable profit
6,019
5,106
Effect of change in corporation tax rate
-
(28,775)
Depreciation on assets not qualifying for tax allowances
-
0
905
Deferred tax adjustments in respect of prior years
12,500
15,282
Enhanced capital allowances
-
0
(1,050)
Effect on change in local deferred tax rate
-
0
85,714
Taxation charge
173,509
274,392

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
466,532
5,086
Sing Kee Group Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 August 2024
- 18 -
10
Dividends
2024
2023
£
£
Dividends paid
61,847
-
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2023
10,433,454
1,013,020
1,276,950
-
0
431,614
13,155,038
Additions
2,649,104
6,837
26,752
10,962
207,548
2,901,203
Disposals
-
0
-
0
-
0
-
0
(65,745)
(65,745)
Revaluation
1,950,896
-
0
-
0
-
0
-
0
1,950,896
Transfers
-
0
(62,945)
-
0
-
0
62,945
-
0
At 31 August 2024
15,033,454
956,912
1,303,702
10,962
636,362
17,941,392
Depreciation and impairment
At 1 September 2023
-
0
466,626
685,186
-
0
112,410
1,264,222
Depreciation charged in the year
-
0
86,210
69,268
383
115,450
271,311
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(12,862)
(12,862)
Transfers
-
0
(15,982)
-
0
-
0
15,982
-
0
At 31 August 2024
-
0
536,854
754,454
383
230,980
1,522,671
Carrying amount
At 31 August 2024
15,033,454
420,058
549,248
10,579
405,382
16,418,721
At 31 August 2023
10,433,454
546,394
591,764
-
0
319,204
11,890,816
Sing Kee Group Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 August 2024
11
Tangible fixed assets
(continued)
- 19 -
Company
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2023
10,433,454
950,912
11,384,366
Additions
2,649,104
-
0
2,649,104
Revaluation
1,950,896
-
0
1,950,896
At 31 August 2024
15,033,454
950,912
15,984,366
Depreciation and impairment
At 1 September 2023
-
0
520,382
520,382
Depreciation charged in the year
-
0
43,053
43,053
At 31 August 2024
-
0
563,435
563,435
Carrying amount
At 31 August 2024
15,033,454
387,477
15,420,931
At 31 August 2023
10,433,454
430,530
10,863,984

 

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
201
200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023
200
Additions
1
At 31 August 2024
201
Carrying amount
At 31 August 2024
201
At 31 August 2023
200
Sing Kee Group Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 August 2024
- 20 -
13
Subsidiaries

The company owns 100% of the ordinary share capital of the following subsidiaries at 31 August 2024, all companies are included in the consolidated accounts:

Name of undertaking
Sing Ko Ltd
PL (Import & Export) Ltd
Sing&K Ltd

Sing Ko Limited and PL (Import & Export) Limited are wholesalers of Chinese goods. Sing&K Ltd is a food retailer.

 

The Registered Office addresses of all of the company's subsidiaries is 30 Cross Stamford Street, Leeds, West Yorkshire, LS7 1BA.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,890,146
1,347,188
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,672,156
2,034,424
80,163
84,622
Other debtors
206,595
454,294
6,155
143,878
Prepayments and accrued income
179,391
389,183
199,450
218,158
3,058,142
2,877,901
285,768
446,658
Sing Kee Group Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 August 2024
- 21 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
506,097
569,277
506,097
124,833
Obligations under finance leases
22,297
21,990
-
0
-
0
Trade creditors
7,882,402
6,650,824
51,114
130,883
Amounts owed to group undertakings
-
0
-
0
2,943,713
3,182,706
Amounts owed to undertakings in which the group has a participating interest
809,313
399,245
809,313
399,245
Corporation tax payable
173,615
191,978
11,157
27,125
Other taxation and social security
41,337
35,437
-
12,026
Other creditors
-
0
46,354
-
0
41,138
Accruals and deferred income
305,534
288,072
138,036
185,760
9,740,595
8,203,177
4,459,430
4,103,716

The bank loans are secured by fixed and floating charges on the properties to which they relate, along with corporate guarantees from the subsidiary Sing Ko Limited and connected company Sing Wong Limited.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
1,811,567
1,385,700
1,811,567
607,922
Obligations under finance leases
61,223
82,855
-
0
-
0
1,872,790
1,468,555
1,811,567
607,922

The bank loans are secured by fixed and floating charges on the properties to which they relate, along with corporate guarantees from the subsidiary Sing Ko Limited and connected company Sing Wong Limited.

Sing Kee Group Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 August 2024
- 22 -
18
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
300,634
348,419
Revaluations
487,724
-
Investment property
-
21,192
788,358
369,611
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
108,641
101,663
Revaluations
487,724
-
Investment property
-
21,192
596,365
122,855
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
369,611
122,855
(Credit)/charge to profit or loss
(47,785)
6,978
Other
466,532
466,532
Liability at 31 August 2024
788,358
596,365
19
Retirement benefit schemes
2024
2023
£
£
Charge to profit or loss
17,733
14,942

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Sing Kee Group Limited
Notes to the Group Financial Statements (continued)
for the year ended 31 August 2024
- 23 -
20
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Allotted, called up and fully paid equity shares
367 Ordinary of £1 each
367
367
21
Controlling party

The group was controlled throughout the year by the director, Q T Ly, who owns 100% of the issued share capital.

22
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
446,452
514,447
Adjustments for:
Taxation charged
173,509
274,392
Finance costs
229,163
139,702
Investment income
(1,726)
(1,037)
Gain on disposal of tangible fixed assets
-
(24,579)
Amortisation and impairment of intangible assets
8,066
-
Depreciation and impairment of tangible fixed assets
271,311
221,261
Movements in working capital:
(Increase)/decrease in stocks
(542,958)
92,812
(Increase)/decrease in debtors
(180,241)
532,769
Increase/(decrease) in creditors
1,618,654
(572,126)
Cash generated from operations
2,022,230
1,177,641
23
Analysis of changes in net funds/(debt) - group
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
2,154,472
(1,207,252)
947,220
Borrowings excluding overdrafts
(1,954,977)
(362,687)
(2,317,664)
Obligations under finance leases
(104,845)
21,325
(83,520)
94,650
(1,548,614)
(1,453,964)
24
Company information

Sing Kee Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 30 Cross Stamford Street, Leeds, West Yorkshire, LS7 1BA.

 

The group consists of Sing Kee Group Limited and all of its subsidiaries.

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