Registered number
10922847
IMPERIAL CHINA (WU) LTD
Filleted Accounts
For the year ended
31 July 2024
KHMM
CHARTERED MANAGEMENT ACCOUNTANTS
7-8 WING YIP BUSINESS CENTRE
395 EDGWARE ROAD
LONDON
NW2 6LN
Tel: 0208 208 2085
IMPERIAL CHINA (WU) LTD
Registered number: 10922847
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 397,975 426,975
Tangible assets 4 76,868 100,183
474,843 527,158
Current assets
Stocks 20,175 24,415
Debtors 5 95,603 83,093
Cash at bank and in hand 67,216 113,682
182,994 221,190
Creditors: amounts falling due within one year 6 (980,321) (793,565)
Net current liabilities (797,327) (572,375)
Net liabilities (322,484) (45,217)
Capital and reserves
Called up share capital 277,800 277,800
Profit and loss account (600,284) (323,017)
Shareholders' funds (322,484) (45,217)
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 July 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 Fengling Chen
Director
Approved by the board on 12 March 2025
IMPERIAL CHINA (WU) LTD
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 leasehold land and building, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings Nil
Fixtures, fittings, and equipment 15% per annum on cost
Computer equipment 33.33% 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 55 49
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 580,000
At 31 July 2024 580,000
Amortisation
At 1 August 2023 153,025
Provided during the year 29,000
At 31 July 2024 182,025
Net book value
At 31 July 2024 397,975
At 31 July 2023 426,975
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Leasehold Land and buildings Fixtures, fittings, and equipment Computer equipment Total
£ £ £ £
Cost
At 1 August 2023 43,353 155,509 15,964 214,826
Additions - 4,200 - 4,200
At 31 July 2024 43,353 159,709 15,964 219,026
Depreciation
At 1 August 2023 - 109,350 5,293 114,643
Charge for the year - 23,785 3,730 27,515
At 31 July 2024 - 133,135 9,023 142,158
Net book value
At 31 July 2024 43,353 26,574 6,941 76,868
At 31 July 2023 43,353 46,159 10,671 100,183
5 Debtors 2024 2023
£ £
Trade debtors 83,472 78,100
Other debtors 12,131 4,993
95,603 83,093
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 160,346 130,569
Taxation and social security costs 107,598 126,267
Other creditors 712,377 536,729
980,321 793,565
7 Other information
IMPERIAL CHINA (WU) 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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