WIN TAI NSM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
Company Registration No. 15148304 (England and Wales)
WIN TAI NSM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WIN TAI NSM LIMITED
BALANCE SHEET
- 1 -
2024
Notes
£
£
Fixed assets
Investment property
4
2,903,163
Current assets
Debtors
5
556,345
Cash at bank and in hand
34,974
591,319
Creditors: amounts falling due within one year
6
(1,764,482)
Net current liabilities
(1,173,163)
Total assets less current liabilities
1,730,000
Creditors: amounts falling due after more than one year
7
(1,732,693)
Net liabilities
(2,693)
Capital and reserves
Called up share capital
8
Profit and loss reserves
(2,701)
Total equity
(2,693)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 22 May 2025
Mr A W K Lin
Director
Company registration number 15148304 (England and Wales)
WIN TAI NSM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Win Tai NSM Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, 276 Victoria Road, Stoke-On-Trent, Staffordshire, ST4 2HS.
1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
WIN TAI NSM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
Number
Total
WIN TAI NSM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 4 -
4
Investment property
2024
£
Fair value
At 19 September 2023
Additions
2,903,163
At 31 July 2024
2,903,163
5
Debtors
2024
Amounts falling due within one year:
£
Amounts owed by group undertakings
8
Other debtors
556,337
556,345
6
Creditors: amounts falling due within one year
2024
£
Bank loans
127,306
Amounts owed to group undertakings
1,237,176
Other creditors
400,000
1,764,482
On the 3 July 2024 the company took out a loan for £1.86m. The loan incurs interest at base rate +2.19% interest per annum and is secured by a fixed and floating charge over the investment property. The loan is due for repayment on 3 July 2027.
The amounts owed to group undertakings are unsecured, interest free and repayable on demand.
7
Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts
1,732,693
On the 3 July 2024 the company took out a loan for £1.86m. The loan incurs interest at base rate +2.19% interest per annum and is secured by a fixed and floating charge over the investment property. The loan is due for repayment on 3 July 2027.
WIN TAI NSM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 5 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its loss for the Period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Jean Ellis BA FCA CTA
Statutory Auditor:
DSG Audit
Date of audit report:
22 May 2025
9
Parent company
The parent company is Win Tai Printing (UK) Limited, a company incorporated in England and Wales. The registered office is Unit 1, 276 Victoria Road, Stoke-On-Trent, England, ST4 2HS. Win Tai Printing (UK) Limited prepares consolidated financial statements which includes Win Tai NSM Limited.
The smallest and largest group into which the results of this entity are consolidated is that headed by Win Tai Printing (UK) Limited