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REGISTERED NUMBER: NI621536 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

LEE FENG LTD

LEE FENG LTD (REGISTERED NUMBER: NI621536)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


LEE FENG LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: D Lee
K H Lee





REGISTERED OFFICE: 17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG





REGISTERED NUMBER: NI621536 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Belfast
BT1 3BG

LEE FENG LTD (REGISTERED NUMBER: NI621536)

BALANCE SHEET
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 80,000 160,000
Tangible assets 5 543,062 587,079
Investment property 6 110,000 110,000
733,062 857,079

CURRENT ASSETS
Stocks 1,235,519 1,105,850
Debtors 7 215,255 170,362
Cash at bank 97,285 243,921
1,548,059 1,520,133
CREDITORS
Amounts falling due within one year 8 881,013 1,035,322
NET CURRENT ASSETS 667,046 484,811
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,400,108

1,341,890

CREDITORS
Amounts falling due after more than one
year

9

-

(37,594

)

PROVISIONS FOR LIABILITIES (24,563 ) (24,563 )
NET ASSETS 1,375,545 1,279,733

CAPITAL AND RESERVES
Called up share capital 5 5
Retained earnings 1,375,540 1,279,728
SHAREHOLDERS' FUNDS 1,375,545 1,279,733

LEE FENG LTD (REGISTERED NUMBER: NI621536)

BALANCE SHEET - continued
31 AUGUST 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:





K H Lee - Director


LEE FENG LTD (REGISTERED NUMBER: NI621536)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

Lee Feng Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements:

Establish whether there are indicators of impairment of the company's intangible and tangible assets (including investment properties). Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Consider the recoverability of trade debtors and the valuation of stock and the need for impairment provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as impaired will be provided against in the relevant period.

The directors also consider the amortisation and depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remain reasonable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures, fittings & equipment - 20% on cost
Motor vehicles - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

LEE FENG LTD (REGISTERED NUMBER: NI621536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 19 ) .

LEE FENG LTD (REGISTERED NUMBER: NI621536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 800,000
AMORTISATION
At 1 September 2023 640,000
Charge for year 80,000
At 31 August 2024 720,000
NET BOOK VALUE
At 31 August 2024 80,000
At 31 August 2023 160,000

5. TANGIBLE FIXED ASSETS
Fixtures,
Freehold fittings Motor
property & equipment vehicles Totals
£    £    £    £   
COST
At 1 September 2023
and 31 August 2024 579,478 155,794 116,050 851,322
DEPRECIATION
At 1 September 2023 90,652 94,875 78,716 264,243
Charge for year 11,331 19,632 13,054 44,017
At 31 August 2024 101,983 114,507 91,770 308,260
NET BOOK VALUE
At 31 August 2024 477,495 41,287 24,280 543,062
At 31 August 2023 488,826 60,919 37,334 587,079

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 110,000
NET BOOK VALUE
At 31 August 2024 110,000
At 31 August 2023 110,000

LEE FENG LTD (REGISTERED NUMBER: NI621536)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


6. INVESTMENT PROPERTY - continued

The directors consider there has been no significant change in the investment property valuations since the last formal valuation.

The investment properties were valued on an open market basis on 5 December 2014, by The Hopkins Partnership, Chartered Surveyors and Estate Agents.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 124,519 106,394
Other debtors 90,736 63,968
215,255 170,362

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts - 29,285
Trade creditors 553,227 646,852
Taxation and social security 94,483 92,556
Other creditors 233,303 266,629
881,013 1,035,322

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans - 37,594

10. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Bank loans - 66,879

The Bank loans are secured by a fixed and floating charge over the property assets of the company, together with a floating charge over all the property or undertaking of the company.