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Registered number: 03977793
W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
REGISTERED NUMBER: 03977793
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Investment property reserve
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W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
REGISTERED NUMBER: 03977793
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 10 form part of these financial statements.
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W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Investment property revaluation reserve
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Comprehensive income for the year
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Transfer between reserves
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Dividends: Equity capital
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Transfer between reserves
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Comprehensive income for the year
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Dividends: Equity capital
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Transfer between reserves
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Transfer between reserves
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The notes on pages 4 to 10 form part of these financial statements.
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W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
W. Wing Yip & Brothers Property and Investments Limited is a private company limited by shares, incorporated in the United Kingdom.
The address of its registered office is:
375 Nechells Park Road
Birmingham
West Midlands
B7 5NT
The financial statements are prepared in Sterling (£) and are for the year ended 30 September 2024
(2023: year ended 30 September 2023).
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The directors have assessed the financial position and future cash requirements of the business for a period exceeding twelve months from the date of approval of the financial statements and consider that the company has sufficient resources to manage its business risk successfully.
Revenue comprises rental and service charge income, and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax is provided for on the gains on revalued investment property when such amounts are considered material.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually by the directors, with assistance of professional advisers, and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
The costs of demolition of existing properties for the purpose of expansion are included in the cost of investment properties.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including the Directors, during the year was as follows:
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W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Amounts owed by associated undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to associated undertakings
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Other taxation and social security
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Accruals and deferred income
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W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Allotted, called up and fully paid
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57,525 (2023 - 57,525) A shares of £1.00 each
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42,475 (2023 - 42,475) B shares of £1.00 each
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11,111 (2023 - 11,111) C shares of £1.00 each
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Share premium account
The share premium account consists of all accumulated premiums on shares issued.
Investment property revaluation reserve
The investment property revaluation reserve consists of accumulated unrealised revaluation gains less losses on properties and associated deferred tax.
Profit and loss account
The profit and loss account consists of accumulated realised profits less accumulated losses, net of any dividends paid.
The company is party, together with a number of related undertakings, to a multilateral guarantee given to HSBC Bank PLC. The total exposure guaranteed at the year end with HSBC Bank PLC amounted to £18,916,066 (2023: £22,678,364).
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Related party transactions
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Amounts due from/(to) related parties:
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Amounts due from companies by way of directors in common
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Amounts due to companies by way of directors in common
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W. WING YIP & BROTHERS PROPERTY AND INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.
The audit report was signed on 2 June 2025 by Gavin Whitehouse BSocSc FCA (Senior Statutory Auditor) on behalf of Bennett Whitehouse Limited.
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