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SHINSUNG (EUROPE) LIMITED

Registered Number
NI028728
(Northern Ireland)

Unaudited Financial Statements for the Year ended
30 September 2024

SHINSUNG (EUROPE) LIMITED
Company Information
for the year from 1 October 2023 to 30 September 2024

Directors

C CRAIG
Y M KIM

Company Secretary

C CRAIG

Registered Address

Suite 2.06, Custom House Custom House Square
Belfast
BT1 3ET

Registered Number

NI028728 (Northern Ireland)
SHINSUNG (EUROPE) LIMITED
Balance Sheet as at
30 September 2024

Notes

2024

2023

£

£

£

£

Current assets
Debtors45,379,0621,825,921
Cash at bank and on hand371,557478,286
5,750,6192,304,207
Creditors amounts falling due within one year5(5,360,809)(2,010,415)
Net current assets (liabilities)389,810293,792
Total assets less current liabilities389,810293,792
Creditors amounts falling due after one year6-(43,414)
Net assets389,810250,378
Capital and reserves
Called up share capital10,00010,000
Profit and loss account379,810240,378
Shareholders' funds389,810250,378
The financial statements were approved and authorised for issue by the Board of Directors on 16 June 2025, and are signed on its behalf by:
Y M KIM
Director
Registered Company No. NI028728
SHINSUNG (EUROPE) LIMITED
Notes to the Financial Statements
for the year ended 30 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings10
Fixtures and fittings10
Office Equipment5
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Land & buildings

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 October 2317,468185,1102,819205,397
At 30 September 2417,468185,1102,819205,397
Depreciation and impairment
At 01 October 2317,468185,1102,819205,397
At 30 September 2417,468185,1102,819205,397
Net book value
At 30 September 24----
At 30 September 23----
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables5,234,2331,728,341
Other debtors144,82997,580
Total5,379,0621,825,921
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables5,225,8921,887,706
Bank borrowings and overdrafts43,41448,034
Taxation and social security84,65340,911
Other creditors-26,913
Accrued liabilities and deferred income6,8506,851
Total5,360,8092,010,415
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts-43,414
Total-43,414
7.Pension commitments
The company operates a defined contribution pension scheme for the directors and senior employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £nil (2023 - £nil) were due to the fund. They are included in other creditors.
8.Related party transactions
At the balance sheet date YM Kim, a director, owed the company £114,663 (2023: £72,150) and C Craig, a director, owed the company £4,703 (2023: was owed £26,913 by the company). A dividend of £45,500 (2023: £35,500) was paid to YM Kim during the year. At the balance sheet date S LED Limited owed the company £150 (2023: £150). S LED Limited is related by virtue of common directors and shareholder.
9.Controlling party
The ultimate controlling party is YM Kim by virtue of his shareholding in the company.