Silverfin false false 31/08/2024 01/09/2023 31/08/2024 M Chin 07/08/2017 18 June 2025 The principal activity of the company continued to be that of sale of imported tea and alcohol, selling of luxury brand goods and providing consultancy services. 10902976 2024-08-31 10902976 bus:Director1 2024-08-31 10902976 2023-08-31 10902976 core:CurrentFinancialInstruments 2024-08-31 10902976 core:CurrentFinancialInstruments 2023-08-31 10902976 core:Non-currentFinancialInstruments 2024-08-31 10902976 core:Non-currentFinancialInstruments 2023-08-31 10902976 core:ShareCapital 2024-08-31 10902976 core:ShareCapital 2023-08-31 10902976 core:RetainedEarningsAccumulatedLosses 2024-08-31 10902976 core:RetainedEarningsAccumulatedLosses 2023-08-31 10902976 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-08-31 10902976 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-08-31 10902976 core:LandBuildings 2023-08-31 10902976 core:FurnitureFittings 2023-08-31 10902976 core:OfficeEquipment 2023-08-31 10902976 core:LandBuildings 2024-08-31 10902976 core:FurnitureFittings 2024-08-31 10902976 core:OfficeEquipment 2024-08-31 10902976 core:CostValuation 2023-08-31 10902976 core:AdditionsToInvestments 2024-08-31 10902976 core:CostValuation 2024-08-31 10902976 bus:OrdinaryShareClass1 2024-08-31 10902976 2023-09-01 2024-08-31 10902976 bus:FilletedAccounts 2023-09-01 2024-08-31 10902976 bus:SmallEntities 2023-09-01 2024-08-31 10902976 bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 10902976 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 10902976 bus:Director1 2023-09-01 2024-08-31 10902976 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-09-01 2024-08-31 10902976 core:LandBuildings core:TopRangeValue 2023-09-01 2024-08-31 10902976 core:FurnitureFittings core:TopRangeValue 2023-09-01 2024-08-31 10902976 core:OfficeEquipment core:TopRangeValue 2023-09-01 2024-08-31 10902976 2022-09-01 2023-08-31 10902976 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-09-01 2024-08-31 10902976 core:LandBuildings 2023-09-01 2024-08-31 10902976 core:FurnitureFittings 2023-09-01 2024-08-31 10902976 core:OfficeEquipment 2023-09-01 2024-08-31 10902976 core:CurrentFinancialInstruments 2023-09-01 2024-08-31 10902976 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 10902976 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10902976 (England and Wales)

JUNG ASSOCIATES LTD

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

JUNG ASSOCIATES LTD

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

JUNG ASSOCIATES LTD

BALANCE SHEET

As at 31 August 2024
JUNG ASSOCIATES LTD

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 4 7,220 8,373
Tangible assets 5 24,869 17,194
Investments 6 44,243 0
76,332 25,567
Current assets
Stocks 65,240 41,842
Debtors 7 470,986 85,779
Cash at bank and in hand 8,448 1,104
544,674 128,725
Creditors: amounts falling due within one year 8 ( 834,181) ( 430,992)
Net current liabilities (289,507) (302,267)
Total assets less current liabilities (213,175) (276,700)
Creditors: amounts falling due after more than one year 9 ( 7,498) ( 17,500)
Net liabilities ( 220,673) ( 294,200)
Capital and reserves
Called-up share capital 10 1 1
Profit and loss account ( 220,674 ) ( 294,201 )
Total shareholder's deficit ( 220,673) ( 294,200)

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Jung Associates Ltd (registered number: 10902976) were approved and authorised for issue by the Director on 18 June 2025. They were signed on its behalf by:

M Chin
Director
JUNG ASSOCIATES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
JUNG ASSOCIATES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Jung Associates Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Room 705 Unit 1-3, Britannia Way, London, NW10 7PR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

4. Intangible assets

Website costs Total
£ £
Cost
At 01 September 2023 11,512 11,512
At 31 August 2024 11,512 11,512
Accumulated amortisation
At 01 September 2023 3,139 3,139
Charge for the financial year 1,152 1,152
At 31 August 2024 4,292 4,292
Net book value
At 31 August 2024 7,220 7,220
At 31 August 2023 8,373 8,373

5. Tangible assets

Land and buildings Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 September 2023 25,880 0 16,330 42,210
Additions 0 12,792 0 12,792
Disposals 0 0 ( 5,691) ( 5,691)
At 31 August 2024 25,880 12,792 10,639 49,311
Accumulated depreciation
At 01 September 2023 11,215 0 13,801 25,016
Charge for the financial year 2,588 0 2,529 5,117
Disposals 0 0 ( 5,691) ( 5,691)
At 31 August 2024 13,803 0 10,639 24,442
Net book value
At 31 August 2024 12,077 12,792 0 24,869
At 31 August 2023 14,665 0 2,529 17,194

6. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 September 2023 0 0
Additions 44,243 44,243
At 31 August 2024 44,243 44,243
Carrying value at 31 August 2024 44,243 44,243
Carrying value at 31 August 2023 0 0

7. Debtors

2024 2023
£ £
Trade debtors 408,077 75,095
Other debtors 62,909 10,684
470,986 85,779

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 148,181 68,504
Other taxation and social security 6,660 4,153
Other creditors 669,340 348,335
834,181 430,992

The director considers that the carrying amount of trade payables approximates to their fair value.

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 7,498 17,500

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

11. Related party transactions

At the year end the company owed £389,409 (2023 - £340,653) to the director of the company, in respect of an interest free loan which is repayable on demand.