Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30falsefalsefalsefalse2023-07-01import and wholesale of Chinese food and the operation of a cash and carry.202204 02625487 2023-07-01 2024-06-30 02625487 2022-07-01 2023-06-30 02625487 2024-06-30 02625487 2023-06-30 02625487 2022-07-01 02625487 5 2023-07-01 2024-06-30 02625487 5 2022-07-01 2023-06-30 02625487 d:CompanySecretary1 2023-07-01 2024-06-30 02625487 d:Director1 2023-07-01 2024-06-30 02625487 d:Director3 2023-07-01 2024-06-30 02625487 d:Director4 2023-07-01 2024-06-30 02625487 d:RegisteredOffice 2023-07-01 2024-06-30 02625487 e:Buildings 2023-07-01 2024-06-30 02625487 e:Buildings 2024-06-30 02625487 e:Buildings 2023-06-30 02625487 e:Buildings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02625487 e:PlantMachinery 2023-07-01 2024-06-30 02625487 e:PlantMachinery 2024-06-30 02625487 e:PlantMachinery 2023-06-30 02625487 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02625487 e:MotorVehicles 2023-07-01 2024-06-30 02625487 e:MotorVehicles 2024-06-30 02625487 e:MotorVehicles 2023-06-30 02625487 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02625487 e:FurnitureFittings 2023-07-01 2024-06-30 02625487 e:FurnitureFittings 2024-06-30 02625487 e:FurnitureFittings 2023-06-30 02625487 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02625487 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02625487 e:Goodwill 2024-06-30 02625487 e:Goodwill 2023-06-30 02625487 e:CurrentFinancialInstruments 2024-06-30 02625487 e:CurrentFinancialInstruments 2023-06-30 02625487 e:Non-currentFinancialInstruments 2024-06-30 02625487 e:Non-currentFinancialInstruments 2023-06-30 02625487 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 02625487 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 02625487 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 02625487 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 02625487 f:UnitedKingdom 2023-07-01 2024-06-30 02625487 f:UnitedKingdom 2022-07-01 2023-06-30 02625487 e:ShareCapital 2024-06-30 02625487 e:ShareCapital 2023-06-30 02625487 e:ShareCapital 2022-07-01 02625487 e:RevaluationReserve 2023-07-01 2024-06-30 02625487 e:RevaluationReserve 2024-06-30 02625487 e:RevaluationReserve 2023-06-30 02625487 e:RevaluationReserve 2022-07-01 02625487 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 02625487 e:RetainedEarningsAccumulatedLosses 2024-06-30 02625487 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 02625487 e:RetainedEarningsAccumulatedLosses 2023-06-30 02625487 e:RetainedEarningsAccumulatedLosses 2022-07-01 02625487 d:OrdinaryShareClass1 2023-07-01 2024-06-30 02625487 d:OrdinaryShareClass1 2024-06-30 02625487 d:OrdinaryShareClass1 2023-06-30 02625487 d:FRS102 2023-07-01 2024-06-30 02625487 d:Audited 2023-07-01 2024-06-30 02625487 d:FullAccounts 2023-07-01 2024-06-30 02625487 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02625487 e:Subsidiary1 2023-07-01 2024-06-30 02625487 e:Subsidiary1 1 2023-07-01 2024-06-30 02625487 e:HirePurchaseContracts e:WithinOneYear 2024-06-30 02625487 e:HirePurchaseContracts e:WithinOneYear 2023-06-30 02625487 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-06-30 02625487 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-06-30 02625487 2 2023-07-01 2024-06-30 02625487 6 2023-07-01 2024-06-30 02625487 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-06-30 02625487 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-06-30 02625487 g:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02625487









HOO HING LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
HOO HING LIMITED
 
 
COMPANY INFORMATION


Directors
C Poon 
K Poon 
T F Poon 




Company secretary
C Poon



Registered number
02625487



Registered office
Hoo Hing House
Freshwater Road

Dagenham

Essex

RM8 1RX




Independent auditor
Taylor Associates
Statutory Auditor 
Chartered Accountants
  

1st Floor, Gallery Court

28 Arcadia Court

London

N3 2FG





 
HOO HING LIMITED
 

CONTENTS



Page
Strategic report
 
 
1 - 2
Directors' report
 
 
3 - 5
Independent auditor's report
 
 
6 - 9
Statement of comprehensive income
 
 
10
Balance sheet
 
 
11
Statement of changes in equity
 
 
12
Statement of cash flows
 
 
13
Notes to the financial statements
 
 
14 - 28


 
HOO HING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
Hoo Hing Limited’s principal activities continue to be that of the import and wholesale of Chinese food and the operation of a cash and carry.   

Business review
 
Turnover reduced by 3% during the year, however the margin was maintained despite the continuing impact of a weak stearling currency impact on raw materials for the year under review.
The directors continue to review the ongoing activities of the Company on a regular basis although trading conditions remain difficult and challenging. 

Principal risks and uncertainties
 
The directors recognise that the grocery market place is very competitive and price sensitive and that the Company must consistently adapt and improve its supply chain and internal processes to meet the needs of customers to maintain presence and a broad market space.
The Company uses various financial instruments. These include cash and other items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to finance the Company's operations.
The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail below.
The main risks arising from the Company's financial instruments are cash flow, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below.
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. 
Credit risk
The Company's principal financial assets are cash and trade debtors. The principal credit risk arises therefore from its trade debtors. 
In order to manage credit risk the directors set limits for customers based on a combination of payment history and reputation. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.

Financial key performance indicators
 
The directors monitor the success of the Company by its ability to achieve a controlled increase in sales that delivers sufficient gross profit to cover operating costs and generates cash flow from managing working capital. 
 
The Company’s KPIs are Turnover, Gross Profit, Net Profit.

Other key performance indicators
 
The 3 key resources of the business are its customers, its suppliers and its staff. 
 
The directors review statistics to measure customer satisfaction, volume of activity with suppliers and measures to ensure long term retention of its skilled and trained workforce.

Page 1

 
HOO HING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The directors set out their statement of compliance with s172 (1) of the Companies Act 2006 which should be read in conjunction with the rest of the annual report.
The directors of the Company have a duty to promote the success of the Company. A director of the Company must act in the way they consider, in good faith, to promote the success of the Company for the benefit of its members, and in doing so have regard (amongst other matters) to:


This report was approved by the board on 17 June 2025 and signed on its behalf.



K Poon
Director

Page 2

 
HOO HING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £233,680 (2023 - profit £394,980).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

C Poon 
K Poon 
T F Poon 

Future developments

The Company continues with its commitment to work according to prudent principles for the long term benefit of shareholders, employees and clients alike. This enables continued reinvestment into the Company to underpin planned, soundly based and profitable growth.

Page 3

 
HOO HING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company's greenhouse gas emissions and energy consumption are as follows: 


2024
2023

Emissions resulting from activities for which the Company is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
680
588

Emissions resulting from the purchase of the electricity by the Company for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
599
678

Energy consumed from activities for which the Company is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport, in kWh
5.67 million
5.71 million

During the year, the Company emitted an intensity ratio of 0.0177 kgCO2e per £ turnover (2023 - 0.0170).
Emissions have been calculated using the GHG Protocol Corporate Accounting and Reporting Standard. 

No actions have been taken during the year to improve the Company's energy efficiency. 

Matters covered in the Strategic Report

Matters related to the S172 (1) statement including engagement with employees, suppliers, customers and others are included within the Strategic Report. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Taylor Associateswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4

 
HOO HING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

This report was approved by the board on 17 June 2025 and signed on its behalf.
 





K Poon
Director

Page 5

 
HOO HING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOO HING LIMITED
 

Opinion


We have audited the financial statements of Hoo Hing Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its loss for the year 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.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
HOO HING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOO HING LIMITED (CONTINUED)


Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Page 7

 
HOO HING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOO HING LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
 
the nature of the industry, sector and control environment including the procedures for stock;
results of our enquiries with management about their own identification and assessment of the risks of irregularities;
any matters we identified having made enquiries of management about their policies and procedures relating to: 
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations, and;
°the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
 
As a result of these procedures, we considered opportunities and incentives that may exist within the organisation for fraud. In common with audits under ISAs (UK), we are also required to perform specific procedures to respond to risk of management override. 
We also obtained an understanding of the legal and regulatory frameworks the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context includes the UK Companies Act and local tax legislation. 
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate. 
 
Page 8

 
HOO HING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOO HING LIMITED (CONTINUED)


Audit response to risks identified
As a result of performing the above, our procedures to respond to the risks identified including the following:
 
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management about actual and potential litigation and claims;
performing analytical procedures and substantive testing to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Paul Winter (Senior statutory auditor)
for and on behalf of
Taylor Associates
Statutory Auditor
Chartered Accountants
1st Floor, Gallery Court
28 Arcadia Court
London
N3 2FG

 
Date: 
17 June 2025
Page 9

 
HOO HING LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
72,400,871
74,657,907

Cost of sales
  
(58,994,414)
(60,830,946)

Gross profit
  
13,406,457
13,826,961

Distribution costs
  
(7,948,252)
(7,929,734)

Administrative expenses
  
(5,777,538)
(5,501,432)

Other operating income
  
12,000
-

Operating (loss)/profit
 5 
(307,333)
395,795

Interest receivable and similar income
 9 
78,207
88,858

Interest payable and similar expenses
 10 
(4,554)
(6,273)

(Loss)/profit before tax
  
(233,680)
478,380

Tax on (loss)/profit
 11 
-
(83,400)

(Loss)/profit for the financial year
  
(233,680)
394,980

There was no other comprehensive income for 2024 (2023£NIL).

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
HOO HING LIMITED
REGISTERED NUMBER: 02625487

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,739,136
3,668,964

Investments
 14 
10,000
10,000

  
3,749,136
3,678,964

Current assets
  

Stocks
 15 
6,644,737
5,775,928

Debtors: amounts falling due within one year
 16 
3,422,384
3,087,372

Cash at bank and in hand
 17 
5,239,188
7,534,843

  
15,306,309
16,398,143

Creditors: amounts falling due within one year
 18 
(6,534,913)
(7,278,155)

Net current assets
  
 
 
8,771,396
 
 
9,119,988

Total assets less current liabilities
  
12,520,532
12,798,952

Creditors: amounts falling due after more than one year
 19 
-
(44,740)

  

Net assets
  
12,520,532
12,754,212


Capital and reserves
  

Called up share capital 
 21 
10,000
10,000

Revaluation reserve
 22 
6,275,814
6,275,814

Profit and loss account
 22 
6,234,718
6,468,398

  
12,520,532
12,754,212


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 June 2025.




K Poon
Director

The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
HOO HING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2022
10,000
6,275,814
6,073,418
12,359,232


Comprehensive income for the year

Profit for the year
-
-
394,980
394,980


At 1 July 2023
10,000
6,275,814
6,468,398
12,754,212


Comprehensive income for the year

Loss for the year
-
-
(233,680)
(233,680)


At 30 June 2024
10,000
6,275,814
6,234,718
12,520,532


The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
HOO HING LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(233,680)
394,980

Adjustments for:

Depreciation of tangible assets
429,933
380,972

Loss on disposal of tangible assets
13,614
110

Interest paid
4,554
6,273

Interest received
(78,207)
(88,858)

Taxation charge
-
83,400

(Increase)/decrease in stocks
(868,809)
2,724,448

(Increase)/decrease in debtors
(335,012)
579,685

(Decrease) in creditors
(639,422)
(450,134)

Corporation tax (paid)
(81,450)
(105,250)

Net cash generated from operating activities

(1,788,479)
3,525,626


Cash flows from investing activities

Purchase of tangible fixed assets
(552,261)
(435,457)

Sale of tangible fixed assets
38,542
30,476

Interest received
78,207
88,858

HP interest paid
(4,554)
(6,273)

Net cash from investing activities

(440,066)
(322,396)

Cash flows from financing activities

Repayment of/new finance leases
(67,110)
(112,396)

Net cash used in financing activities
(67,110)
(112,396)

Net (decrease)/increase in cash and cash equivalents
(2,295,655)
3,090,834

Cash and cash equivalents at beginning of year
7,534,843
4,444,009

Cash and cash equivalents at the end of year
5,239,188
7,534,843


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,239,188
7,534,843


The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Hoo Hing Limited (the "Company") is a private company limited by shares, incorporated in England and Wales. The business address is Hoo Hing House, Freshwater Road, Dagenham, Essex, RM8 1RX, United Kingdom.
The principal activity of the Company, which remained unchanged from last year, was that of import and wholesale of Chinese food and the operation of a cash and carry.   

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue shown in the profit and loss account represents amounts receivable for goods and management income provided during the year in the normal course of business, net of discounts, VAT and other sales and related taxes.
Sale of goods
i) Revenue on cash sales can be defined as over the counter sales which are recognised when customers purchase the products and the invoice is issued on the same day. Hence, the company transfers the significant risks and rewards of ownership to the customer on the date of the transaction.
ii) Revenue on credit sales of goods is recognised the day the order is despatched. When an order from a customer is received, the company prepares the order and once the order is ready it is transferred to the loading bay within the warehouse until delivery. Once the order is loaded on the delivery vehicles and ready to be despatched the sales invoice is raised and the stock is removed from the stock listing. Hence, the company transfers the significant risks and rewards of ownership to the customer on the date the goods are despatched.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

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.

Page 14

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

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.


 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

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.

Page 15

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following annual basis:.

Depreciation is provided on the following basis:

Freehold property
-
2% on a Straight Line Basis
Plant and machinery
-
15% on a Reducing Balance Basis
Motor vehicles
-
25% on a Reducing Balance Basis
Fixtures and fittings
-
15% on a Reducing Balance 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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.10

Revaluation of tangible fixed assets

Individual freehold properties have been measured at the date of transition at fair value and that fair value has been used as deemed cost at that date.  Fair values were determined by professionally qualified valuers.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

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.

Page 16

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty. Cash is held in a current account and a 95-day notice account.
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.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

Creditors

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.

Page 17

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 18

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The depreciation charge recognised on the fixed assets is based on management judgment. The management apply depreciation based on their knowledge of the useful economic life of each fixed asset category. No further judgments are recognised which could materially affect the Company's financial position. 


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
72,400,871
74,657,907



5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
427,816
380,972

Defined contribution pension cost
348,391
255,187

Exchange differences
-
110


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
18,000
16,580

Page 19

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
6,251,290
5,970,729

Social security costs
592,333
616,620

Cost of defined contribution scheme
348,391
255,187

7,192,014
6,842,536


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Office and Management
51
46



Production and Sales
151
158

202
204


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
347,276
333,494

Company contributions to defined contribution pension schemes
110,460
108,480

457,736
441,974


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £126,442 (2023 - £129,327).


9.


Interest receivable and similar income

2024
2023
£
£


Bank interest
78,207
88,858

Page 20

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Interest payable and similar charges

2024
2023
£
£


Finance leases and hire purchase contracts
4,554
6,273


11.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(233,680)
478,380


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(58,420)
119,595

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
560
5,496

Capital allowances for year in excess of depreciation
9,037
(25,742)

Unrelieved tax losses carried forward
48,823
-

Change in corporation tax rate
-
(15,949)

Total tax charge for the year
-
83,400


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Intangible assets




Goodwill

£



Cost


At 1 July 2023
35,000



At 30 June 2024

35,000



Amortisation


At 1 July 2023
35,000



At 30 June 2024

35,000



Net book value



At 30 June 2024
-



At 30 June 2023
-



Page 22

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 July 2023
2,300,000
2,602,228
3,492,869
2,131,270
10,526,367


Additions
-
285,144
267,117
-
552,261


Disposals
-
(5,482)
(233,821)
-
(239,303)



At 30 June 2024

2,300,000
2,881,890
3,526,165
2,131,270
10,839,325



Depreciation


At 1 July 2023
203,750
2,354,070
2,485,620
1,813,963
6,857,403


Charge for the year on owned assets
25,550
62,358
294,427
47,598
429,933


Disposals
-
(4,774)
(182,373)
-
(187,147)



At 30 June 2024

229,300
2,411,654
2,597,674
1,861,561
7,100,189



Net book value



At 30 June 2024
2,070,700
470,236
928,491
269,709
3,739,136



At 30 June 2023
2,096,250
248,158
1,007,249
317,307
3,668,964

Page 23

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
-
176,017

Cost or valuation at 30 June 2024 is as follows:

Land and buildings
£


At cost
1,426,818
At valuation:

Lambert Smith Hampton - 30 June 2015
873,182



2,300,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
1,426,818
1,426,818

Accumulated depreciation
(229,300)
(203,750)

Net book value
1,197,518
1,223,068


14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
10,000



At 30 June 2024
10,000




Page 24

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

Top Oil Products Limited
Dormant
Ordinary
100%


15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
6,644,737
5,775,928



16.


Debtors

2024
2023
£
£


Trade debtors
2,909,413
2,747,213

Other debtors
107,926
91,047

Prepayments and accrued income
405,045
249,112

3,422,384
3,087,372



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,239,188
7,534,843


Page 25

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,696,837
4,029,902

Corporation tax
-
81,450

Other taxation and social security
199,370
176,402

Obligations under finance lease and hire purchase contracts
-
22,370

Other creditors
2,384,232
2,540,642

Accruals and deferred income
254,474
427,389

6,534,913
7,278,155



19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
44,740


The bank loans and overdrafts are secured against certain freehold land and buildings owned by the company.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
22,370

Between 1-5 years
-
44,740

-
67,110

Page 26

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £1.00 each
10,000
10,000


All shares rank equally in all respects.



22.


Reserves

Revaluation reserve

The Revaluation reserve consists of non-distributable reserves arising from cumulative historical revaluation profits and losses in respect of the freehold properties. 

Profit and loss account

The profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made. 


23.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £348,391                     (2023 - £255,187).


24.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


25.


Transactions with directors

Included within other creditors is amounts owed to the directors of £2,346,357 (2023 - £2,388,772)


26.


Related party transactions

The Company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions with group entities which are wholly owned by Hoo Hing Holdings Limited, the ultimate parent company.

Page 27

 
HOO HING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

27.


Controlling party

The Company's parent company is Hoo Hing Holdings Limited, a company registered in England and Wales.
The consolidated financial statements of Hoo Hing Holdings Limited are available to the public from the company's registered office, Hoo Hing House, Freshwater Road, Dagenham, Essex, RM8 1RX.

 
Page 28