Registered number
10028081
Wing Cheng Limited
Filleted Accounts
31 March 2025
Wing Cheng Limited
Registered number: 10028081
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 3,567,770 3,567,770
Current assets
Cash at bank and in hand 99,301 71,618
Creditors: amounts falling due within one year 4 (1,259,265) (1,248,788)
Net current liabilities (1,159,964) (1,177,170)
Total assets less current liabilities 2,407,806 2,390,600
Creditors: amounts falling due after more than one year 5 (505,703) (567,408)
Provisions for liabilities (197,256) (149,915)
Net assets 1,704,847 1,673,277
Capital and reserves
Called up share capital 625,000 625,000
Revaluation reserve 7 591,768 639,110
Profit and loss account 488,079 409,167
Shareholders' funds 1,704,847 1,673,277
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
V K Su
Director
Approved by the board on 11 June 2025
Wing Cheng Limited
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
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).
Turnover
Turnover is measured at the fair value of the consideration of rent received or receivable, net of discounts and value added taxes from investment properties.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
No Depreciation is provided on investment properties.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2024 3,567,770
At 31 March 2025 3,567,770
Depreciation
At 31 March 2025 -
Net book value
At 31 March 2025 3,567,770
At 31 March 2024 3,567,770
Freehold land and buildings: 2025 2024
£ £
Historical cost 2,778,746 2,778,746
Cumulative depreciation based on historical cost - -
2,778,746 2,778,746
Land and Buildings shown above were revalued by the director Mr Vay Kit Su on an open market value basis on 31st March 2025 at £3567770 (31.03.2024: £3567770). The director believes this to be a fair market value as at 31st March 2025. No depreciation is charged on these investment properties as it is necessary to show a true and fair view contrary to the requirement of the Companies Act 2006.
4 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 45,415 59,456
Taxation and social security costs 19,480 16,693
Other creditors 1,194,370 1,172,639
1,259,265 1,248,788
5 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 505,703 567,408
6 Loans 2025 2024
£ £
Creditors include:
Secured bank loans 551,118 626,864
The bank loans are secured by a fixed and floating charge over the company's assets.
7 Revaluation reserve 2025 2024
£ £
At 1 April 2024 639,110 639,110
Deferred taxation arising on the revaluation of land and buildings (47,342) -
At 31 March 2025 591,768 639,110
8 Controlling party
The company is controlled by V K Su by virtue of his ownership (jointly with his wife) of 42% of the issued share capital of the company.
9 Other information
Wing Cheng Limited is a private company limited by shares and incorporated in England. Its registered office is:
88 Park Crescent
Erith
Kent
DA8 3DZ
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