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Company No: 06870141 (England and Wales)

KHONG ETHEREAL LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

KHONG ETHEREAL LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

KHONG ETHEREAL LIMITED

BALANCE SHEET

As at 30 November 2024
KHONG ETHEREAL LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 18,160 29,924
18,160 29,924
Current assets
Stocks 4 20,751 16,247
Debtors 5 92 1,353
Cash at bank and in hand 9,576 7,279
30,419 24,879
Creditors: amounts falling due within one year 6 ( 187,102) ( 184,728)
Net current liabilities (156,683) (159,849)
Total assets less current liabilities (138,523) (129,925)
Creditors: amounts falling due after more than one year 7 ( 316,861) ( 317,777)
Net liabilities ( 455,384) ( 447,702)
Capital and reserves
Called-up share capital 100,000 100,000
Share premium account 30,000 30,000
Profit and loss account ( 585,384 ) ( 577,702 )
Total shareholders' deficit ( 455,384) ( 447,702)

For the financial year ending 30 November 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 Khong Ethereal Limited (registered number: 06870141) were approved and authorised for issue by the Director on 05 June 2025. They were signed on its behalf by:

C Barrell
Director
KHONG ETHEREAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
KHONG ETHEREAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

Khong Ethereal Limited (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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 notes that the business has net liabilities of £455,384. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of goods and provision of food and drink services. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Turnover is recognised when goods and services are provided to customers.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

Leasehold improvements 15 years straight line
Plant and machinery 2 - 15 years straight line
Fixtures and fittings 2 - 10 years straight line
Office equipment 2 - 10 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Profit and Loss Account as described below.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 27 27

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 December 2023 127,112 134,560 63,528 3,399 328,599
Additions 0 1,980 0 0 1,980
At 30 November 2024 127,112 136,540 63,528 3,399 330,579
Accumulated depreciation
At 01 December 2023 116,810 118,944 60,496 2,425 298,675
Charge for the financial year 8,472 4,301 771 200 13,744
At 30 November 2024 125,282 123,245 61,267 2,625 312,419
Net book value
At 30 November 2024 1,830 13,295 2,261 774 18,160
At 30 November 2023 10,302 15,616 3,032 974 29,924

4. Stocks

2024 2023
£ £
Stocks 20,751 16,247

5. Debtors

2024 2023
£ £
Other debtors 92 1,353

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 7,885 7,193
Trade creditors 32,637 25,318
Other taxation and social security 14,140 27,103
Other creditors 132,440 125,114
187,102 184,728

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

2024 2023
£ £
Bank loans 20,341 24,027
Other creditors 296,520 293,750
316,861 317,777

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 44,228 44,228
between one and five years 143,741 176,912
after five years 0 11,057
187,969 232,197