Registered number
13776460
XING LONG MEN CHINATOWN LTD
Filleted Accounts
30 November 2024
XING LONG MEN CHINATOWN LTD
Registered number: 13776460
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 85,000 85,000
Tangible assets 4 59,682 81,325
144,682 166,325
Current assets
Stocks 285,970 248,784
Debtors 5 342,772 323,957
Cash at bank and in hand 556,321 476,676
1,185,063 1,049,417
Creditors: amounts falling due within one year 6 (937,999) (648,092)
Net current assets 247,064 401,325
Net assets 391,746 567,650
Capital and reserves
Called up share capital 100 100
Share premium 337,900 337,900
Profit and loss account 53,746 229,650
Shareholders' funds 391,746 567,650
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.
Tongle Lin
Director
Approved by the board on 3 June 2025
XING LONG MEN CHINATOWN LTD
Notes to the Accounts
for the year ended 30 November 2024
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 represents the sale value of foodstuffs sold in the period, net of discounts and value added taxes. Revenue earned from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer (usually on dispatch of the goods). The amount of revenue can be measured reliably, it is probable that the econominc benefit associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of the 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) . Where it is not possible to estimate the recoverable amount of an individiual asset, the compnay estimates the recoverable amount of the cash generating unit to which the assets belongs.
Recoverable amount is the higher of fair value less costs to sell and 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 assessment of the time value of money and the risk speciifc to the assets for which the estimates of future cash flows have not been adjusted.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the assets (or the cash generating unit) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset( or cash generating unit) prior years. A reversal of an impairment loss is recognised immediately in profit and loss, unless the relvant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Impairment of financial assets
Financial assets, other than those held at fair value thruogh profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimate future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets's original effective interest rate. The impairment loss is recognised in profit and loss.
If there is a decrease in the impairment loss arising from an event occuring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss.
Classification of financial liabliities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables , and loans that are classified as debt, are initially recognised at the transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at market rate of interest.
Financial liabilities are derecognised when the companys' contractual obligations expire or are discharged or cancelled.
Equity Instruments
Equity insturments issued by the company are recorded at the proceeeds received , net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Employee benefits
The costs of shoirt -term employees benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of stock or fixed assets. The cost of any unsued holiday entitlement is recognised in the period in which the employees' services are received.Termination benefits are recognised immediately as an expense when the company is demonstrably commited to terminate the employment of an employee or to provide termination benefits
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
The audit report is unqualified.
Senior statutory auditor: K.Sadra
Firm: Majainah sadra
Date of audit report: 3 June 2025
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 15
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2023 85,000
At 30 November 2024 85,000
Amortisation
At 30 November 2024 -
Net book value
At 30 November 2024 85,000
At 30 November 2023 85,000
The director has been in this business for over 25 years. The director is of the opinion that at the balance sheet date the value of the goodwill has not changed materially and as a result is stated at cost.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2023 61,914 72,137 134,051
At 30 November 2024 61,914 72,137 134,051
Depreciation
At 1 December 2023 15,033 37,693 52,726
Charge for the year 7,843 13,800 21,643
At 30 November 2024 22,876 51,493 74,369
Net book value
At 30 November 2024 39,038 20,644 59,682
At 30 November 2023 46,881 34,444 81,325
5 Debtors 2024 2023
£ £
Trade debtors 1,080 1,168
Other debtors 341,692 322,789
342,772 323,957
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 388,680 418,720
Taxation and social security costs 103,489 94,028
Other creditors 445,830 135,344
937,999 648,092
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 425,000 350,000
8 Related party transactions
During the year the entity purchased goods of £391,112 (2023-£487,367) at cost from a supplier, a part owner of whom holds a participating interest in the entity. The balance at the year end was £56,375 (2023-£65,154) and is included within Trade creditors as it is wholly in relation to the purchase of goods for sale in the entity's principal activity.
9 Other information
XING LONG MEN CHINATOWN LTD is a private company limited by shares and incorporated in England. Its registered office is:
9 Gerrard Street,
London
W1D 5PL
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