Registration number:
Lee Sing Limited
for the Year Ended 30 September 2024
Lee Sing Limited
Contents
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Lee Sing Limited
(Registration number: 04530388)
Statement of Financial Position as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
223,168 |
195,180 |
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Shareholders' funds |
223,268 |
195,280 |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Lee Sing Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office and principle place of business is:
England and Wales
Principal activity
The principal activity of the company is the rental of the company's investment property and fixed assets.
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
Due to the company having a net current liabilities of £393,361 (2023: £413,158) it relies on the continued support of the Directors. The directors have confirmed their continued support and consider that the company retains sufficient working capital to continue trading for the foreseeable future. For this reason, the accounts are prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Lee Sing Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Restaurant Equipment |
- 25% reducing balance |
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Office Equipment |
- 33% reducing balance |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Investment property
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Lee Sing Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Tangible assets |
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Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Investment properties |
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2024 |
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At 1 October |
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At 30 September |
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The directors have reviewed the presentation and believe that including the property as an investment property presents the company more fairly.
The properties are included in the accounts at cost as in the opinion of the directors the carrying value of the properties in the accounts is unlikely to be materially different.
There has been no valuation of investment property by an independent valuer.
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Lee Sing Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
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Related party transactions |
In the year the company received £57,600 (2023 £36,600) from The Taste of the Orient restaurant, a business which is owned 100% by Mrs LM Lee. In addition, the company recharged expenses to The Taste of the Orient amounting to £96,955 (2023 £87,675). The trade debtor amount in relation to The Taste of the Orient totals £37,519 (2023 £34,532).
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Transactions with directors |
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2024 |
At 1 October 2023 |
Advances to director |
At 30 September 2024 |
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Directors |
( |
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( |
Lee Sing Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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9 |
Related party transactions (continued) |
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2023 |
At 1 October 2022 |
Advances to director |
Repayments by director |
At 30 September 2023 |
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Directors |
( |
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( |
( |