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| 2. |
Summary of Significant Accounting Policies |
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Statement of compliance |
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The financial statements of the company for the year ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. |
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Basis of preparation |
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The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. |
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Revenue |
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Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. |
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Intangible assets |
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Intangible assets are valued at cost less accumulated amortisation. |
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Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 20 years. |
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Property, plant and equipment and depreciation |
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Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: |
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Long leasehold property |
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5% Straight line |
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Fixtures, fittings and equipment |
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20% Straight line |
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The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
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Leasing |
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Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement. |
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Inventories |
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Inventories are valued at the lower of cost and net realisable value. Inventories are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling. |
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Trade and other receivables |
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Trade and other receivables 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. |
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Borrowing costs |
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Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. |
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Provisions |
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Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. |
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Trade and other payables |
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Trade and other payables 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. |
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Taxation and deferred taxation |
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Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Foreign currencies |
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Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement. |
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Ordinary share capital |
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The ordinary share capital of the company is presented as equity. |
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| 13. |
Related party transactions |
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The following amounts are due to other connected parties: |
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2024 |
2023 |
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£ |
£ |
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Zen Restaurant (NI) Ltd |
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3,148 |
3,148 |
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House of Zen (Sunderland) Ltd |
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7,500 |
7,500 |
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───────── |
───────── |
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10,648 |
10,648 |
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Zen Restaurant (NI) Ltd
Eddie Fung is a director in Dim Sum Library Ltd. He is also a director and shareholder in Zen Restaurant (NI) Ltd. As at 1 January 2024, Dim Sum Library Ltd owed to Zen Restaurant (NI) Ltd a balance of £3,148. During the year net transactions between the companies totalled £nil. As at 31 December 2024, Dim Sum Library Ltd owes Zen Restaurant (NI) Ltd a balance of £3,148.
House of Zen (Sunderland) Ltd
Eddie Fung is a director in Dim Sum Library Ltd. He is also a director and shareholder in House of Zen (Sunderland) Ltd. As at 1 January 2024, Dim Sum Library Ltd owed to House of Zen (Sunderland) Ltd a balance of £7,500. During the year net transactions between the companies totalled £nil. As at 31 December 2024, Dim Sum Library Ltd owes House of Zen (Sunderland) Ltd a balance of £7,500.
Chee Tung Loh and Cheng Xiang Liu are shareholders in Dim Sum Library Ltd. As at 1 January 2024, Dim Sum Library Ltd owed Chee Tung Loh and Cheng Xiang Liu a total amount of £6,000. During the year, net transactions between the shareholders and the company totalled £1,000. Therefore as at 31 December 2024, the balance owed by Dim Sum Library Ltd was £7,000. This has been included in amounts owed to related parties. |
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Transactions and balances with group companies: |
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2024 |
2023 |
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£ |
£ |
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House of Zen (Belfast) Ltd |
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As at 1 January 2024, Dim Sum Library Ltd owed House of Zen (Belfast) Ltd a balance of £5,923. During the year net transactions between the companies totalled £12,000. As at 31 December 2024, Dim Sum Library Ltd was owed by House of Zen (Belfast) Ltd a balance of £6,077. |
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Amount due from/(owed to) House of Zen (Belfast) Ltd |
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6,077 |
(5,923) |
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BBQ 22 Ltd |
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As at 1 January 2024, Dim Sum Library Ltd was owed by BBQ 22 Ltd a balance of £nil. During the year net transactions between the companies totalled £510. As at 31 December 2024, Dim Sum Library Ltd was owed by BBQ 22 Ltd a balance of £510. |
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Amount due from BBQ 22 Ltd |
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510 |
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