Company Registration No. 01863793 (England and Wales)
CHUNG YING CASH AND CARRY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2015
CHUNG YING CASH AND CARRY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
CHUNG YING CASH AND CARRY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2015
30 November 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
233,067
241,411
Current assets
Stocks
487,092
613,500
Debtors
95,965
124,610
Cash at bank and in hand
13,756
17,049
596,813
755,159
Creditors: amounts falling due within one year
(541,064)
(687,036)
Net current assets
55,749
68,123
Total assets less current liabilities
288,816
309,534
Capital and reserves
Called up share capital
3
600
600
Revaluation reserve
148,702
148,702
Other reserves
300
300
Profit and loss account
139,214
159,932
Shareholders' funds
288,816
309,534
For the financial year ended 30 November 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 24 August 2016
W C Y Chan
Director
Company Registration No. 01863793
CHUNG YING CASH AND CARRY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised at the point goods leave the warehouse.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
20% Reducing balance
Fixtures, fittings & equipment
20% Reducing balance
Motor vehicles
25% Reducing balance
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
In the opinion of the director, compliance with the standard is necessary for the financial statements to
give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual
valuation and the amount of this which might otherwise have been charged cannot be separately identified
or quantified.
1.4
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes and has not been discounted.
Deferred tax is provided on the revaluation of property only where there is a binding agreement to sell.
CHUNG YING CASH AND CARRY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 December 2014 & at 30 November 2015
598,564
Depreciation
At 1 December 2014
357,153
Charge for the year
8,344
At 30 November 2015
365,497
Net book value
At 30 November 2015
233,067
At 30 November 2014
241,411
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
600 Ordinary shares of £1 each
600
600
4
Ultimate parent company
The company is controlled by Mr W C Y Chan and Mr S C M Chan, directors and major shareholders of the company.