LONDON CHINATOWN CHINESE ASSOCIATION |
Registered number: |
07878968 |
Balance Sheet |
as at 31 March 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
6,122 |
|
|
7,066 |
|
Current assets |
Debtors |
4 |
|
88,574 |
|
|
87,222 |
Cash at bank and in hand |
|
|
77,312 |
|
|
157,333 |
|
|
|
165,886 |
|
|
244,555 |
|
Creditors: amounts falling due within one year |
5 |
|
(121,413) |
|
|
(91,521) |
|
Net current assets |
|
|
|
44,473 |
|
|
153,034 |
|
Net assets |
|
|
|
50,595 |
|
|
160,100 |
|
|
|
|
|
|
|
|
Capital and reserves |
Premises fund |
6 |
|
|
41,440 |
|
|
41,440 |
Profit and loss account |
|
|
|
9,155 |
|
|
118,660 |
|
Shareholder's funds |
|
|
|
50,595 |
|
|
160,100 |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
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. |
|
|
|
|
MR DEQIN ZHENG |
Director |
Approved by the board on 22 September 2023 |
|
|
|
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: |
|
|
Fixtures and fittings |
over 4 years |
|
Computer equipment |
over 3 years |
|
|
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. |
|
1 |
Accounting policies (Cont.) |
|
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. |
|
|
Pensions |
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Fixtures, fittings and equipment |
£ |
|
Cost |
|
At 1 April 2022 |
17,186 |
|
Additions |
838 |
|
At 31 March 2023 |
18,024 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2022 |
10,120 |
|
Charge for the year |
1,782 |
|
At 31 March 2023 |
11,902 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
6,122 |
|
At 31 March 2022 |
7,066 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
73,400 |
|
53,667 |
|
VAT repayable |
|
|
|
|
7,979 |
|
- |
|
Other debtors |
7,195 |
|
33,555 |
|
|
|
|
|
|
88,574 |
|
87,222 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Taxation and social security costs |
947 |
|
6,570 |
|
Other creditors |
120,466 |
|
84,951 |
|
|
|
|
|
|
121,413 |
|
91,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Premises funds |
|
Premises funds represents donations received for acquisition of premises. |
|
7 |
Events after the reporting date |
|
No significant events have taken place since the end of the year. |
|
|
8 |
Related party transactions |
|
The Company paid office rent of £39,000 at market value rent to its Chairman, Mr Chu Ting Tang during the year. There were no other transactions with the Director or other related parties during the year except in the ordinary course of trading between the Association and many of its members. |
|
|
9 |
Controlling party |
|
The company is under the control of the members. |
|
|
10 |
Other information |
|
|
LONDON CHINATOWN CHINESE ASSOCIATION is a private company limited by guarantee and incorporated in England. Its registered office is: |
|
5 Newport Place |
|
3rd Floor |
|
London |
|
WC2H 7JN |