Company Registration No. NI608371 (Northern Ireland)
CHINA CASH AND CARRY LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
CHINA CASH AND CARRY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
CHINA CASH AND CARRY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Da Bin Wang
Tong Li
Company number
NI608371
Registered office
10 Pilots View
Heron Road
Belfast
BT3 9LE
Accountants
Johnston Kennedy DFK
Chartered Accountants
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
10 Duncrue Street
Belfast
BT3 9AQ
Bankers
Ulster Bank Ltd
11-16 Donegall Square East
Belfast
BT1 5UB
CHINA CASH AND CARRY LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2020
31 October 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
114,776
131,141
Current assets
Stocks
4
707,675
689,981
Debtors
5
74,276
25,123
Cash at bank and in hand
512,342
162,878
1,294,293
877,982
Creditors: amounts falling due within one year
6
(816,788)
(605,084)
Net current assets
477,505
272,898
Total assets less current liabilities
592,281
404,039
Creditors: amounts falling due after more than one year
7
(47,153)
Provisions for liabilities
8
(21,700)
(24,800)
Net assets
523,428
379,239
Capital and reserves
Called up share capital
9
300
300
Profit and loss reserves
523,128
378,939
Total equity
523,428
379,239
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
CHINA CASH AND CARRY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2020
31 October 2020
- 3 -
Directors' statement in respect of the financial statements
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime
and the Financial Reporting Standards FRS102 1A - Small Entities.
The financial statements were approved by the board of directors and authorised for issue on 26 July 2021 and are signed on its behalf by:
Tong Li
Da Bin Wang
..............................
..............................
Tong Li
Da Bin Wang
Director
Director
Company Registration No. NI608371
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
CHINA CASH AND CARRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
- 4 -
1
Accounting policies
Company information
China Cash and Carry Limited is a
private
company
limited by shares
incorporated in Northern Ireland.
The registered office is
10 Pilots View, Heron Road, Belfast, BT3 9LE.
The principal place of business is 10 Duncrue Street, Belfast, BT3 9AQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold adaptations
10% straight line
Fixtures & fittings
15% reducing balance
Equipment
20% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CHINA CASH AND CARRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CHINA CASH AND CARRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.11
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's directors.
1.12
Shares are included in shareholders funds. Other instruments are classified as liabilities if not included in shareholders funds and if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of the capital instruments other than equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
15
16
CHINA CASH AND CARRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 7 -
3
Tangible fixed assets
Leasehold adaptations
Fixtures & fittings
Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2019
4,013
83,388
52,624
78,600
218,625
Additions
9,000
9,000
At 31 October 2020
4,013
83,388
61,624
78,600
227,625
Depreciation and impairment
At 1 November 2019
3,242
14,119
29,602
40,521
87,484
Depreciation charged in the year
401
10,390
5,053
9,521
25,365
At 31 October 2020
3,643
24,509
34,655
50,042
112,849
Carrying amount
At 31 October 2020
370
58,879
26,969
28,558
114,776
At 31 October 2019
771
69,269
23,022
38,079
131,141
4
Stocks
2020
2019
£
£
Stocks
707,675
689,981
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Prepayments and accrued income
10,425
8,526
Other debtors
21,250
16,597
Directors' current account
42,601
-
74,276
25,123
CHINA CASH AND CARRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 8 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
2,847
Trade creditors
588,106
490,894
Corporation tax
80,701
22,500
Other taxation and social security
83,664
49,112
Other creditors
16,703
Accruals and deferred income
61,470
25,875
816,788
605,084
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans
47,153
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Accelerated capital allowances
21,700
24,800
2020
Movements in the year:
£
Liability at 1 November 2019
24,800
Credit to profit or loss
(3,100)
Liability at 31 October 2020
21,700
9
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
300 Ordinary shares of £1 each
300
300
CHINA CASH AND CARRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 9 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
30,000
30,000
11
Capital commitments
There were no capital commitments at 31 October 2020 or 31 October 2019.
12
Control
The directors control the company.
13
Related party transactions
The directors' loan account at the year end amounted £42,601 (2019:£(16,703) - creditor) and is included under debtors due within one year. No interest is charged on these loans.
2020-10-31
2019-11-01
false
26 July 2021
CCH Software
CCH Accounts Production 2021.200
No description of principal activity
Da Bin Wang
Da Bin Wang
NI608371
2019-11-01
2020-10-31
NI608371
bus:Director2
2019-11-01
2020-10-31
NI608371
bus:Director3
2019-11-01
2020-10-31
NI608371
bus:Director1
2019-11-01
2020-10-31
NI608371
bus:RegisteredOffice
2019-11-01
2020-10-31
NI608371
bus:Agent1
2019-11-01
2020-10-31
NI608371
2020-10-31
NI608371
2019-10-31
NI608371
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2020-10-31
NI608371
core:FurnitureFittings
2020-10-31
NI608371
core:ComputerEquipment
2020-10-31
NI608371
core:MotorVehicles
2020-10-31
NI608371
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2019-10-31
NI608371
core:FurnitureFittings
2019-10-31
NI608371
core:ComputerEquipment
2019-10-31
NI608371
core:MotorVehicles
2019-10-31
NI608371
core:CurrentFinancialInstruments
2020-10-31
NI608371
core:CurrentFinancialInstruments
2019-10-31
NI608371
core:Non-currentFinancialInstruments
2020-10-31
NI608371
core:Non-currentFinancialInstruments
2019-10-31
NI608371
core:ShareCapital
2020-10-31
NI608371
core:ShareCapital
2019-10-31
NI608371
core:RetainedEarningsAccumulatedLosses
2020-10-31
NI608371
core:RetainedEarningsAccumulatedLosses
2019-10-31
NI608371
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2019-11-01
2020-10-31
NI608371
core:FurnitureFittings
2019-11-01
2020-10-31
NI608371
core:ComputerEquipment
2019-11-01
2020-10-31
NI608371
core:MotorVehicles
2019-11-01
2020-10-31
NI608371
2018-11-01
2019-10-31
NI608371
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2019-10-31
NI608371
core:FurnitureFittings
2019-10-31
NI608371
core:ComputerEquipment
2019-10-31
NI608371
core:MotorVehicles
2019-10-31
NI608371
2019-10-31
NI608371
bus:PrivateLimitedCompanyLtd
2019-11-01
2020-10-31
NI608371
bus:SmallCompaniesRegimeForAccounts
2019-11-01
2020-10-31
NI608371
bus:FRS102
2019-11-01
2020-10-31
NI608371
bus:AuditExemptWithAccountantsReport
2019-11-01
2020-10-31
NI608371
bus:FullAccounts
2019-11-01
2020-10-31
xbrli:pure
xbrli:shares
iso4217:GBP