Quality Sino Merchandise Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00758091 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

QUALITY SINO MERCHANDISE LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs M L Judge

Mr P J Judge

SECRETARY:

Mrs M L Judge

REGISTERED OFFICE:

Arrowsmith Court

Station Approach

Broadstone

Dorset

BH18 8AT

REGISTERED NUMBER:

00758091 (England and Wales)

ACCOUNTANTS:

Newton Magnus

Chartered Certified Accountants

& Statutory Auditors

Arrowsmith Court

Station Approach

Broadstone

Dorset

BH18 8AT

FIXED ASSETS

Tangible assets

3

308,805

573,714

Investments

4

296,729

285,913

605,534

859,627

CURRENT ASSETS

Debtors

13

-

Cash at bank

233,939

28,503

233,952

28,503

CREDITORS

Amounts falling due within one year

(44,440

)

(10,795

)

NET CURRENT ASSETS

189,512

17,708

TOTAL ASSETS LESS CURRENT LIABILITIES

795,046

877,335

PROVISIONS FOR LIABILITIES

(17,349

)

(39,398

)

NET ASSETS

777,697

837,937

CAPITAL AND RESERVES

Called up share capital

3,295

3,295

Fair value reserve

5

63,408

252,819

Retained earnings

710,994

581,823

SHAREHOLDERS' FUNDS

777,697

837,937

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 17 October 2019 and were signed on its behalf by:

Mr P J Judge - Director

1.	STATUTORY INFORMATION

Quality Sino Merchandise Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the value of goods and services supplied during the year, excluding value added

tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income

or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

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.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 April 2018

587,816

Disposals

(285,000

)

Revaluations

20,126

At 31 March 2019

322,942

DEPRECIATION

At 1 April 2018

14,102

Charge for year

35

At 31 March 2019

14,137

NET BOOK VALUE

At 31 March 2019

308,805

At 31 March 2018

573,714

Cost or valuation at 31 March 2019 is represented by:

Totals

£

Valuation in 2013

520,000

Valuation in 2014

65,000

Valuation in 2017

38,000

Valuation in 2018

(49,520

)

Valuation in 2019

(264,874

)

Cost

14,336

322,942

If the investment property had not been revalued it would have been included at the following

historical cost:

2019

2018

£

£

Cost

217,492

366,357

Investment property was valued on an open market basis on 8 June 2019 by the director .

4.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST OR VALUATION

At 1 April 2018

285,913

Additions

214,922

Disposals

(130,704

)

Revaluations

(73,402

)

At 31 March 2019

296,729

NET BOOK VALUE

At 31 March 2019

296,729

At 31 March 2018

285,913

Cost or valuation at 31 March 2019 is represented by:

Totals

£

Valuation in 2019

296,729

If fixed asset investments had not been revalued they would have been included at the following

historical cost:

2019

2018

£

£

Cost

324,436

240,218

Fixed assets investments were valued on an open market basis on 30 April 2019 by Hargreaves Lansdown

.

5.

RESERVES

Fair

value

reserve

£

At 1 April 2018

252,819

Revaluations in year

(53,276

)

Disposal of inv property

(136,135

)

At 31 March 2019

63,408

6.	ULTIMATE CONTROLLING PARTY

P J Judge is the company's ultimate controlling party by virtue of his majority interest in the shares of

the company.