Han Young Tours Limited Filleted accounts for Companies House (small and micro)

HAN YOUNG TOURS LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2018-02-01 Sage Accounts Production Advanced 2019 - FRS102_2014 13,927 13,788 35 13,823 104 139 xbrli:pure xbrli:shares iso4217:GBP 3703052 2018-02-01 2019-01-31 3703052 2019-01-31 3703052 2018-01-31 3703052 2017-02-01 2018-01-31 3703052 2018-01-31 3703052 core:FurnitureFittings 2018-02-01 2019-01-31 3703052 bus:Director1 2018-02-01 2019-01-31 3703052 core:FurnitureFittings 2018-01-31 3703052 core:FurnitureFittings 2019-01-31 3703052 core:WithinOneYear 2019-01-31 3703052 core:WithinOneYear 2018-01-31 3703052 core:UKTax 2018-02-01 2019-01-31 3703052 core:UKTax 2017-02-01 2018-01-31 3703052 core:ShareCapital 2019-01-31 3703052 core:ShareCapital 2018-01-31 3703052 core:RetainedEarningsAccumulatedLosses 2019-01-31 3703052 core:RetainedEarningsAccumulatedLosses 2018-01-31 3703052 core:FurnitureFittings 2018-01-31 3703052 bus:SmallEntities 2018-02-01 2019-01-31 3703052 bus:AuditExempt-NoAccountantsReport 2018-02-01 2019-01-31 3703052 bus:FullAccounts 2018-02-01 2019-01-31 3703052 bus:SmallCompaniesRegimeForAccounts 2018-02-01 2019-01-31 3703052 bus:PrivateLimitedCompanyLtd 2018-02-01 2019-01-31

COMPANY REGISTRATION NUMBER: 3703052

HAN YOUNG TOURS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 January 2019

HAN YOUNG TOURS LIMITED

STATEMENT OF FINANCIAL POSITION

31 January 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6		104	139

Current assets

Debtors	7	15,000	36,036
Cash at bank and in hand		414,848	1,218,667
		----------	-------------
		429,848	1,254,703

Creditors: amounts falling due within one year	8	241,430		1,154,503
		----------		-------------
Net current assets			188,418	100,200
			----------	----------
Total assets less current liabilities			188,522	100,339
			----------	----------

Capital and reserves

Called up share capital	40,000	40,000
Profit and loss account	148,522	60,339
	----------	----------
Shareholders funds	188,522	100,339
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

HAN YOUNG TOURS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 January 2019

These financial statements were approved by the board of directors and authorised for issue on 18 October 2019 , and are signed on behalf of the board by:

Sung Chul Paek
Director

Company registration number: 3703052

HAN YOUNG TOURS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 Hanway Street, London, W1P 9DD.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

After reviewing the forecast and projections the director has a reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future. The company therefore adopts the going concern basis in the preparation of its financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).

5. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	27,724	2,128
	---------	-------
Tax on profit	27,724	2,128
	---------	-------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2018: lower than) the standard rate of corporation tax in the UK of 19 % (2018: 19 %).

	2019	2018
	£	£
Profit on ordinary activities before taxation	145,907	63,919
	----------	---------
Profit on ordinary activities by rate of tax	27,722	12,144
Effect of capital allowances and depreciation	2	21
Utilisation of tax losses	–	( 10,037)
	----------	---------
Tax on profit	27,724	2,128
	----------	---------

6. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 February 2018 and 31 January 2019	13,927	13,927
	---------	---------
Depreciation
At 1 February 2018	13,788	13,788
Charge for the year	35	35
	---------	---------
At 31 January 2019	13,823	13,823
	---------	---------
Carrying amount
At 31 January 2019	104	104
	---------	---------
At 31 January 2018	139	139
	---------	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	–	26,036
Amounts owed by group undertakings and undertakings in which the company has a participating interest	5,000	–
Other debtors	10,000	10,000
	---------	---------
	15,000	36,036
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	212,781	1,149,136
Corporation tax	27,724	2,128
Social security and other taxes	765	1,827
Other creditors	160	1,412
	----------	-------------
	241,430	1,154,503
	----------	-------------

9. Related party transactions

The company was under the control of Mr. Sung Chul Paek throughout the current and previous year. Mr Sung Chul Paek is the managing director and majority shareholder. Other debtors include £5000 owed from related company in which Mr Sung Chul Peak is a Director and shareholder.