GOLDEN PHOENIX CHINA LIMITED - Accounts

GOLDEN PHOENIX CHINA LIMITED - Accounts

GOLDEN PHOENIX CHINA LIMITED - Company Information

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Registered Number: 10338053
England and Wales

 

 

 

GOLDEN PHOENIX CHINA LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 September 2019

End date: 31 August 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GOLDEN PHOENIX CHINA LIMITED for the year ended 31 August 2020 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://icaew.com/regulations.

This report is made solely to the Board of Directors of GOLDEN PHOENIX CHINA LIMITED, as a body, in accordance with the terms of our engagement letter dated 23 August 2016. Our work has been undertaken solely to prepare for your approval the financial statements of GOLDEN PHOENIX CHINA LIMITED and state those matters that we have agreed to state to the Board of Directors of GOLDEN PHOENIX CHINA LIMITED, as a body, in this report in accordance with AAF 2/10 as detailed at http://icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GOLDEN PHOENIX CHINA LIMITED and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that GOLDEN PHOENIX CHINA LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and Profit of GOLDEN PHOENIX CHINA LIMITED. You consider that GOLDEN PHOENIX CHINA LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of GOLDEN PHOENIX CHINA LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.



....................................................
P and Co (Partners) LLP
48 Faulkner Street
Manchester
M1 4FK
08 December 2020
1
 
 		 Notes
 		 2020
£		   2019
£
Fixed assets      
Tangible fixed assets 2 2,513    3,351 
2,513    3,351 
Current assets      
Stocks 3 8,022    4,726 
Debtors: amounts falling due within one year 4 -    319 
Debtors: amounts falling due after one year 5 30,780    30,000 
Cash at bank and in hand 132,129    30,031 
170,931    65,076 
Creditors: amount falling due within one year 6 (130,322)   (57,799)
Net current assets 40,609    7,277 
 
Total assets less current liabilities 43,122    10,628 
Net assets 43,122    10,628 
 

Capital and reserves 		     
Called up share capital 7 1,000    1,000 
Profit and loss account 42,122    9,628 
Shareholders funds 43,122    10,628 
 


For the year ended 31 August 2020 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 07 December 2020 and were signed by:


--------------------------------
Mr William Hoang
Director
2
General Information
GOLDEN PHOENIX CHINA LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10338053, registration address 2nd Floor, 48 Faulkner St Manchester, , M1 4FH

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies. The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sale taxes.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 September 2019 4,385    4,385 
Additions -    - 
Disposals -    - 
At 31 August 2020 4,385    4,385 
Depreciation
At 01 September 2019 1,034    1,034 
Charge for year 838    838 
On disposals -    - 
At 31 August 2020 1,872    1,872 
Net book values
Closing balance as at 31 August 2020 2,513    2,513 
Opening balance as at 01 September 2019 3,351    3,351 


3.

Stocks

2020
£		   2019
£
Finished Goods 8,022    4,726 
8,022    4,726 

4.

Debtors: amounts falling due within one year

2020
£		   2019
£
Prepayments & Accrued Income -    319 
-    319 

5.

Debtors: amounts falling due after one year

2020
£		   2019
£
Other Debtors 30,780    30,000 
30,780    30,000 

6.

Creditors: amount falling due within one year

2020
£		   2019
£
Trade Creditors 20,240    22,544 
Bank Loans & Overdrafts 40,000    - 
Corporation Tax 21,892    12,202 
PAYE & Social Security 38    255 
Accrued Expenses 11,345    3,608 
Other Creditors (2)   (1)
Directors' Current Accounts 15,148    2,869 
VAT 21,661    16,322 
130,322    57,799 

7.

Share Capital

Authorised
1,000 Ordinary shares of £1.00 each
Allotted, called up and fully paid
2020
£		   2019
£
1,000 Ordinary shares of £1.00 each 1,000    1,000 
1,000    1,000 

8.

Average number of employees


The average monthly number of employees, including directors, during the year was 16 (2019 : 12)
3