EAST & WEST COMMERCIAL LIMITED Filleted accounts for Companies House (small and micro)

EAST & WEST COMMERCIAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07760466

EAST & WEST COMMERCIAL LIMITED

Filleted Unaudited Financial Statements

For the year ended

31 July 2022

EAST & WEST COMMERCIAL LIMITED

Financial Statements

Year ended 31 July 2022

Contents	Page

Director's report	1

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

EAST & WEST COMMERCIAL LIMITED

Director's Report

Year ended 31 July 2022

The director presents his report and the unaudited financial statements of the company for the year ended 31 July 2022 .

Director

The director who served the company during the year was as follows:

Mr Chu Ting Tang

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 11 to the financial statements.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 20 February 2023 and signed on behalf of the board by:

Mr Chu Ting Tang
Director

EAST & WEST COMMERCIAL LIMITED

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of EAST & WEST COMMERCIAL LIMITED

Year ended 31 July 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of EAST & WEST COMMERCIAL LIMITED for the year ended 31 July 2022, which comprise the statement of financial position and the 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of EAST & WEST COMMERCIAL LIMITED in accordance with the terms of our engagement letter dated 14 September 2012. Our work has been undertaken solely to prepare for your approval the financial statements of EAST & WEST COMMERCIAL LIMITED and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EAST & WEST COMMERCIAL LIMITED and its director for our work or for this report.

It is your duty to ensure that EAST & WEST COMMERCIAL 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 EAST & WEST COMMERCIAL LIMITED. You consider that EAST & WEST COMMERCIAL 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 EAST & WEST COMMERCIAL 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.

KHMM Chartered Accountants

7-8 Wing Yip Business Centre 395 Edgware Road London NW2 6LN

20 February 2023

EAST & WEST COMMERCIAL LIMITED

Statement of Financial Position

31 July 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		9,972,550	9,718,630

Current assets

Debtors	7	648,472	599,235
Cash at bank and in hand		78,361	6,056
		---------	---------
		726,833	605,291

Creditors: amounts falling due within one year	8	69,352		81,847
		---------		---------
Net current assets			657,481	523,444
			-------------	-------------
Total assets less current liabilities			10,630,031	10,242,074

Creditors: amounts falling due after more than one year	9		2,466,680	2,477,081

Provisions

Taxation including deferred tax	465,415	408,500
	-------------	-------------
Net assets	7,697,936	7,356,493
	-------------	-------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	7,697,836	7,356,393
	------------	------------
Shareholder funds	7,697,936	7,356,493
	------------	------------

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 Section 1A of 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 comprehensive income has not been delivered.

For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has 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 .

EAST & WEST COMMERCIAL LIMITED

Statement of Financial Position (continued)

31 July 2022

These financial statements were approved by the board of directors and authorised for issue on 20 February 2023 , and are signed on behalf of the board by:

Mr Chu Ting Tang
Director

Company registration number: 07760466

EAST & WEST COMMERCIAL LIMITED

Notes to the Financial Statements

Year ended 31 July 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Wing Yip Business Centre, 395 Edgware Road, NW2 6LN, London.

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

(a) 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.

(b) Going concern

Due to a business downturn facing the tenant, the director agreed a significant discount on annual rent for the year in order to help the tenant get through the difficult time. In accordance with his responsibilities, the Director has considered the appropriateness of the going concern basis for the preparation of the Financial Statements, the business downturn facing the tenant is mainly caused by global pandemic related economic uncertainties, the director believes that the catering business will pass the difficult time when the economy is more stable based on certainty, and the short term reduction of rent will not result in any fundamental changes to the company's going concern status, thus, the director believes it is appropriate to continue to prepare the Financial Statements using going concern basis.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts. Revenue is recognised when 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.

(d) 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.

(e) 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.

(f) 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:

	Motor vehicle	-	19% per annum on cost

(g) Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

(h) Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses. All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. The effective interest rate amortisation is included in finance revenue in the income statement. The company does not hold or issue derivative financial instruments for trading purpose.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Tangible assets

	Land and buildings	Freehold Improvement	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 August 2021	9,650,000	23,000	69,180	9,742,180
Additions	–	–	100,070	100,070
Disposals	–	–	( 69,180)	( 69,180)
Revaluations	200,000	–	–	200,000
	------------	--------	---------	------------
At 31 July 2022	9,850,000	23,000	100,070	9,973,070
	------------	--------	---------	------------
Depreciation
At 1 August 2021	–	–	23,550	23,550
Charge for the year	–	–	520	520
Disposals	–	–	( 23,550)	( 23,550)
	------------	--------	---------	------------
At 31 July 2022	–	–	520	520
	------------	--------	---------	------------
Carrying amount
At 31 July 2022	9,850,000	23,000	99,550	9,972,550
	------------	--------	---------	------------
At 31 July 2021	9,650,000	23,000	45,630	9,718,630
	------------	--------	---------	------------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 August 2021 and 31 July 2022	200
	----
Impairment
At 1 August 2021 and 31 July 2022	200
	----

Carrying amount
At 31 July 2022	–
	----
At 31 July 2021	–
	----

7. Debtors

	2022	2021
	£	£
Other debtors	648,472	599,235
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	44,030	–
Corporation tax	–	55,468
Social security and other taxes	1,631	1,643
Other creditors	23,691	24,736
	--------	--------
	69,352	81,847
	--------	--------

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	2,391,558	2,435,588
Other creditors	75,122	41,493
	------------	------------
	2,466,680	2,477,081
	------------	------------

10. Financial instruments

The company does not hold or issue derivative financial instruments for trading purpose.

11. Events after the end of the reporting period

No significant events have taken place since the end of the year.

12. Director's advances, credits and guarantees

East & West Commercial Limited was under the control of Mr CHU TING TANG throughout the current and previous period. Mr CHU TING TANG is the managing director and sole shareholder of the Company. During the year Mr C T Tang repaid the directors' loan totalling £45,000, an interest of £2,006 calculated using the official rates of beneficial loan at 2%. At the end of the year Mr C T Tang owed the Company £91,926.

13. Related party transactions

There were no other transactions with the Director or other Related Parties during the year.