Quality Sino Merchandise Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00758091 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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

Ms C Judge

Mrs N Khan

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

Arrowsmith Court

Station Approach

Broadstone

Dorset

BH18 8AT

FIXED ASSETS

Tangible assets

4

345,104

300,122

Investments

5

369,007

102,962

714,111

403,084

CURRENT ASSETS

Cash at bank

94,757

374,222

CREDITORS

Amounts falling due within one year

(18,832

)

(15,164

)

NET CURRENT ASSETS

75,925

359,058

TOTAL ASSETS LESS CURRENT LIABILITIES

790,036

762,142

PROVISIONS FOR LIABILITIES

(24,246

)

(15,700

)

NET ASSETS

765,790

746,442

CAPITAL AND RESERVES

Called up share capital

3,295

3,295

Fair value reserve

6

90,060

(3,029

)

Retained earnings

672,435

746,176

SHAREHOLDERS' FUNDS

765,790

746,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 2023 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 and authorised for issue on 6 December 2023 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.

Freehold property

-

No depreciation

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 April 2022

314,336

Revaluations

45,000

At 31 March 2023

359,336

DEPRECIATION

At 1 April 2022

14,214

Charge for year

18

At 31 March 2023

14,232

NET BOOK VALUE

At 31 March 2023

345,104

At 31 March 2022

300,122

Cost or valuation at 31 March 2023 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

)

Valuation in 2020

(28,606

)

Valuation in 2022

20,000

Valuation in 2023

45,000

345,000

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

2023

2022

£

£

Cost

217,492

217,492

Investment property was valued on an open market basis on 26 October 2023 by the director .

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST OR VALUATION

At 1 April 2022

102,962

Additions

349,315

Disposals

(131,359

)

Revaluations

48,089

At 31 March 2023

369,007

NET BOOK VALUE

At 31 March 2023

369,007

At 31 March 2022

102,962

Cost or valuation at 31 March 2023 is represented by:

Totals

£

Valuation in 2023

369,007

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

2023

2022

£

£

Cost

370,657

152,701

Fixed assets investments were valued on an open market basis on 30 April 2023 by Hargreaves Lansdown .

6.

RESERVES

Fair

value

reserve

£

At 1 April 2022

(3,029

)

Revaluations in year

93,089

At 31 March 2023

90,060

7.	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.