Yu & Lin Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC473454 (Scotland)

YU & LIN PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Rui Dong Lin

Geng Yu

REGISTERED OFFICE:

9 Royal Crescent

Glasgow

G3 7SP

REGISTERED NUMBER:

SC473454 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

Chartered Accountants

9 Royal Crescent

Glasgow

G3 7SP

FIXED ASSETS

Tangible assets

4

1

1

Investment property

5

475,000

475,000

475,001

475,001

CURRENT ASSETS

Debtors

6

5,113

6,169

Cash at bank and in hand

166,612

75,685

171,725

81,854

CREDITORS

Amounts falling due within one year

7

100,848

16,310

NET CURRENT ASSETS

70,877

65,544

TOTAL ASSETS LESS CURRENT LIABILITIES

545,878

540,545

CREDITORS

Amounts falling due after more than one year

8

29,478

44,009

NET ASSETS

516,400

496,536

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

9

3,541

3,541

Retained earnings

9

511,859

491,995

SHAREHOLDERS' FUNDS

516,400

496,536

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.

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 27 December 2023 and were signed on its behalf by:

Rui Dong Lin - Director

Geng Yu - Director

1.	STATUTORY INFORMATION

Yu & Lin Properties Limited is a private company, limited by shares , registered in Scotland. 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 and revenue recognition

The turnover shown in the profit and loss account represents the value of rental income receivable during the year, exclusive of Value Added Tax. Income is recognised on the basis of rent due for the period.

Tangible fixed assets

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

Equipment and Fittings - 15 % on cost

Investment property

Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent.

This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

Financial instruments

Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

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

Equipment

and

Fittings

£

COST

At 1 April 2022

and 31 March 2023

410,000

DEPRECIATION

At 1 April 2022

and 31 March 2023

409,999

NET BOOK VALUE

At 31 March 2023

1

At 31 March 2022

1

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

475,000

NET BOOK VALUE

At 31 March 2023

475,000

At 31 March 2022

475,000

The investment properties were revalued by the director on 31 March 2019. The director valuation remains unchanged at 31 March 2023.

.

Fair value at 31 March 2023 is represented by:

£

Valuation in 2020

4,372

Cost

470,628

475,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Tax recoverable

447

447

Deferred tax asset

4,666

5,722

5,113

6,169

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

22,295

6,585

Corporation Tax

3,603

8,288

VAT

2,955

1,008

Other creditors

65,000

-

Directors' current accounts

5

-

Accrued expenses

6,990

429

100,848

16,310

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loan > one year

10,174

10,271

Bank loan : 2 to 5 years

19,304

20,337

Bank loan > 5 years

-

13,401

29,478

44,009

2023

2022

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loan > 5 years

-

13,401

9.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2022

491,995

3,541

495,536

Profit for the year

19,864

19,864

At 31 March 2023

511,859

3,541

515,400

10.	RELATED PARTY DISCLOSURES