| WAN FENG AO WEI (UK) COMPANY LIMITED |
| Statement of Director's Responsibilities |
|
|
| The director is responsible for preparing the report and accounts in accordance with applicable law and regulations. |
|
| Company law requires the director to prepare accounts for each financial year. Under that law the director has elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the director is required to: |
| ● |
select suitable accounting policies and then apply them consistently; |
| ● |
make judgements and estimates that are reasonable and prudent; |
| ● |
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the accounts comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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| WAN FENG AO WEI (UK) COMPANY LIMITED |
|
| Report to the director on the preparation of the unaudited statutory accounts of WAN FENG AO WEI (UK) COMPANY LIMITED for the year ended 30 April 2015 |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of WAN FENG AO WEI (UK) COMPANY LIMITED for the year ended 30 April 2015 which comprise of the Profit and Loss Account, the Balance Sheet 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/ |
| Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. |
|
| Michael Chung & Co |
| Chartered Certified Accountants |
| 81A, Great Stone Road |
| Stretford |
| Manchester |
| M32 8GR |
|
| 22 January 2016 |
|
| WAN FENG AO WEI (UK) COMPANY LIMITED |
| Balance Sheet |
| as at 30 April 2015 |
|
| Notes |
|
|
2015 |
|
|
2014 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
- |
|
|
176 |
| Tangible assets |
4 |
|
|
5,266 |
|
|
6,737 |
|
|
|
|
5,266 |
|
|
6,913 |
|
| Current assets |
| Stocks |
|
|
179,731 |
|
|
242,982 |
| Debtors |
5 |
|
224,033 |
|
|
245,203 |
| Cash at bank and in hand |
|
|
138,467 |
|
|
27,047 |
|
|
|
542,231 |
|
|
515,232 |
|
| Creditors: amounts falling due within one year |
6 |
|
(1,054,353) |
|
|
(1,003,429) |
|
| Net current liabilities |
|
|
|
(512,122) |
|
|
(488,197) |
|
| Net liabilities |
|
|
|
(506,856) |
|
|
(481,284) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
7 |
|
|
10 |
|
|
10 |
| Profit and loss account |
8 |
|
|
(506,866) |
|
|
(481,294) |
|
| Shareholders' funds |
|
|
|
(506,856) |
|
|
(481,284) |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
|
| Mr Bin Chen |
| Director |
| Approved by the board on 22 January 2016 |
|
| WAN FENG AO WEI (UK) COMPANY LIMITED |
| Notes to the Accounts |
| for the year ended 30 April 2015 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Plant and machinery |
20% straight line |
|
Motor vehicles |
25% straight line |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
| 2 |
Operating profit |
2015 |
|
2014 |
| £ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
1,471 |
|
1,869 |
|
Amortisation of goodwill |
176 |
|
705 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
|
|
Cost |
|
At 1 May 2014 |
3,525 |
|
At 30 April 2015 |
3,525 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 May 2014 |
3,349 |
|
Provided during the year |
176 |
|
At 30 April 2015 |
3,525 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2015 |
- |
|
At 30 April 2014 |
176 |
|
|
|
|
|
|
|
|
|
|
Intangible fixed assets is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 May 2014 |
14,258 |
|
6,500 |
|
20,758 |
|
At 30 April 2015 |
14,258 |
|
6,500 |
|
20,758 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2014 |
13,101 |
|
920 |
|
14,021 |
|
Charge for the year |
204 |
|
1,267 |
|
1,471 |
|
At 30 April 2015 |
13,305 |
|
2,187 |
|
15,492 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2015 |
953 |
|
4,313 |
|
5,266 |
|
At 30 April 2014 |
1,157 |
|
5,580 |
|
6,737 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
2015 |
|
2014 |
| £ |
£ |
|
|
Trade debtors |
213,803 |
|
229,443 |
|
Other debtors |
10,230 |
|
15,760 |
|
|
|
|
|
|
224,033 |
|
245,203 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2015 |
|
2014 |
| £ |
£ |
|
|
Trade creditors |
410,609 |
|
385,936 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
588,008 |
|
588,008 |
|
Other taxes and social security costs |
11,850 |
|
8,827 |
|
Other creditors |
43,886 |
|
20,658 |
|
|
|
|
|
|
1,054,353 |
|
1,003,429 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Share capital |
Nominal |
|
2015 |
|
2015 |
|
2014 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
10 |
|
10 |
|
10 |
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Profit and loss account |
2015 |
| £ |
|
|
At 1 May 2014 |
(481,294) |
|
Loss for the year |
(25,572) |
|
|
At 30 April 2015 |
(506,866) |
|
|
|
|
|
|
|
|
| 9 |
Related party transactions |
2015 |
|
2014 |
| £ |
£ |
|
The company purchased all of its goods from its parent company, Zhejiang WanFeng Auto Wheel Co Ltd for the year under review. |
|
212,406 |
|
525,448 |
|
|
| 10 |
Ultimate controlling party |
|
|
The company is a 100% wholly owned subsidiary company of Zhejiang WanFeng Auto Wheel Co Ltd, a company incorporated in the People's Republic of China. |
