New City Cantonese Restaurant Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC444147 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 April 2018

for

New City Cantonese Restaurant Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

K T Pang

REGISTERED OFFICE:

3 Wellington Square

Ayr

Ayrshire

KA7 1EN

REGISTERED NUMBER:

SC444147 (Scotland)

ACCOUNTANTS:

Campbell Dallas

3 Wellington Square

Ayr

Ayrshire

KA7 1EN

FIXED ASSETS

Tangible assets

4

13,577

15,973

CURRENT ASSETS

Stocks

5

9,000

9,000

Debtors

6

43,445

32,634

Cash at bank and in hand

500

39,103

52,945

80,737

CREDITORS

Amounts falling due within one year

7

63,572

92,616

NET CURRENT LIABILITIES

(10,627

)

(11,879

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,950

4,094

PROVISIONS FOR LIABILITIES

8

2,580

3,182

NET ASSETS

370

912

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

270

812

SHAREHOLDERS' FUNDS

370

912

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 21 January 2019 and were signed by:

K T Pang - Director

1.	STATUTORY INFORMATION

New City Cantonese Restaurant 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods or

services supplied by the Chinese restaurant during the period, exclusive of 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.

Fixtures and fittings

-

15% on 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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 May 2017

and 30 April 2018

22,108

DEPRECIATION

At 1 May 2017

6,135

Charge for year

2,396

At 30 April 2018

8,531

NET BOOK VALUE

At 30 April 2018

13,577

At 30 April 2017

15,973

5.

STOCKS

2018

2017

£

£

Stock

9,000

9,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Directors' current accounts

43,445

32,634

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

18,482

-

Trade creditors

2,450

2,973

Taxation

11,358

12,415

VAT

13,582

13,620

Other creditors

14,000

60,000

Accrued expenses

3,700

3,608

63,572

92,616

8.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

2,580

3,182

Deferred

tax

£

Balance at 1 May 2017

3,182

Utilised during year

(602

)

Balance at 30 April 2018

2,580

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 May 2017

812

Profit for the year

46,458

Dividends

(47,000

)

At 30 April 2018

270

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2018 and 30 April 2017:

2018

2017

£

£

K T Pang

Balance outstanding at start of year

32,634

70,382

Amounts advanced

45,811

62,483

Amounts repaid

(35,000

)

(100,231

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

43,445

32,634

12.	RELATED PARTY DISCLOSURES

Included within debtors is a loan to the director Mr K T Pang of £43,445 (2017 : £32,634). The loan was made on an

interest-free basis and was repaid to the company within nine months of the year end.

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by director, Mr K T Pang and his family.