Registration number:
Ming Yi Translation and Publication Limited
previously known as MING YI CHINESE PUBLICATION LTD
for the Year Ended 31 May 2018
Bollin House
Bollin Link
Wilmslow
Cheshire
SK9 1DP
Ming Yi Translation and Publication Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Ming Yi Translation and Publication Limited
Company Information
Director |
Mrs Gillian Yuet-Wan Lam |
Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Ming Yi Translation and Publication Limited
for the Year Ended 31 May 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ming Yi Translation and Publication Limited for the year ended 31 May 2018 as set out on pages 3 to 8 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Ming Yi Translation and Publication Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ming Yi Translation and Publication Limited and state those matters that we have agreed to state to the Board of Directors of Ming Yi Translation and Publication Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ming Yi Translation and Publication Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Ming Yi Translation and Publication Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Ming Yi Translation and Publication Limited. You consider that Ming Yi Translation and Publication 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 accounts of Ming Yi Translation and Publication 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 accounts.
......................................
Bollin Link
Wilmslow
Cheshire
SK9 1DP
Page 2 |
Ming Yi Translation and Publication Limited
Statement of Comprehensive Income for the Year Ended 31 May 2018
2018 |
2017 |
|
Loss for the year |
( |
( |
Total comprehensive income for the year |
( |
( |
Page 3 |
Ming Yi Translation and Publication Limited
(Registration number: 09143807)
Balance Sheet as at 31 May 2018
Note |
2018 |
2017 |
|
Current assets |
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Stocks |
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Debtors |
|
- |
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Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
|||
Called up share capital |
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|
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mrs Gillian Yuet-Wan Lam
Director
Page 4 |
Ming Yi Translation and Publication Limited
Statement of Changes in Equity for the Year Ended 31 May 2018
Share capital |
Profit and loss account |
Total |
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At 1 June 2017 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 May 2018 |
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( |
( |
Share capital |
Profit and loss account |
Total |
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At 1 June 2016 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 May 2017 |
|
( |
( |
Page 5 |
Ming Yi Translation and Publication Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
General information |
The company is a private company limited by share capital incorporated in United Kingdom .
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 6 |
Ming Yi Translation and Publication Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Stocks |
2018 |
2017 |
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Other inventories |
|
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Page 7 |
Ming Yi Translation and Publication Limited
Notes to the Financial Statements for the Year Ended 31 May 2018
Debtors |
2018 |
2017 |
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Other debtors |
|
- |
Total current trade and other debtors |
|
- |
Creditors |
Note |
2018 |
2017 |
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Due within one year |
|||
Director 1 current account |
9,430 |
8,807 |
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Trade and other payables |
- |
25 |
|
|
|
Related party transactions |
Transactions with directors |
2018 |
At 1 June 2017 |
Advances to directors |
At 31 May 2018 |
Mrs Gillian Yuet-Wan Lam |
|||
Non-interest bearing advances made from the director (repayable on demand) |
(8,807) |
( |
( |
2017 |
At 1 June 2016 |
Advances to directors |
At 31 May 2017 |
Mrs Gillian Yuet-Wan Lam |
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Non-interest bearing advances made from the director (repayable on demand) |
(6,707) |
( |
( |
Other transactions with directors |
Dividend of £nil was paid to the Director, Mrs Lam during the year. At the balance sheet date the amount due to Mrs Lam was £9,429.68 (2017; £8,807.05).
Page 8 |