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COMPANY REGISTRATION NUMBER: 03499981
CHAI MEATS LIMITED
Filleted Financial Statements
31 December 2021
CHAI MEATS LIMITED
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
26,635
23,114
Current assets
Stocks
15,250
Debtors
6
941,686
1,085,459
Cash at bank and in hand
10,331
26,975
---------
------------
967,267
1,112,434
Creditors: amounts falling due within one year
7
780,575
927,651
---------
------------
Net current assets
186,692
184,783
---------
---------
Total assets less current liabilities
213,327
207,897
---------
---------
Net assets
213,327
207,897
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
213,325
207,895
---------
---------
Shareholders funds
213,327
207,897
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 24 August 2022 , and are signed on behalf of the board by:
Mr A Bendahan
Director
Company registration number: 03499981
CHAI MEATS LIMITED
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tudor House, Llanvanor Road, London, NW2 2AQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machineryy
-
25% reducing balance
Fixtures, Fittings and Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2020: 10 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2021
31,364
31,364
Additions
10,626
1,772
12,398
--------
-------
--------
At 31 December 2021
41,990
1,772
43,762
--------
-------
--------
Depreciation
At 1 January 2021
8,250
8,250
Charge for the year
8,434
443
8,877
--------
-------
--------
At 31 December 2021
16,684
443
17,127
--------
-------
--------
Carrying amount
At 31 December 2021
25,306
1,329
26,635
--------
-------
--------
At 31 December 2020
23,114
23,114
--------
-------
--------
6. Debtors
2021
2020
£
£
Trade debtors
864,129
1,006,759
Other debtors
77,557
78,700
---------
------------
941,686
1,085,459
---------
------------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
44,167
50,000
Trade creditors
269,463
167,924
Amounts owed to group undertakings and undertakings in which the company has a participating interest
352,975
587,891
Social security and other taxes
12,814
Other creditors
101,156
121,836
---------
---------
780,575
927,651
---------
---------
8. Summary audit opinion
The auditor's report for the year dated 24 August 2022 was unqualified.
The senior statutory auditor was Phillip Smulovitch , for and on behalf of GK & Co. LLP .
9. Controlling party
The ultimate parent company is Richtone Developments Ltd., a company incorporated in British Virgin Islands.