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COMPANY REGISTRATION NUMBER: 09990973
SYLVIA CHEW ASSOCIATES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2022
SYLVIA CHEW ASSOCIATES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2022
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
SYLVIA CHEW ASSOCIATES LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2022
2022
2021
Note
£
£
FIXED ASSETS
Tangible assets
5
225
503
Investments
6
122,061
120,311
------------
------------
122,286
120,814
CURRENT ASSETS
Debtors
7
6,825
10,825
Cash at bank and in hand
60,865
46,698
----------
----------
67,690
57,523
CREDITORS: amounts falling due within one year
8
20,044
26,640
----------
----------
NET CURRENT ASSETS
47,646
30,883
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
169,932
151,697
PROVISIONS
Taxation including deferred tax
5,342
5,010
------------
------------
NET ASSETS
164,590
146,687
------------
------------
SYLVIA CHEW ASSOCIATES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2022
2022
2021
Note
£
£
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
164,589
146,686
------------
------------
SHAREHOLDERS FUNDS
164,590
146,687
------------
------------
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 income statement has not been delivered.
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act 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 30 August 2022 , and are signed on behalf of the board by:
S A Chew
Director
Company registration number: 09990973
SYLVIA CHEW ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2022
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Fixtures & Fittings
-
25% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. TAX ON PROFIT
Major components of tax expense
2022
2021
£
£
Current tax:
UK current tax expense
4,401
2,159
Adjustments in respect of prior periods
( 110)
--------
--------
Total current tax
4,401
2,049
--------
--------
Deferred tax:
Origination and reversal of timing differences
333
5,010
--------
--------
Tax on profit
4,734
7,059
--------
--------
5. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 March 2021 and 28 February 2022
1,500
4,104
5,604
--------
--------
--------
Depreciation
At 1 March 2021
1,500
3,601
5,101
Charge for the year
278
278
--------
--------
--------
At 28 February 2022
1,500
3,879
5,379
--------
--------
--------
Carrying amount
At 28 February 2022
225
225
--------
--------
--------
At 28 February 2021
503
503
--------
--------
--------
6. INVESTMENTS
Other investments
£
Cost
At 1 March 2021
120,311
Revaluations
1,750
------------
At 28 February 2022
122,061
------------
Impairment
At 1 March 2021 and 28 February 2022
------------
Carrying amount
At 28 February 2022
122,061
------------
At 28 February 2021
120,311
------------
7. DEBTORS
2022
2021
£
£
Trade debtors
6,325
4,950
Other debtors
500
5,875
--------
----------
6,825
10,825
--------
----------
8. CREDITORS: amounts falling due within one year
2022
2021
£
£
Corporation tax
4,240
1,998
Other creditors
15,804
24,642
----------
----------
20,044
26,640
----------
----------
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2022
2021
£
£
Included in provisions
5,342
5,010
--------
--------
10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director did not enter into any advances, credits or guarantees with the company.