Registered number: 01455035
Shung Yip (UK) Company Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 March 2023
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Shung Yip (UK) Company Limited
Registered number: 01455035
Balance sheet
As at 31 March 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Page 1
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Shung Yip (UK) Company Limited
Registered number: 01455035
Balance sheet (continued)
As at 31 March 2023
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 8 form part of these financial statements.
Page 2
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Shung Yip (UK) Company Limited
Statement of changes in equity
For the year ended 31 March 2023
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 4 to 8 form part of these financial statements.
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Page 3
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Shung Yip (UK) Company Limited
Notes to the financial statements
For the year ended 31 March 2023
Shung Yip (UK) Company Limited (the Company) is a limited company incorporated and domiciled in the United Kingdom. The address of its registered office is 11 Admiral Square, Chelsea Harbour, London, SW10 0UU. The principal activity of the company continued to be that of a property owning and managing.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
Turnover comprises revenue recognised by the company in respect of rental income received during the year, exclusive of Value Added Tax.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 4
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Shung Yip (UK) Company Limited
Notes to the financial statements
For the year ended 31 March 2023
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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The average monthly number of employees, including directors, during the year was 3 (2022 - 3).
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Page 5
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Shung Yip (UK) Company Limited
Notes to the financial statements
For the year ended 31 March 2023
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Charge for the year on owned assets
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Investments in subsidiary companies
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Page 6
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Shung Yip (UK) Company Limited
Notes to the financial statements
For the year ended 31 March 2023
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Freehold investment property
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The 2023 valuations were made by the directors, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Page 7
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Shung Yip (UK) Company Limited
Notes to the financial statements
For the year ended 31 March 2023
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Allotted, called up and fully paid
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5,000 (2022 - 5,000) Ordinary shares of £10 each
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Profit & loss account
The profit and loss account comprises all current and prior period retained profits and losses after
deducting any distributions made to the company's shareholders.
Share capital
This represents the nominal value of shares that have been issued by the company.
Revaluation reserve
The revaluation reserve occurs when a company has a revaluation performed on an asset. It is used when the revaluation finds the current and probable future value of the asset is higher than the recorded historic cost of the same asset.
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Related party transactions
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At the balance sheet date the company is owed by Kingsville Developments Limited, its subsidiary undertaking, an amount of £125,909 (2022: £125,909). A full provision has been included against this balance.
Included within "Other creditors" is an amount of £6,778 (2022: £28,486) due to the Directors. This amount is split between the three Directors as follows:
Mr Yu Hei Chiu - £6,778 (2022: £6,778)
Mr Edmond Sung Pak Chiu - £Nil (2022: £7,585)
Mr Peter Sung Kei Chiu - £Nil (2022: £14,123)
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Ultimate parent undertaking and controlling party
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The company regards Home Comforts Limited, registered in the British Virgin Islands as its ultimate parent company.
The company is under the control of its directors.
Page 8
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