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Registered number: 01455035










Shung Yip (UK) Company Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2023

 
Shung Yip (UK) Company Limited
Registered number: 01455035

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,833
9,792

Investments
 5 
2
2

Investment property
 6 
605,000
605,000

  
612,835
614,794

Current assets
  

Debtors: amounts falling due within one year
 7 
21,320
33,249

Cash at bank and in hand
  
2,034,135
2,010,481

  
2,055,455
2,043,730

Creditors: amounts falling due within one year
 8 
(35,401)
(55,047)

Net current assets
  
 
 
2,020,054
 
 
1,988,683

Total assets less current liabilities
  
2,632,889
2,603,477

  

Net assets
  
2,632,889
2,603,477


Capital and reserves
  

Called up share capital 
 9 
50,000
50,000

Revaluation reserve
 10 
455,000
455,000

Profit and loss account
 10 
2,127,889
2,098,477

  
2,632,889
2,603,477


Page 1

 
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: 




Mr Peter Sung Kei Chiu
Director
Date: 17 October 2023

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
Shung Yip (UK) Company Limited
 

Statement of changes in equity
For the year ended 31 March 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
50,000
455,000
2,064,690
2,569,690


Comprehensive income for the year

Profit for the year
-
-
33,787
33,787
Total comprehensive income for the year
-
-
33,787
33,787



At 1 April 2022
50,000
455,000
2,098,477
2,603,477


Comprehensive income for the year

Profit for the year
-
-
29,412
29,412
Total comprehensive income for the year
-
-
29,412
29,412


At 31 March 2023
50,000
455,000
2,127,889
2,632,889


The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
Shung Yip (UK) Company Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Exemption from preparing consolidated financial statements

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.

 
2.3

Revenue

Turnover comprises revenue recognised by the company in respect of rental income received during the year, exclusive of Value Added Tax.

 
2.4

Tangible fixed assets

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:

Motor vehicles
-
20%
Fixtures & fittings
-
20%

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

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

 
Shung Yip (UK) Company Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.7

Investment property

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

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.

 
2.10

Cash and cash equivalents

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.

 
2.11

Financial instruments

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.

 
2.12

Creditors

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.

 
2.13

Taxation

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 5

 
Shung Yip (UK) Company Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Total

£
£
£



Cost 


At 1 April 2022
87,971
13,310
101,281



At 31 March 2023

87,971
13,310
101,281



Depreciation


At 1 April 2022
79,122
12,367
91,489


Charge for the year on owned assets
1,770
189
1,959



At 31 March 2023

80,892
12,556
93,448



Net book value



At 31 March 2023
7,079
754
7,833



At 31 March 2022
8,849
943
9,792


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 April 2022
2



At 31 March 2023
2




Page 6

 
Shung Yip (UK) Company Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
605,000



At 31 March 2023
605,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
150,000
150,000

Revaluations
455,000
455,000

605,000
605,000


7.


Debtors

2023
2022
£
£


Trade debtors
18,772
28,316

Other debtors
-
3,188

Prepayments and accrued income
2,548
1,745

21,320
33,249



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
7,000
-

Other creditors
8,326
36,812

Accruals and deferred income
20,075
18,235

35,401
55,047


Page 7

 
Shung Yip (UK) Company Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



5,000 (2022 - 5,000) Ordinary shares of £10 each
50,000
50,000



10.


Reserves

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.


11.


Related party transactions

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)


12.


Ultimate parent undertaking and controlling party

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