2022-03-012023-02-282023-02-28false08404306Chineasy Limited2023-11-28iso4217:GBPxbrli:pure084043062022-03-01084043062023-02-28084043062022-03-012023-02-28084043062021-03-01084043062022-02-28084043062021-03-012022-02-2808404306bus:SmallEntities2022-03-012023-02-2808404306bus:AuditExempt-NoAccountantsReport2022-03-012023-02-2808404306bus:FullAccounts2022-03-012023-02-2808404306bus:PrivateLimitedCompanyLtd2022-03-012023-02-2808404306core:WithinOneYear2023-02-2808404306core:AfterOneYear2023-02-2808404306core:WithinOneYear2022-02-2808404306core:AfterOneYear2022-02-2808404306core:ShareCapital2023-02-2808404306core:SharePremium2023-02-2808404306core:RevaluationReserve2023-02-2808404306core:OtherReservesSubtotal2023-02-2808404306core:RetainedEarningsAccumulatedLosses2023-02-2808404306core:ShareCapital2022-02-2808404306core:SharePremium2022-02-2808404306core:RevaluationReserve2022-02-2808404306core:OtherReservesSubtotal2022-02-2808404306core:RetainedEarningsAccumulatedLosses2022-02-2808404306core:LandBuildings2023-02-2808404306core:PlantMachinery2023-02-2808404306core:Vehicles2023-02-2808404306core:FurnitureFittings2023-02-2808404306core:OfficeEquipment2023-02-2808404306core:NetGoodwill2023-02-2808404306core:IntangibleAssetsOtherThanGoodwill2023-02-2808404306core:ListedExchangeTraded2023-02-2808404306core:UnlistedNon-exchangeTraded2023-02-2808404306core:LandBuildings2022-02-2808404306core:PlantMachinery2022-02-2808404306core:Vehicles2022-02-2808404306core:FurnitureFittings2022-02-2808404306core:OfficeEquipment2022-02-2808404306core:NetGoodwill2022-02-2808404306core:IntangibleAssetsOtherThanGoodwill2022-02-2808404306core:ListedExchangeTraded2022-02-2808404306core:UnlistedNon-exchangeTraded2022-02-2808404306core:LandBuildings2022-03-012023-02-2808404306core:PlantMachinery2022-03-012023-02-2808404306core:Vehicles2022-03-012023-02-2808404306core:FurnitureFittings2022-03-012023-02-2808404306core:OfficeEquipment2022-03-012023-02-2808404306core:NetGoodwill2022-03-012023-02-2808404306core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2808404306core:ListedExchangeTraded2022-03-012023-02-2808404306core:UnlistedNon-exchangeTraded2022-03-012023-02-2808404306core:MoreThanFiveYears2022-03-012023-02-2808404306core:Non-currentFinancialInstruments2023-02-2808404306core:Non-currentFinancialInstruments2022-02-2808404306dpl:CostSales2022-03-012023-02-2808404306dpl:DistributionCosts2022-03-012023-02-2808404306core:LandBuildings2022-03-012023-02-2808404306core:PlantMachinery2022-03-012023-02-2808404306core:Vehicles2022-03-012023-02-2808404306core:FurnitureFittings2022-03-012023-02-2808404306core:OfficeEquipment2022-03-012023-02-2808404306dpl:AdministrativeExpenses2022-03-012023-02-2808404306core:NetGoodwill2022-03-012023-02-2808404306core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2808404306dpl:GroupUndertakings2022-03-012023-02-2808404306dpl:ParticipatingInterests2022-03-012023-02-2808404306dpl:GroupUndertakingscore:ListedExchangeTraded2022-03-012023-02-2808404306core:ListedExchangeTraded2022-03-012023-02-2808404306dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-03-012023-02-2808404306core:UnlistedNon-exchangeTraded2022-03-012023-02-2808404306dpl:CostSales2021-03-012022-02-2808404306dpl:DistributionCosts2021-03-012022-02-2808404306core:LandBuildings2021-03-012022-02-2808404306core:PlantMachinery2021-03-012022-02-2808404306core:Vehicles2021-03-012022-02-2808404306core:FurnitureFittings2021-03-012022-02-2808404306core:OfficeEquipment2021-03-012022-02-2808404306dpl:AdministrativeExpenses2021-03-012022-02-2808404306core:NetGoodwill2021-03-012022-02-2808404306core:IntangibleAssetsOtherThanGoodwill2021-03-012022-02-2808404306dpl:GroupUndertakings2021-03-012022-02-2808404306dpl:ParticipatingInterests2021-03-012022-02-2808404306dpl:GroupUndertakingscore:ListedExchangeTraded2021-03-012022-02-2808404306core:ListedExchangeTraded2021-03-012022-02-2808404306dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-03-012022-02-2808404306core:UnlistedNon-exchangeTraded2021-03-012022-02-2808404306core:NetGoodwill2023-02-2808404306core:IntangibleAssetsOtherThanGoodwill2023-02-2808404306core:LandBuildings2023-02-2808404306core:PlantMachinery2023-02-2808404306core:Vehicles2023-02-2808404306core:FurnitureFittings2023-02-2808404306core:OfficeEquipment2023-02-2808404306core:AfterOneYear2023-02-2808404306core:WithinOneYear2023-02-2808404306core:ListedExchangeTraded2023-02-2808404306core:UnlistedNon-exchangeTraded2023-02-2808404306core:ShareCapital2023-02-2808404306core:SharePremium2023-02-2808404306core:RevaluationReserve2023-02-2808404306core:OtherReservesSubtotal2023-02-2808404306core:RetainedEarningsAccumulatedLosses2023-02-2808404306core:NetGoodwill2022-02-2808404306core:IntangibleAssetsOtherThanGoodwill2022-02-2808404306core:LandBuildings2022-02-2808404306core:PlantMachinery2022-02-2808404306core:Vehicles2022-02-2808404306core:FurnitureFittings2022-02-2808404306core:OfficeEquipment2022-02-2808404306core:AfterOneYear2022-02-2808404306core:WithinOneYear2022-02-2808404306core:ListedExchangeTraded2022-02-2808404306core:UnlistedNon-exchangeTraded2022-02-2808404306core:ShareCapital2022-02-2808404306core:SharePremium2022-02-2808404306core:RevaluationReserve2022-02-2808404306core:OtherReservesSubtotal2022-02-2808404306core:RetainedEarningsAccumulatedLosses2022-02-2808404306core:NetGoodwill2021-03-0108404306core:IntangibleAssetsOtherThanGoodwill2021-03-0108404306core:LandBuildings2021-03-0108404306core:PlantMachinery2021-03-0108404306core:Vehicles2021-03-0108404306core:FurnitureFittings2021-03-0108404306core:OfficeEquipment2021-03-0108404306core:AfterOneYear2021-03-0108404306core:WithinOneYear2021-03-0108404306core:ListedExchangeTraded2021-03-0108404306core:UnlistedNon-exchangeTraded2021-03-0108404306core:ShareCapital2021-03-0108404306core:SharePremium2021-03-0108404306core:RevaluationReserve2021-03-0108404306core:OtherReservesSubtotal2021-03-0108404306core:RetainedEarningsAccumulatedLosses2021-03-0108404306core:AfterOneYear2022-03-012023-02-2808404306core:WithinOneYear2022-03-012023-02-2808404306core:Non-currentFinancialInstrumentscore:CostValuation2022-03-012023-02-2808404306core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-03-012023-02-2808404306core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-03-012023-02-2808404306core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-03-012023-02-2808404306core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-03-012023-02-2808404306core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-03-012023-02-2808404306core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-03-012023-02-2808404306core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-03-012023-02-2808404306core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-03-012023-02-2808404306core:Non-currentFinancialInstrumentscore:CostValuation2023-02-2808404306core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-02-2808404306core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-02-2808404306core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-02-2808404306core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-02-2808404306core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-02-2808404306core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-02-2808404306core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-02-2808404306core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-02-2808404306core:Non-currentFinancialInstrumentscore:CostValuation2022-02-2808404306core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-02-2808404306core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-02-2808404306core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-02-2808404306core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-02-2808404306core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-02-2808404306core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-02-2808404306core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-02-2808404306core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-02-2808404306bus:Director12022-03-012023-02-28

Chineasy Limited

Registered Number
08404306
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

Chineasy Limited
Company Information
for the year from 1 March 2022 to 28 February 2023

Director

S Hsueh

Registered Address

27 Eccleston Street
London
SW1W 9NP

Registered Number

08404306 (England and Wales)
Chineasy Limited
Statement of Financial Position
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets83,0353,745
Tangible assets96,37510,567
9,41014,312
Current assets
Debtors1140,81430,996
Cash at bank and on hand9,0795,228
49,89336,224
Creditors amounts falling due within one year12(2,145,311)(2,095,571)
Net current assets (liabilities)(2,095,418)(2,059,347)
Total assets less current liabilities(2,086,008)(2,045,035)
Creditors amounts falling due after one year13(23,093)(33,208)
Net assets(2,109,101)(2,078,243)
Capital and reserves
Called up share capital11
Profit and loss account(2,109,102)(2,078,244)
Shareholders' funds(2,109,101)(2,078,243)
The financial statements were approved and authorised for issue by the Director on 28 November 2023, and are signed on its behalf by:
S Hsueh
Director
Registered Company No. 08404306
Chineasy Limited
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
Chineasy Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
3.Principal activities
The principal activity of the company in the year under review was that of teaching Chinese Culture and Language.
4.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention.
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Property, plant and equipment policy
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Office equipment - 3 and 5 years on straight line
Intangible assets policy
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intellectual Property is being amortised evenly over its estimated useful life of five years.
Revenue recognition policy
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. The statement of financial position is credited with the value of invoiced sales, as deferred income, which is then amortised to revenue over the period of the contract. At the statement of financial position date, the carrying value of deferred income reflects the total value of invoiced sales which has not yet been recognised as revenue.
Taxation policy
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Foreign currency transactions are translated into functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Government grants and other government assistance policy
Government grant income represents grant income received from the government under the Coronavirus Business Support Scheme. A grant that does not impose specified future performance related conditions is recognised in income when the grant proceeds are received or receivable. In the case of performance related grants, income is recognised only when the performance related conditions are met.
Employee benefits policy
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. Share-based payments The company operates equity-settled compensation plans. The share options issued to employees and non-employees are all exerciseable in the occurrence of a qualifying exit event. The fair value of the services received in exchange for the grant of the options is to be recognised as an expense in the income statement only when an exit event has occurred. The total amount to be expensed is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry will be taken to reserves because the share options are equity-settled.
Valuation of financial instruments policy
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments 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 non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently,at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially,at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Cash and Cash Equivalents : Cash and cash equivalents comprise cash on hand and demand 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 to changes in value.
Going concern
The financial statements have been prepared on the going concern basis. The director is aware that the company suffered losses during the year and the statement of financial position reflects net liabilities. The director has indicated her ongoing support to the company and is committed to ensuring the company has adequate resources to be able to meet its obligations, if and when, they fall due. The director does not intend to withdraw her funds in the foreseeable future. On this basis, the director is of the opinion that the financial statements should continue to be prepared on the going concern basis.
6.Critical estimates and judgements
There are no significant judgements or estimates applied to the numbers contained within these financial statements.
7.Employee information
The company operates an EMI-qualifying share option scheme for its employees. At the statement of financial position date, the company had granted 700,000 EMI qualifying share options (2022: 700,000) to employees with an average weighted exercise price of £0.00000005 per share. At the statement of financial position date 700,000 share options had vested (2022: 700,000), no share options had been exercised (2022: nil) and no share options had lapsed (2022: nil). Approved share options vest on a monthly basis with the period ranging from the date of grant to 12 months. The share options are exercisable on the share capital of the company on the occurrence of a qualifying exit event. No share-based payment has been charged to the income statement in respect of the EMI-qualifying share options. The company also operates an unapproved share option scheme for its contractors and advisory board. At the statement of financial position date, the company had granted 1,020,000 share options (2022:1,020,000) with an average weighted exercise price of £0.00000005 per share. As at the statement of financial position date 1,020,000 share options had vested (2022: 1,020,000), no share options had been exercised (2022: nil) and no share options had lapsed (2022: nil). Unapproved share options vest on a monthly basis with the period ranging from the date of grant to 4 years. The share options are exercisable on the share capital of the company on the occurrence of a qualifying exit event. No share-based payment has been charged to the income statement in respect of the unapproved share options.

20232022
Average number of employees during the year22
8.Intangible assets
Other intangible assets consists of Intellectual Property.

Other

Total

££
Cost or valuation
At 01 March 2233,07633,076
Additions694694
At 28 February 2333,77033,770
Amortisation and impairment
At 01 March 2229,33129,331
Charge for year1,4041,404
At 28 February 2330,73530,735
Net book value
At 28 February 233,0353,035
At 28 February 223,7453,745
9.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 March 2214,67814,678
At 28 February 2314,67814,678
Depreciation and impairment
At 01 March 224,1114,111
Charge for year4,1924,192
At 28 February 238,3038,303
Net book value
At 28 February 236,3756,375
At 28 February 2210,56710,567
10.Description of nature of transactions and balances with related parties
During the year the director loaned the company £23,000 and settled expenses totalling £1,562. As at the end of the financial period, the company owed the director £2,039,498 (2022: £2,014,936). The loans are interest-free and repayable on demand.
11.Debtors

2023

2022

££
Other debtors36,60830,013
Prepayments and accrued income4,206983
Total40,81430,996
12.Creditors within one year

2023

2022

££
Trade creditors / trade payables1,448-
Bank borrowings and overdrafts9,9369,684
Taxation and social security8281,103
Other creditors2,040,4672,018,574
Accrued liabilities and deferred income92,63266,210
Total2,145,3112,095,571
13.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts23,09333,208
Total23,09333,208
The total bank borrowings and overdrafts included in creditors within one year and creditors after one year are guaranteed by the UK government under the Coronavirus Business Support Scheme.