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Filleted

Registration number: 12020319

Cheung & Family Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Cheung & Family Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Cheung & Family Limited

Company Information

Directors

Mrs J C C Cheung

Mr L L Cheung

Registered office

The Woodridge Inn Hotel
Wooden
Saundersfoot
SA69 9DY

 

Cheung & Family Limited

(Registration number: 12020319)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

212,715

125,508

Current assets

 

Stocks

6

5,250

5,000

Debtors

7

17,496

341

Cash at bank and in hand

 

26,737

124,246

 

49,483

129,587

Creditors: Amounts falling due within one year

8

(67,890)

(60,164)

Net current (liabilities)/assets

 

(18,407)

69,423

Total assets less current liabilities

 

194,308

194,931

Creditors: Amounts falling due after more than one year

8

(25,000)

(25,000)

Net assets

 

169,308

169,931

Capital and reserves

 

Called up share capital

20

20

Profit and loss account

169,288

169,911

Total equity

 

169,308

169,931

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Cheung & Family Limited

(Registration number: 12020319)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 19 March 2024 and signed on its behalf by:
 

.........................................
Mrs J C C Cheung
Director

   
     
 

Cheung & Family Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
The Woodridge Inn Hotel
Wooden
Saundersfoot
SA69 9DY

These financial statements were authorised for issue by the Board on 19 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Cheung & Family Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% reducing balance

Plant and machinery

15% reducing balance

Office equipment

15% reducing balance

Property

No depreciation

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call 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 of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Cheung & Family Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 24).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

5,437

4,167

 

Cheung & Family Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

94,011

8,435

27,149

3,391

132,986

Additions

71,812

5,846

12,818

2,167

92,643

At 30 June 2023

165,823

14,281

39,967

5,558

225,629

Depreciation

At 1 July 2022

-

759

6,196

523

7,478

Charge for the year

-

1,097

3,829

510

5,436

At 30 June 2023

-

1,856

10,025

1,033

12,914

Carrying amount

At 30 June 2023

165,823

12,425

29,942

4,525

212,715

At 30 June 2022

94,011

7,676

20,953

2,868

125,508

Included within the net book value of land and buildings above is £165,823 (2022 - £94,011) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

5,250

5,000

7

Debtors

2023
£

2022
£

Trade debtors

424

-

Other debtors

17,072

341

17,496

341

 

Cheung & Family Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

46,566

24,487

Taxation and social security

 

17,781

17,245

Corporation tax liability

 

33

15,429

Other creditors

 

3,510

3,003

 

67,890

60,164

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

25,000

25,000

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

20

20

20

20

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

25,000

25,000

 

Cheung & Family Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

11

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mrs J C C Cheung

Interest free loan repayable on demand

170

33,104

(24,737)

8,537

         
       

Mr L L Cheung

Interest free loan repayable on demand

171

33,104

(24,738)

8,537

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mrs J C C Cheung

Interest free loan repayable on demand

(18,125)

42,151

(23,856)

170

         
       

Mr L L Cheung

Interest free loan repayable on demand

(18,125)

42,151

(23,855)

171