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COMPANY REGISTRATION NUMBER: 03499981
CHAI MEATS LIMITED
Filleted Financial Statements
31 December 2023
CHAI MEATS LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
28,008
19,976
Current assets
Stocks
7,850
Debtors
6
1,558,241
900,267
Cash at bank and in hand
15,827
48,678
------------
---------
1,574,068
956,795
Creditors: amounts falling due within one year
7
1,604,640
974,182
------------
---------
Net current liabilities
30,572
17,387
--------
--------
Total assets less current liabilities
( 2,564)
2,589
-------
-------
Net (liabilities)/assets
( 2,564)
2,589
-------
-------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 2,566)
2,587
-------
-------
Shareholders (deficit)/funds
( 2,564)
2,589
-------
-------
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 statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 23 July 2024 , and are signed on behalf of the board by:
Mrs H Klein
Director
Company registration number: 03499981
CHAI MEATS LIMITED
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tudor House, Llanvanor Road, London, NW2 2AQ.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
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:
Plant and machineryy
-
25% reducing balance
Fixtures, Fittings and Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 19 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
41,990
1,772
43,762
Additions
15,606
1,762
17,368
--------
-------
--------
At 31 December 2023
57,596
3,534
61,130
--------
-------
--------
Depreciation
At 1 January 2023
23,011
775
23,786
Charge for the year
8,646
690
9,336
--------
-------
--------
At 31 December 2023
31,657
1,465
33,122
--------
-------
--------
Carrying amount
At 31 December 2023
25,939
2,069
28,008
--------
-------
--------
At 31 December 2022
18,979
997
19,976
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
1,481,875
836,392
Other debtors
76,366
63,875
------------
---------
1,558,241
900,267
------------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
24,167
34,167
Trade creditors
369,361
208,951
Amounts owed to group undertakings and undertakings in which the company has a participating interest
979,645
455,850
Social security and other taxes
13,175
12,404
Other creditors
218,292
262,810
------------
---------
1,604,640
974,182
------------
---------
8. Summary audit opinion
The auditor's report dated 23 July 2024 was unqualified .
The senior statutory auditor was Phillip Smulovitch , for and on behalf of GK & Co. LLP .
9. Controlling party
The ultimate parent company is Richtone Developments Ltd., a company incorporated in British Virgin Islands.