Registered number
13651165
Cheng Properties Ltd
Filleted Accounts
31 March 2024
Cheng Properties Ltd
Registered number: 13651165
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 575 767
Investments 4 4,516,000 4,516,000
4,516,575 4,516,767
Current assets
Debtors 5 13,953 17,198
Cash at bank and in hand 39,019 38,119
52,972 55,317
Creditors: amounts falling due within one year 6 (275,623) (304,287)
Net current liabilities (222,651) (248,970)
Net assets 4,293,924 4,267,797
Capital and reserves
Called up share capital 10,000 10,000
Share premium 4,478,697 4,478,697
Revaluation reserve 7 (327,000) (327,000)
Profit and loss account 132,227 106,100
Shareholders' funds 4,293,924 4,267,797
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms Cynthia S Y Cheng
Director
Approved by the board on 23 August 2024
Cheng Properties Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the rental receivable and other income from the investment properties held by the company.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 959
At 31 March 2024 959
Depreciation
At 1 April 2023 192
Charge for the year 192
At 31 March 2024 384
Net book value
At 31 March 2024 575
At 31 March 2023 767
4 Investments
Other
investments
£
Fair value
At 1 April 2023 4,516,000
At 31 March 2024 4,516,000
Historical cost
At 1 April 2023 4,843,000
At 31 March 2024 4,843,000
The investment properties were revalued at an open market valuation by the directors who based the valuations on their knowledge of the market and also after consultations with the local estate agents.
5 Debtors 2024 2023
£ £
Other debtors 13,953 17,198
6 Creditors: amounts falling due within one year 2024 2023
£ £
Rent in advance 8,254 7,465
Amounts owed to group undertakings and undertakings in which the company has a participating interest 36,000 36,000
Taxation and social security costs 6,856 20,437
Other creditors 224,513 240,385
. 275,623 304,287
7 Revaluation reserve 2024 2023
£ £
At 1 April 2023 (327,000) -
Loss on revaluation of land and buildings - (327,000)
At 31 March 2024 (327,000) (327,000)
8 Other information
Cheng Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
30 Wellsfield
Bushey
Herts
WD23 2NX
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