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Registration number: 07334645

Charley Chau Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Charley Chau Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Charley Chau Limited

Company Information

Directors

Ms Jenny Mo Yee Chau

Ms Christine Wai Yee Chau

Registered office

34 Alcester Road
Brooklands
Sale
Cheshire
M33 3QP

Accountants

Harrison Salmon Associates
Suite 3
Waterside Business Centre
Canal Street
Leigh
WN7 4DB

 

Charley Chau Limited

(Registration number: 07334645)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

16

Tangible assets

5

12,745

16,442

 

12,745

16,458

Current assets

 

Stocks

6

60,226

106,428

Debtors

7

142,426

60,373

Cash at bank and in hand

 

39,852

20,728

 

242,504

187,529

Creditors: Amounts falling due within one year

8

(161,750)

(107,319)

Net current assets

 

80,754

80,210

Total assets less current liabilities

 

93,499

96,668

Creditors: Amounts falling due after more than one year

8

(95,136)

(92,554)

Provisions for liabilities

(2,223)

(3,124)

Net (liabilities)/assets

 

(3,860)

990

Capital and reserves

 

Called up share capital

9

10

10

Retained earnings

(3,870)

980

Shareholders' (deficit)/funds

 

(3,860)

990

For the financial year ending 31 August 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

 

Charley Chau Limited

(Registration number: 07334645)
Balance Sheet as at 31 August 2023

.........................................
Ms Christine Wai Yee Chau
Director

 

Charley Chau Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
34 Alcester Road
Brooklands
Sale
Cheshire
M33 3QP

These financial statements were authorised for issue by the Board on 30 August 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.

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.

Government grants

Government grants relating to the support provided for the Covid-19 pandemic are recognised when there is reasonable assurance that the grant is receivable and are subsequently accounted for under the accrual model, on a systemic basis over the period in which the related costs are reecognised.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Charley Chau Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Office equipment

25% reducing balance

Plant and machinery

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

5 years

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.

Trade 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.

 

Charley Chau Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

Trade 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.

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.

 

Charley Chau Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 5).

 

Charley Chau Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2022

15,270

15,270

At 31 August 2023

15,270

15,270

Amortisation

At 1 September 2022

15,254

15,254

Amortisation charge

16

16

At 31 August 2023

15,270

15,270

Carrying amount

At 31 August 2023

-

-

At 31 August 2022

16

16

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

34,686

5,617

40,303

At 31 August 2023

34,686

5,617

40,303

Depreciation

At 1 September 2022

20,746

3,115

23,861

Charge for the year

3,072

625

3,697

At 31 August 2023

23,818

3,740

27,558

Carrying amount

At 31 August 2023

10,868

1,877

12,745

At 31 August 2022

13,940

2,502

16,442

6

Stocks

2023
£

2022
£

Other inventories

60,226

106,428

 

Charley Chau Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

2,593

2,474

Prepayments

6,363

9,976

Other debtors

133,470

47,923

 

142,426

60,373

 

Charley Chau Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

118,020

48,313

Trade creditors

 

13,564

22,136

Taxation and social security

 

25,823

31,926

Accruals and deferred income

 

3,473

5,028

Other creditors

 

870

(84)

 

161,750

107,319

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

95,136

92,554

2023
£

2022
£

Due after more than five years

After more than five years by instalments

10,648

16,204

-

-

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

         
 

Charley Chau Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

32,870

38,426

Other borrowings

62,266

54,128

95,136

92,554

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,983

5,555

Bank overdrafts

41,870

25,045

Other borrowings

66,167

17,713

118,020

48,313

Bank borrowings

Bounce Back Loan is denominated in with a nominal interest rate of 2.5%, and the final instalment is due on 21 July 2030. The carrying amount at year end is £38,426 (2022 - £43,982).

The loan is provided to assist with the effects of the Covid-19 pandemic, received in July 2020. It is repayable over 10 years and interest is charged at 2.5% per annum for the duration of the loan. No capital repayments are due in the first 12 months of the loan and the government is paying the first 12 months of the interest due under this loan as a Business Interruption Payment.

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

Repayable by instalments in more than 5 years £10,648 (2022; £16,204l).