IRIS Accounts Production v24.2.0.383 SC617705 director 1.2.23 31.1.24 31.1.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC6177052023-01-31SC6177052024-01-31SC6177052023-02-012024-01-31SC6177052022-01-31SC6177052022-02-012023-01-31SC6177052023-01-31SC617705ns15:Scotland2023-02-012024-01-31SC617705ns14:PoundSterling2023-02-012024-01-31SC617705ns10:Director12023-02-012024-01-31SC617705ns10:PrivateLimitedCompanyLtd2023-02-012024-01-31SC617705ns10:SmallEntities2023-02-012024-01-31SC617705ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-31SC617705ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-31SC617705ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-31SC617705ns10:FullAccounts2023-02-012024-01-31SC617705ns10:RegisteredOffice2023-02-012024-01-31SC617705ns5:CurrentFinancialInstruments2024-01-31SC617705ns5:CurrentFinancialInstruments2023-01-31SC617705ns5:Non-currentFinancialInstruments2024-01-31SC617705ns5:Non-currentFinancialInstruments2023-01-31SC617705ns5:ShareCapital2024-01-31SC617705ns5:ShareCapital2023-01-31SC617705ns5:RevaluationReserve2024-01-31SC617705ns5:RevaluationReserve2023-01-31SC617705ns5:RetainedEarningsAccumulatedLosses2024-01-31SC617705ns5:RetainedEarningsAccumulatedLosses2023-01-31SC617705ns5:LandBuildings2023-01-31SC617705ns5:PlantMachinery2023-01-31SC617705ns5:LandBuildings2023-02-012024-01-31SC617705ns5:PlantMachinery2023-02-012024-01-31SC617705ns5:LandBuildings2024-01-31SC617705ns5:PlantMachinery2024-01-31SC617705ns5:LandBuildings2023-01-31SC617705ns5:PlantMachinery2023-01-31SC617705ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-31SC617705ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-31SC617705ns5:CurrentFinancialInstruments2023-02-012024-01-31SC617705ns5:Secured2024-01-31SC617705ns5:Secured2023-01-31SC617705ns5:RevaluationReserve2023-01-31
REGISTERED NUMBER: SC617705 (Scotland)




















Teo Chiu Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024






Teo Chiu Limited (Registered number: SC617705)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Teo Chiu Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: Ms K Y Lau



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



REGISTERED NUMBER: SC617705 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Bank of Scotland
75 George Street
Edinburgh
EH2 3EW

Teo Chiu Limited (Registered number: SC617705)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,463,728 1,434,384

CURRENT ASSETS
Stocks 500 500
Debtors 5 279 250
Cash at bank 31,343 7,222
32,122 7,972
CREDITORS
Amounts falling due within one year 6 269,837 219,550
NET CURRENT LIABILITIES (237,715 ) (211,578 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,226,013 1,222,806

CREDITORS
Amounts falling due after more than one
year

7

(542,133

)

(558,908

)

PROVISIONS FOR LIABILITIES (9,361 ) (159 )
NET ASSETS 674,519 663,739

Teo Chiu Limited (Registered number: SC617705)

Balance Sheet - continued
31 January 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 202,000 202,000
Revaluation reserve 9 461,024 461,024
Retained earnings 11,495 715
674,519 663,739

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 August 2024 and were signed by:





Ms K Y Lau - Director


Teo Chiu Limited (Registered number: SC617705)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Teo Chiu Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition
Turnover represents room letting and related services invoiced, excluding value added tax. Revenue is recognised upon guest arrival.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 0.5% on cost
Plant and machinery etc - 33% on cost, 25% on cost and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Taxation
Taxation for the year comprises current and deferred 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 or deferred 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 balance sheet date.


Teo Chiu Limited (Registered number: SC617705)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 February 2023 1,452,248 9,347 1,461,595
Additions - 50,031 50,031
At 31 January 2024 1,452,248 59,378 1,511,626
DEPRECIATION
At 1 February 2023 18,700 8,511 27,211
Charge for year 7,262 13,425 20,687
At 31 January 2024 25,962 21,936 47,898
NET BOOK VALUE
At 31 January 2024 1,426,286 37,442 1,463,728
At 31 January 2023 1,433,548 836 1,434,384

Teo Chiu Limited (Registered number: SC617705)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 January 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2021 304,750 - 304,750
Valuation in 2022 156,274 - 156,274
Cost 991,224 59,378 1,050,602
1,452,248 59,378 1,511,626

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 991,224 991,224
Aggregate depreciation 19,828 14,871

Freehold property was valued on an open market basis on 31 January 2024 by the director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 279 250

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 20,418 20,431
Taxation and social security 7,657 6,085
Other creditors 241,762 193,034
269,837 219,550

The director's current account is unsecured, interest free and has no fixed repayment period.

Teo Chiu Limited (Registered number: SC617705)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 542,133 558,908

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 463,647 476,841

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 562,551 579,339

On 22 March 2019, a standard security was created in favour of Bank of Scotland over the property 9 Eyre Place, Edinburgh, EH3 5ES.

On 15 April 2019, a floating charge was created in favour of Bank of Scotland that covers all the property or undertaking of the company.

9. RESERVES
Revaluation
reserve
£   
At 1 February 2023
and 31 January 2024 461,024