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REGISTERED NUMBER: SC136657 (Scotland)



















CHOLAM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023






CHOLAM LIMITED (REGISTERED NUMBER: SC136657)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHOLAM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs Wai Ying Salina Lam
Tin Sang Chow





SECRETARY:





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC136657 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

CHOLAM LIMITED (REGISTERED NUMBER: SC136657)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,473 1,941
Investment property 5 700,000 700,000
701,473 701,941

CURRENT ASSETS
Debtors 6 955 1,091
Cash at bank 71,288 79,952
72,243 81,043
CREDITORS
Amounts falling due within one year 7 138,137 135,201
NET CURRENT LIABILITIES (65,894 ) (54,158 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

635,579

647,783

PROVISIONS FOR LIABILITIES 79,146 104,168
NET ASSETS 556,433 543,615

CHOLAM LIMITED (REGISTERED NUMBER: SC136657)

BALANCE SHEET - continued
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 8 337,293 312,308
Retained earnings 8 219,040 231,207
556,433 543,615

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 3 September 2024 and were signed on its behalf by:





Tin Sang Chow - Director


CHOLAM LIMITED (REGISTERED NUMBER: SC136657)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Cholam 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
The turnover shown in the profit and loss account represents rental income receivable during the year. Income is recognised on the basis of rent due for the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment and Fittings - 25% on reducing balance

Investment property
Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent.

This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

CHOLAM LIMITED (REGISTERED NUMBER: SC136657)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Equipment
and
Fittings
£   
COST
At 1 January 2023
and 31 December 2023 8,657
DEPRECIATION
At 1 January 2023 6,716
Charge for year 468
At 31 December 2023 7,184
NET BOOK VALUE
At 31 December 2023 1,473
At 31 December 2022 1,941

CHOLAM LIMITED (REGISTERED NUMBER: SC136657)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 700,000
NET BOOK VALUE
At 31 December 2023 700,000
At 31 December 2022 700,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2018 216,411
Valuation in 2022 200,000
Cost 283,589
700,000

The investment properties were revalued on an open market by the director on 31 December 2023.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
PAYE/NIC debtor 396 591
Prepayments 559 500
955 1,091

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation Tax 8,990 9,104
Directors' current accounts 127,262 124,981
Accrued expenses 1,885 1,116
138,137 135,201

The loan from directors is interest free and repayable on demand.

CHOLAM LIMITED (REGISTERED NUMBER: SC136657)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 231,207 312,308 543,515
Profit for the year 62,818 62,818
Dividends (50,000 ) (50,000 )
Fair value surplus (24,985 ) 24,985 -
At 31 December 2023 219,040 337,293 556,333

9. RELATED PARTY DISCLOSURES

The loan balance due to the directors amounted to £127,262 (2022 : £124,981).