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Company registration number: 06272707







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


CHERVON EUROPE LIMITED






































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CHERVON EUROPE LIMITED
 


 
COMPANY INFORMATION


Directors
T Zhang 
L Pan 




Registered number
06272707



Registered office
4th Floor, The Anchorage
34 Bridge Street

Reading

RG1 2LU




Trading Address
Unit 8 Anglo Office Park
Lincoln Road

High Wycombe

Buckinghamshire

HP12 3RH






Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


CHERVON EUROPE LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 6


 


CHERVON EUROPE LIMITED
REGISTERED NUMBER:06272707



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
74,432
65,017

  
74,432
65,017

Current assets
  

Debtors: amounts falling due within one year
 5 
682,960
875,903

Cash at bank and in hand
  
376,943
210,826

  
1,059,903
1,086,729

Creditors: amounts falling due within one year
 6 
(287,583)
(406,230)

Net current assets
  
 
 
772,320
 
 
680,499

Total assets less current liabilities
  
846,752
745,516

  

Net assets
  
846,752
745,516


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
 7 
846,751
745,515

  
846,752
745,516


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




L Pan
Director

Date: 25 September 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


CHERVON EUROPE LIMITED
 


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

1.


General information

Chervon Europe Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These
policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

  
2.3

Turnover

Turnover  is  measured  at  the  fair  value  of  the  consideration  received  or  receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents costs incurred by the company recharged to intra-group companies plus an appropriate mark up. 

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 2

 


CHERVON EUROPE LIMITED
 


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

2.Accounting policies (continued)

  
2.5

Operating leases

Rentals paid under operating leased are charged to profit and loss on a straight line basis over the lease term.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
20%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 


CHERVON EUROPE LIMITED
 


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

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade debtors, trade creditors, other creditors, loans to related parties and investments
in ordinary shares.


3.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
18
20


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
117,091
21,936
94,269
222,793
456,089


Additions
21,011
-
-
12,028
33,039



At 31 December 2023

138,102
21,936
94,269
234,821
489,128



Depreciation


At 1 January 2023
113,861
19,129
74,795
183,287
391,072


Charge for the year on owned assets
6,027
702
3,979
12,916
23,624



At 31 December 2023

119,888
19,831
78,774
196,203
414,696



Net book value



At 31 December 2023
18,214
2,105
15,495
38,618
74,432



At 31 December 2022
3,230
2,807
19,474
39,506
65,017

Page 4

 


CHERVON EUROPE LIMITED
 


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

5.


Debtors: Amounts falling due within one year

2023
2021
£
£


The amounts owed by group undertakings
558,018
694,799

Other debtors
32,290
21,441

Prepayments and accrued income
92,652
159,663

682,960
875,903



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
15,304
44,732

Corporation tax
15,619
13,687

Other taxation and social security
49,842
38,211

Accruals and deferred income
206,818
309,600

287,583
406,230



7.


Reserves

Profit and loss account

The profit and loss account represents the retention of historical profits less any dividends paid.


8.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
81,346
70,460

Later than 1 year and not later than 5 years
88,890
55,709

170,236
126,169

Page 5

 


CHERVON EUROPE LIMITED
 


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

9.


Controlling party

The ultimate parent company is Panmercy Holdings Limited.
The immediate holding company is Chervon (HK) Limited, by virtue of holding 100% of the issued share capital of Chervon Europe Limited. The immediate holding company is registered under Companies Registry in Hong Kong.
The consolidated accounts are prepared by Chervon Holdings Limited. The registered office address of Chervon Holdings Limited is Unit 04, 22/F, Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Kln, Hong Kong.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 25 September 2024 by Sophie Said (FCA) (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 6