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Registration number: 10137691

Chin Min Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Chin Min Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Chin Min Limited

(Registration number: 10137691)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

28,500

38,000

Tangible assets

6

3,708

2,395

 

32,208

40,395

Current assets

 

Debtors

7

2,838

2,783

Cash at bank and in hand

 

19,464

27,647

 

22,302

30,430

Creditors: Amounts falling due within one year

8

(53,092)

(69,275)

Net current liabilities

 

(30,790)

(38,845)

Total assets less current liabilities

 

1,418

1,550

Provisions for liabilities

(705)

(455)

Net assets

 

713

1,095

Capital and reserves

 

Called up share capital

10

10

Retained earnings

703

1,085

Shareholders' funds

 

713

1,095

 

Chin Min Limited

(Registration number: 10137691)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 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 5 September 2024 and signed on its behalf by:
 

.........................................
Miss Y Zhu
Company secretary and director

.........................................
Mr P Gray
Director

 

Chin Min Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
United Kingdom

These financial statements were authorised for issue by the Board on 5 September 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and 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.

 

Chin Min Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Computer equipment

20% straight line

Office equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

10% straight line

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Chin Min Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,497

1,412

Amortisation expense

9,500

9,500

5

Intangible assets

Franchise Fee
 £

Total
£

Cost or valuation

At 1 May 2023

95,000

95,000

At 30 April 2024

95,000

95,000

Amortisation

At 1 May 2023

57,000

57,000

Amortisation charge

9,500

9,500

At 30 April 2024

66,500

66,500

Carrying amount

At 30 April 2024

28,500

28,500

At 30 April 2023

38,000

38,000

 

Chin Min Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Computer Equipment
£

Total
£

Cost or valuation

At 1 May 2023

5,628

4,496

10,124

Additions

1,650

1,159

2,809

At 30 April 2024

7,278

5,655

12,933

Depreciation

At 1 May 2023

5,113

2,615

7,728

Charge for the year

730

767

1,497

At 30 April 2024

5,843

3,382

9,225

Carrying amount

At 30 April 2024

1,435

2,273

3,708

At 30 April 2023

515

1,880

2,395

 

Chin Min Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

2,838

2,783

 

2,838

2,783

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

373

235

Taxation and social security

6,471

5,802

Other creditors

46,248

63,238

53,092

69,275