2023-03-012024-02-292024-02-29false08404306Chineasy Limited2024-10-18iso4217:GBPxbrli:pure084043062023-03-01084043062024-02-29084043062023-03-012024-02-29084043062022-03-01084043062023-02-28084043062022-03-012023-02-2808404306bus:SmallEntities2023-03-012024-02-2908404306bus:AuditExempt-NoAccountantsReport2023-03-012024-02-2908404306bus:FullAccounts2023-03-012024-02-2908404306bus:PrivateLimitedCompanyLtd2023-03-012024-02-2908404306core:WithinOneYear2024-02-2908404306core:AfterOneYear2024-02-2908404306core:WithinOneYear2023-02-2808404306core:AfterOneYear2023-02-2808404306core:ShareCapital2024-02-2908404306core:SharePremium2024-02-2908404306core:RevaluationReserve2024-02-2908404306core:OtherReservesSubtotal2024-02-2908404306core:RetainedEarningsAccumulatedLosses2024-02-2908404306core:ShareCapital2023-02-2808404306core:SharePremium2023-02-2808404306core:RevaluationReserve2023-02-2808404306core:OtherReservesSubtotal2023-02-2808404306core:RetainedEarningsAccumulatedLosses2023-02-2808404306core:LandBuildings2024-02-2908404306core:PlantMachinery2024-02-2908404306core:Vehicles2024-02-2908404306core:FurnitureFittings2024-02-2908404306core:OfficeEquipment2024-02-2908404306core:NetGoodwill2024-02-2908404306core:IntangibleAssetsOtherThanGoodwill2024-02-2908404306core:ListedExchangeTraded2024-02-2908404306core:UnlistedNon-exchangeTraded2024-02-2908404306core:LandBuildings2023-02-2808404306core:PlantMachinery2023-02-2808404306core:Vehicles2023-02-2808404306core:FurnitureFittings2023-02-2808404306core:OfficeEquipment2023-02-2808404306core:NetGoodwill2023-02-2808404306core:IntangibleAssetsOtherThanGoodwill2023-02-2808404306core:ListedExchangeTraded2023-02-2808404306core:UnlistedNon-exchangeTraded2023-02-2808404306core:LandBuildings2023-03-012024-02-2908404306core:PlantMachinery2023-03-012024-02-2908404306core:Vehicles2023-03-012024-02-2908404306core:FurnitureFittings2023-03-012024-02-2908404306core:OfficeEquipment2023-03-012024-02-2908404306core:NetGoodwill2023-03-012024-02-2908404306core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2908404306core:ListedExchangeTraded2023-03-012024-02-2908404306core:UnlistedNon-exchangeTraded2023-03-012024-02-2908404306core:MoreThanFiveYears2023-03-012024-02-2908404306core:Non-currentFinancialInstruments2024-02-2908404306core:Non-currentFinancialInstruments2023-02-2808404306dpl:CostSales2023-03-012024-02-2908404306dpl:DistributionCosts2023-03-012024-02-2908404306core:LandBuildings2023-03-012024-02-2908404306core:PlantMachinery2023-03-012024-02-2908404306core:Vehicles2023-03-012024-02-2908404306core:FurnitureFittings2023-03-012024-02-2908404306core:OfficeEquipment2023-03-012024-02-2908404306dpl:AdministrativeExpenses2023-03-012024-02-2908404306core:NetGoodwill2023-03-012024-02-2908404306core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2908404306dpl:GroupUndertakings2023-03-012024-02-2908404306dpl:ParticipatingInterests2023-03-012024-02-2908404306dpl:GroupUndertakingscore:ListedExchangeTraded2023-03-012024-02-2908404306core:ListedExchangeTraded2023-03-012024-02-2908404306dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-03-012024-02-2908404306core:UnlistedNon-exchangeTraded2023-03-012024-02-2908404306dpl:CostSales2022-03-012023-02-2808404306dpl:DistributionCosts2022-03-012023-02-2808404306core:LandBuildings2022-03-012023-02-2808404306core:PlantMachinery2022-03-012023-02-2808404306core:Vehicles2022-03-012023-02-2808404306core:FurnitureFittings2022-03-012023-02-2808404306core:OfficeEquipment2022-03-012023-02-2808404306dpl:AdministrativeExpenses2022-03-012023-02-2808404306core:NetGoodwill2022-03-012023-02-2808404306core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2808404306dpl:GroupUndertakings2022-03-012023-02-2808404306dpl:ParticipatingInterests2022-03-012023-02-2808404306dpl:GroupUndertakingscore:ListedExchangeTraded2022-03-012023-02-2808404306core:ListedExchangeTraded2022-03-012023-02-2808404306dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-03-012023-02-2808404306core:UnlistedNon-exchangeTraded2022-03-012023-02-2808404306core:NetGoodwill2024-02-2908404306core:IntangibleAssetsOtherThanGoodwill2024-02-2908404306core:LandBuildings2024-02-2908404306core:PlantMachinery2024-02-2908404306core:Vehicles2024-02-2908404306core:FurnitureFittings2024-02-2908404306core:OfficeEquipment2024-02-2908404306core:AfterOneYear2024-02-2908404306core:WithinOneYear2024-02-2908404306core:ListedExchangeTraded2024-02-2908404306core:UnlistedNon-exchangeTraded2024-02-2908404306core:ShareCapital2024-02-2908404306core:SharePremium2024-02-2908404306core:RevaluationReserve2024-02-2908404306core:OtherReservesSubtotal2024-02-2908404306core:RetainedEarningsAccumulatedLosses2024-02-2908404306core:NetGoodwill2023-02-2808404306core:IntangibleAssetsOtherThanGoodwill2023-02-2808404306core:LandBuildings2023-02-2808404306core:PlantMachinery2023-02-2808404306core:Vehicles2023-02-2808404306core:FurnitureFittings2023-02-2808404306core:OfficeEquipment2023-02-2808404306core:AfterOneYear2023-02-2808404306core:WithinOneYear2023-02-2808404306core:ListedExch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Chineasy Limited

Registered Number
08404306
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

Chineasy Limited
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

S Hsueh

Registered Address

27 Eccleston Street
London
SW1W 9NP

Registered Number

08404306 (England and Wales)
Chineasy Limited
Statement of Financial Position
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets48,7703,035
Tangible assets53,6346,375
12,4049,410
Current assets
Debtors651,54240,814
Cash at bank and on hand6,8619,079
58,40349,893
Creditors amounts falling due within one year7(2,164,085)(2,145,311)
Net current assets (liabilities)(2,105,682)(2,095,418)
Total assets less current liabilities(2,093,278)(2,086,008)
Creditors amounts falling due after one year8(12,957)(23,093)
Net assets(2,106,235)(2,109,101)
Capital and reserves
Called up share capital11
Profit and loss account(2,106,236)(2,109,102)
Shareholders' funds(2,106,235)(2,109,101)
The financial statements were approved and authorised for issue by the Director on 18 October 2024, and are signed on its behalf by:
S Hsueh
Director
Registered Company No. 08404306
Chineasy Limited
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
Chineasy 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.
Statement of compliance
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.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on the going concern basis. The company made a profit during the year and the director continue to support the company to meet its obligations as they become due, and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. Consequently, the director has concluded that it is appropriate to prepare the annual financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
There have been no significant judgements or estimates applied to the numbers contained within these financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing costs incurred for work performed to date to the total estimated costs. The statement of financial position is credited with the value of invoiced sales, as deferred income, which is then amortised to revenue over the period of the contract. At the statement of financial position date, the carrying value of deferred income reflects the total value of invoices sales which has not yet been recognised as revenue.
Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
Share-based payments
The company operates equity-settled compensation plans. The share options issued to employees and non-employees are all exerciseable in the occurrence of a qualifying exit event. The fair value of the services received in exchange for the grant of the options is to be recognised as an expense in the income statement only when an exit event has occurred. The total amount to be expensed is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry will be taken to reserves because the share options are equity-settled.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Current taxation
Taxation for the year comprises current 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 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 statement of financial position date.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intellectual Property and trademarks are being amortised evenly over its estimated useful life of five years.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Office equipment - 3 and 5 years on straight line
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand 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 to changes in value.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently,at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially,at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Government grants or assistance
Government grant income represents grant income received from the government under the Coronavirus Business Support Scheme. A grant that does not impose specified future performance related conditions is recognised in income when the grant proceeds are received or receivable. In the case of performance related grants, income is recognised only when the performance related conditions are met.
2.Staff Costs
The company operates an EMI-qualifying share option scheme for its employees. At the statement of financial position date, the company had granted 700,000 EMI qualifying share options (2023: 700,000) to employees with an average weighted exercise price of £0.00000005 per share. At the statement of financial position date 700,000 share options had vested (2023: 700,000), no share options had been exercised (2023: nil) and no share options had lapsed (2023: nil). Approved share options vest on a monthly basis with the period ranging from the date of grant to 12 months. The share options are exercisable on the share capital of the company on the occurrence of a qualifying exit event. No share-based payment has been charged to the income statement in respect of the EMI-qualifying share options. The company also operates an unapproved share option scheme for its contractors and advisory board. At the statement of financial position date, the company had granted 1,020,000 share options (2023:1,020,000) with an average weighted exercise price of £0.00000005 per share. As at the statement of financial position date 1,020,000 share options had vested (2023: 1,020,000), no share options had been exercised (2023: nil) and no share options had lapsed (2023: nil). Unapproved share options vest on a monthly basis with the period ranging from the date of grant to 4 years. The share options are exercisable on the share capital of the company on the occurrence of a qualifying exit event. No share-based payment has been charged to the income statement in respect of the unapproved share options.
3.Average number of employees

20242023
Average number of employees during the year22
4.Intangible assets
Other intangible assets consists of Intellectual Property and Trade Marks.

Other

Total

££
Cost or valuation
At 01 March 2333,77033,770
Additions9,8799,879
At 29 February 2443,64943,649
Amortisation and impairment
At 01 March 2330,73530,735
Charge for year4,1444,144
At 29 February 2434,87934,879
Net book value
At 29 February 248,7708,770
At 28 February 233,0353,035
5.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 March 2314,67814,678
Additions1,2011,201
At 29 February 2415,87915,879
Depreciation and impairment
At 01 March 238,3038,303
Charge for year3,9423,942
At 29 February 2412,24512,245
Net book value
At 29 February 243,6343,634
At 28 February 236,3756,375
6.Debtors: amounts due within one year

2024

2023

££
Other debtors48,33936,608
Prepayments and accrued income3,2034,206
Total51,54240,814
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2381,448
Bank borrowings and overdrafts10,2089,936
Taxation and social security666828
Other creditors2,063,7132,040,467
Accrued liabilities and deferred income89,26092,632
Total2,164,0852,145,311
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts12,95723,093
Total12,95723,093
The total bank borrowings and overdrafts included in creditors within one year and creditors after one year are guaranteed by the UK government under the Coronavirus Business Support Scheme.
9.Related party transactions
During the year the director loaned the company £23,500 and settled expenses totalling £321. As at the end of the financial period, the company owed the director £2,063,319 (2023: £2,039,498). The loans are interest-free and repayable on demand.