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Registration number: 12440541

Cheers Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Cheers Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

Cheers Property Ltd

Company Information

Directors

Mr P L Luk

Ms M Y Lau

Registered office

Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

Accountants

RWB CA Limited
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

Cheers Property Ltd

(Registration number: 12440541)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

18,975

26,367

Investment property

5

945,000

945,000

 

963,975

971,367

Current assets

 

Debtors

6

6,853

9,956

Cash at bank and in hand

 

13,784

13,685

 

20,637

23,641

Creditors: Amounts falling due within one year

7

(402,278)

(408,146)

Net current liabilities

 

(381,641)

(384,505)

Total assets less current liabilities

 

582,334

586,862

Creditors: Amounts falling due after more than one year

7

(675,405)

(675,405)

Net liabilities

 

(93,071)

(88,543)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(93,171)

(88,643)

Shareholders' deficit

 

(93,071)

(88,543)

 

Cheers Property Ltd

(Registration number: 12440541)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 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 15 October 2024 and signed on its behalf by:
 

.........................................
Mr P L Luk
Director

 

Cheers Property Ltd

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Retained earnings
£

Total
£

At 1 March 2023

100

(88,643)

(88,543)

Loss for the year

-

(4,528)

(4,528)

At 29 February 2024

100

(93,171)

(93,071)

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

100

(99,517)

(99,417)

Profit for the year

-

10,874

10,874

At 28 February 2023

100

(88,643)

(88,543)

 

Cheers Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

These financial statements were authorised for issue by the Board on 15 October 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.

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.

 

Cheers Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Furniture and fittings

20% straight line

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call 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 of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Cheers Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

36,957

36,957

At 29 February 2024

36,957

36,957

Depreciation

At 1 March 2023

10,590

10,590

Charge for the year

7,392

7,392

At 29 February 2024

17,982

17,982

Carrying amount

At 29 February 2024

18,975

18,975

At 28 February 2023

26,367

26,367

 

Cheers Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Investment properties

2024
£

At 1 March

945,000

At 29 February

945,000

The investment property has been valued on the open market basis by VAS Group on 22 November 2021.

6

Debtors

2024
£

2023
£

Trade debtors

-

7,891

Prepayments

1,019

2,065

Other debtors

5,834

-

6,853

9,956

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

81

5,431

Accruals and deferred income

8,355

14,282

Other creditors

393,842

388,433

402,278

408,146

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

675,405

675,405

 

Cheers Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

675,405

675,405

Secured Liabilities

The loan of £675,405 is secured by a fixed and floating charge over the company's assets.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

50

50

50

50

100

100

100

100