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Registration number: 13998437

Chimeris UK Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Chimeris UK Ltd.

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Chimeris UK Ltd.

(Registration number: 13998437)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

261,486

190,358

Current assets

 

Debtors

5

425,721

619,310

Cash at bank and in hand

 

319,465

342,557

 

745,186

961,867

Creditors: Amounts falling due within one year

6

(4,611,709)

(2,558,771)

Net current liabilities

 

(3,866,523)

(1,596,904)

Net liabilities

 

(3,605,037)

(1,406,546)

Capital and reserves

 

Called up share capital

8

8

Retained earnings

(3,605,045)

(1,406,554)

Shareholders' deficit

 

(3,605,037)

(1,406,546)

For the financial year ending 31 March 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 24 October 2024 and signed on its behalf by:
 

.........................................
H Zhang
Director

 

Chimeris UK Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
3rd Floor 1 Ashley Road
Altrincham
Cheshire
WA14 2DT

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. The directors have assessed the company’s ability to continue as a going concern and are confident that the Company has adequate resources to continue in operational existence for the foreseeable future.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

 

Chimeris UK Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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

Office Equipment

5% Straight Line

Fixture and Fittings

10% Straight Line

Plant and Machinery

20% Reducing Balance

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.

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

 

Chimeris UK Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

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 12 (2023 - 7).

 

Chimeris UK Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

26,760

136,160

36,954

199,874

Additions

16,358

89,827

13,186

119,371

Disposals

-

(655)

-

(655)

At 31 March 2024

43,118

225,332

50,140

318,590

Depreciation

At 1 April 2023

1,242

5,075

3,199

9,516

Charge for the year

4,483

33,974

9,139

47,596

Eliminated on disposal

-

(8)

-

(8)

At 31 March 2024

5,725

39,041

12,338

57,104

Carrying amount

At 31 March 2024

37,393

186,291

37,802

261,486

At 31 March 2023

25,518

131,085

33,755

190,358

5

Debtors

Current

2024
£

2023
£

Trade debtors

635

39,600

Prepayments

97,504

209,184

Other debtors

327,582

370,526

 

425,721

619,310

 

Chimeris UK Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

2,428,247

2,428,247

Trade creditors

 

67,382

27,711

Amounts owed to related parties

8

2,004,288

-

Other creditors

 

111,792

102,813

 

4,611,709

2,558,771

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

2,428,247

2,428,247

Other borrowings

The carrying amount of third party loan funding at year end is £2,428,247 (2023 - £2,428,247).

The loan is interest-free and repayable upon receipt of eventual equity funding, which is currently in negotiation.

8

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Repayments to director
£

Advances from director
£

At 31 March 2024
£

H Zhang

(95,313)

4,043

(8,686)

(99,956)

         
       

 

2023

At 23 March 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

H Zhang

-

4,831

(100,144)

(95,313)