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REGISTERED NUMBER: 07179295 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Chee Wing Europe Limited

Chee Wing Europe Limited (Registered number: 07179295)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Chee Wing Europe Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: Y H Hwang





REGISTERED OFFICE: 85 Great Portland Street
London
W1W 7LT





REGISTERED NUMBER: 07179295 (England and Wales)





ACCOUNTANTS: Wilson & Co
Chartered Certified Accountants
3rd Floor
9 St. Clare Street
London
EC3N 1LQ

Chee Wing Europe Limited (Registered number: 07179295)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 830,000 1,192,626

CURRENT ASSETS
Debtors 5 89,310 170
Cash at bank 9,681 6,511
98,991 6,681
CREDITORS
Amounts falling due within one year 6 806,210 779,594
NET CURRENT LIABILITIES (707,219 ) (772,913 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

122,781

419,713

CREDITORS
Amounts falling due after more than one year 7 500,000 500,000
NET LIABILITIES (377,219 ) (80,287 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (377,220 ) (80,288 )
(377,219 ) (80,287 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Chee Wing Europe Limited (Registered number: 07179295)

Balance Sheet - continued
31 January 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 October 2024 and were signed by:





Y H Hwang - Director


Chee Wing Europe Limited (Registered number: 07179295)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Chee Wing 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is carried at fair value and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of the 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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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.

Taxation
Taxation for the year comprises current and deferred 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 or deferred 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 balance sheet date.


Chee Wing Europe Limited (Registered number: 07179295)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
The company incurred a net loss before tax of £14,084 during the year and had net liabilities as at 31 January 2021 of £87,599. The company fully depends on its shareholder for support. The director considered available funding facilities, and concluded that the company has sufficient resource for next 12 months from the date of signing these financial statements. The financial statements are therefore prepared on a going concern basis, without reflecting the material uncertainty existence that may cast significant doubt on the company's ability to continue as a going concern.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 1,192,626
Revaluations (362,626 )
At 31 January 2024 830,000
NET BOOK VALUE
At 31 January 2024 830,000
At 31 January 2023 1,192,626

The fair value of the company's investment property has been arrived at on the basis of a valuation carried out at that date by the director. The fair value was determined based on the market comparable approach that reflects recent transaction prices for similar properties.

'Bancaire Privée, UBP SA has a legal charge on the investment property known as Apartment 1106, Block D, Paddington Gardens, London W2 and registered at the Land Registry with title number NGL961606.

Chee Wing Europe Limited (Registered number: 07179295)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. INVESTMENT PROPERTY - continued

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2019 1,192,625
Valuation in 2024 (362,625 )
830,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors - 44
Other debtors 89,310 126
89,310 170

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts (see note 8) - 2,405
Trade creditors 1 2
Other creditors 806,209 777,187
806,210 779,594

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans (see note 8) 500,000 500,000

8. LOANS

An analysis of the maturity of loans is given below:

31.1.24 31.1.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 2,405

Amounts falling due between two and five years:
Bank loans - 2-5 years 500,000 500,000

'Bancaire Privée, UBP SA has a legal charge on the investment property known as Apartment 1106, Block D, Paddington Gardens, London W2 and registered at the Land Registry with title number NGL961606.

Chee Wing Europe Limited (Registered number: 07179295)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

31.1.24 31.1.23
£    £   
Y H Hwang
Balance outstanding at start of year (694,106 ) (710,226 )
Amounts advanced (330 ) -
Amounts repaid - 16,120
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (694,436 ) (694,106 )

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Y H Hwang.