REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Chee Wing Europe Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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 were approved by the director and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
Revaluations | (362,626 | ) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans (see note 8) |
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 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
'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 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |