1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,803,584 36,811 600,000 3,440,395 3,440,395 2,803,584 xbrli:pure xbrli:shares iso4217:GBP 01691112 2023-04-01 2024-03-31 01691112 2024-03-31 01691112 2023-03-31 01691112 2022-04-01 2023-03-31 01691112 2023-03-31 01691112 2022-03-31 01691112 bus:Director1 2023-04-01 2024-03-31 01691112 core:LandBuildings 2023-04-01 2024-03-31 01691112 core:WithinOneYear 2024-03-31 01691112 core:WithinOneYear 2023-03-31 01691112 core:ShareCapital 2024-03-31 01691112 core:ShareCapital 2023-03-31 01691112 core:OtherReservesSubtotal 2024-03-31 01691112 core:OtherReservesSubtotal 2023-03-31 01691112 core:RetainedEarningsAccumulatedLosses 2024-03-31 01691112 core:RetainedEarningsAccumulatedLosses 2023-03-31 01691112 core:LandBuildings 2024-03-31 01691112 core:LandBuildings 2023-03-31 01691112 core:LandBuildings 2023-03-31 01691112 bus:SmallEntities 2023-04-01 2024-03-31 01691112 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01691112 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01691112 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01691112 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 01691112
CHUNG ENTERPRISES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
CHUNG ENTERPRISES LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
3,440,395
2,803,584
Current assets
Debtors
6
146,448
134,234
Cash at bank and in hand
33,902
30,936
----------
----------
180,350
165,170
Creditors: amounts falling due within one year
7
271,817
174,282
----------
----------
Net current liabilities
91,467
9,112
-------------
-------------
Total assets less current liabilities
3,348,928
2,794,472
Provisions
Taxation including deferred tax
120,861
-------------
-------------
Net assets
3,228,067
2,794,472
-------------
-------------
Capital and reserves
Called up share capital
22,500
22,500
Other reserves
8
1,980,806
1,516,033
Profit and loss account
8
1,224,761
1,255,939
-------------
-------------
Shareholder funds
3,228,067
2,794,472
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CHUNG ENTERPRISES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 23 October 2024 , and are signed on behalf of the board by:
Mr R Chung
Director
Company registration number: 01691112
CHUNG ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, BN3 2DL, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continuing support of the company's connected company, directors and investors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts and to provide for further liabilities that might arise. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - investment property valuations
Revenue recognition
Turnover represents amounts invoiced, net of value added tax, derived from the company's principal activity. Rental income is recognised over the term of the lease on a straight-line basis. The aggregate cost of incentives is deducted from the rental income and allocated to the profit and loss account over the lease term or to the next review date, whichever is shorter. Sales income and asset management fees are recognised when the financial risks and rewards are transferred.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Land and buildings
£
Cost or valuation
At 1 April 2023
2,803,584
Additions
36,811
Revaluations
600,000
-------------
At 31 March 2024
3,440,395
-------------
Depreciation
At 1 April 2023 and 31 March 2024
-------------
Carrying amount
At 31 March 2024
3,440,395
-------------
At 31 March 2023
2,803,584
-------------
Tangible assets held at valuation
At the year end, the investment properties were valued by the directors on an open market value basis.
6. Debtors
2024
2023
£
£
Trade debtors
89,010
83,820
Other debtors
57,438
50,414
----------
----------
146,448
134,234
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,250
Social security and other taxes
3,317
7,032
Other creditors
267,250
167,250
----------
----------
271,817
174,282
----------
----------
8. Reserves
Other reserves - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
9. Controlling party
The company is a wholly owned subsidiary of Pacific International (Holdings) Limited, a company registered in Alderney. The registered office and principal place of business of this company is 5B, First Floor, St Anne's House, Victoria Street, Alderney, GY9 3UF.