IRIS Accounts Production v24.3.0.553 12108957 Board of Directors 1.8.23 31.7.24 31.7.24 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh121089572023-07-31121089572024-07-31121089572023-08-012024-07-31121089572022-07-30121089572022-07-312023-07-31121089572023-07-3112108957ns15:EnglandWales2023-08-012024-07-3112108957ns14:PoundSterling2023-08-012024-07-3112108957ns10:Director12023-08-012024-07-3112108957ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3112108957ns10:SmallEntities2023-08-012024-07-3112108957ns10:AuditExemptWithAccountantsReport2023-08-012024-07-3112108957ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3112108957ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3112108957ns10:FullAccounts2023-08-012024-07-3112108957ns10:Director22023-08-012024-07-3112108957ns10:RegisteredOffice2023-08-012024-07-3112108957ns5:CurrentFinancialInstruments2024-07-3112108957ns5:CurrentFinancialInstruments2023-07-3112108957ns5:Non-currentFinancialInstruments2024-07-3112108957ns5:Non-currentFinancialInstruments2023-07-3112108957ns5:ShareCapital2024-07-3112108957ns5:ShareCapital2023-07-3112108957ns5:FurtherSpecificReserve3ComponentTotalEquity2024-07-3112108957ns5:FurtherSpecificReserve3ComponentTotalEquity2023-07-3112108957ns5:RetainedEarningsAccumulatedLosses2024-07-3112108957ns5:RetainedEarningsAccumulatedLosses2023-07-3112108957ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-07-3112108957ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-07-3112108957ns5:FurtherSpecificReserve3ComponentTotalEquity2023-07-31
REGISTERED NUMBER: 12108957 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Chan's Estates Limited

Chan's Estates Limited (Registered number: 12108957)






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




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 4


Chan's Estates Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: D Chan
Miss E M Mooney





REGISTERED OFFICE: 26 Otway Close
Liverpool
L19 8HU





REGISTERED NUMBER: 12108957 (England and Wales)





ACCOUNTANTS: M. J. Shapcott & Co. Limited
Chartered Accountants
Charter House, Wyvern Court
Stanier Way
Derby
DE21 6BF

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Chan's Estates Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chan's Estates Limited for the year ended 31 July 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Chan's Estates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Chan's Estates Limited and state those matters that we have agreed to state to the Board of Directors of Chan's Estates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chan's Estates Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Chan's Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Chan's Estates Limited. You consider that Chan's Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Chan's Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






M. J. Shapcott & Co. Limited
Chartered Accountants
Charter House, Wyvern Court
Stanier Way
Derby
DE21 6BF


12 November 2024

Chan's Estates Limited (Registered number: 12108957)

Statement of Financial Position
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,020,489 794,155

CURRENT ASSETS
Prepayments and accrued income - 192
Cash at bank 636 11,759
636 11,951
CREDITORS
Amounts falling due within one year 5 307,544 240,728
NET CURRENT LIABILITIES (306,908 ) (228,777 )
TOTAL ASSETS LESS CURRENT LIABILITIES 713,581 565,378

CREDITORS
Amounts falling due after more than one year 6 (693,039 ) (531,789 )

PROVISIONS FOR LIABILITIES (3,918 ) (6,397 )
NET ASSETS 16,624 27,192

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 7 97,812 95,332
Retained earnings (81,190 ) (68,142 )
16,624 27,192

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

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

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 12 November 2024 and were signed on its behalf by:





D Chan - Director


Chan's Estates Limited (Registered number: 12108957)

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

1. STATUTORY INFORMATION

Chan's Estates 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 794,155
Additions 226,334
At 31 July 2024 1,020,489
NET BOOK VALUE
At 31 July 2024 1,020,489
At 31 July 2023 794,155

Chan's Estates Limited (Registered number: 12108957)

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

4. INVESTMENT PROPERTY - continued

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2021 90,758
Valuation in 2023 10,971
Cost 918,760
1,020,489

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 918,760 692,426
Aggregate depreciation (42,519 ) (27,090 )

Investment property was valued on an open market basis on 30 July 2024 by the directors .

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 307,544 240,728

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 693,039 531,789

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 693,039 531,789

7. RESERVES
Fair
value
reserve
£   
At 1 August 2023 95,332
Transfers 2,480

At 31 July 2024 97,812

8. SECURITY

The director, D Chan, has given a personal guarantee in respect of the mortgages held by the company.