Company registration number 10594864 (England and Wales)
CHIUVI LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
CHIUVI LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
CHIUVI LTD
STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
40,624
55,397
Investment property
5
28,591,000
29,435,727
Investments
6
1,654,791
1,942,813
30,286,415
31,433,937
Current assets
Trade and other receivables
7
241,029
174,872
Investments
8
400,000
400,000
Cash and cash equivalents
1,072,495
284,230
1,713,524
859,102
Current liabilities
9
(376,961)
(252,805)
Net current assets
1,336,563
606,297
Total assets less current liabilities
31,622,978
32,040,234
Non-current liabilities
10
(28,108)
(33,838)
Net assets
31,594,870
32,006,396
Equity
Called up share capital
11
4
4
Share premium account
29,546,171
29,546,171
Retained earnings
2,048,695
2,460,221
Total equity
31,594,870
32,006,396

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

CHIUVI LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
S Leighton
Director
Company registration number 10594864 (England and Wales)
CHIUVI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Chiuvi Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 30 St George Street, London, W1S 2FH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue represents rents receivable and arises solely in the United Kingdom.

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
25% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the statement of income.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CHIUVI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through the statement of income, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of income.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of income.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

CHIUVI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

CHIUVI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 (2023: 0).

3
Other gains and losses
2024
2023
£
£
Fair value gains/(losses)
Gain on financial assets held at fair value through profit or loss
29,185
42,479
Gain on disposal of fixed asset investments
-
0
35,120
Loss on investment properties
(844,727)
-
(815,542)
77,599
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 March 2023 and 29 February 2024
59,090
Depreciation and impairment
At 1 March 2023
3,693
Depreciation charged in the year
14,773
At 29 February 2024
18,466
Carrying amount
At 29 February 2024
40,624
At 28 February 2023
55,397
5
Investment property
2024
£
As restated
Fair value
At 1 March 2023
29,435,727
Fair value loss on revaluation
(844,727)
At 29 February 2024
28,591,000
CHIUVI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
5
Investment property
(Continued)
- 7 -

The investment properties were valued by the directors on 29 February 2024 on an open market value basis by reference to market evidence of transaction prices of similar properties.

 

The fair value brought forward at 1 March 2022 has been restated by an increase of £677,022 in order for the financial statements to give a true and fair view. This restatement has also increased retained earnings brought forward at 1 March 2022 by the same amount. There is no impact on profit or loss in the financial statements to 28 February 2023.

6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
455,291
431,337
Loans
1,199,500
1,511,476
1,654,791
1,942,813
Fixed asset investments revalued

Other investments other than loans are revalued to their fair value at each year end. For listed investments this is based on their share price at the year end. Unlisted investments are valued by the directors their knowledge of the underlying investment and their performance.

 

The historic cost of these investments at the year end was £435,462 (2023: £435,462).

Movements in non-current investments
Investments
Loans
Total
£
£
£
Cost or valuation
At 1 March 2023
431,337
1,511,476
1,942,813
Additions
-
331,660
331,660
Valuation changes
29,185
-
29,185
Foreign exchange
(5,231)
-
(5,231)
Reclassified to current asset investments
-
(120,000)
(120,000)
Disposals
-
(523,636)
(523,636)
At 29 February 2024
455,291
1,199,500
1,654,791
Carrying amount
At 29 February 2024
455,291
1,199,500
1,654,791
At 28 February 2023
431,337
1,511,476
1,942,813
CHIUVI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
7
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
30,544
40,174
Other receivables
182,377
100,860
212,921
141,034
2024
2023
Amounts falling due after more than one year:
£
£
Other receivables
28,108
33,838
Total debtors
241,029
174,872
8
Current asset investments
2024
2023
£
£
Loans
400,000
400,000
9
Current liabilities
2024
2023
£
£
Trade payables
24,754
59,316
Corporation tax
148,000
90,500
Other payables
204,207
102,989
376,961
252,805
10
Non-current liabilities
2024
2023
£
£
Other payables
28,108
33,838
11
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
4 Ordinary shares of £1 each
4
4
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