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Company registration number: NI625321
CHANG (N.I.) LTD
Unaudited filleted financial statements
30 June 2024
CHANG (N.I.) LTD
Contents
Directors and other information
Director's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
CHANG (N.I.) LTD
Directors and other information
Director Mr Raymond Younge
Company number NI625321
Registered office Unit C6 Knockmore Hill Business Park
9 Ferguson Drive
Lisburn
BT28 2EX
Business address Unit C6 Knockmore Hill Business Park
9 Ferguson Drive
Lisburn
Antrim
BT28 2EX
Bankers Danske Bank
Belfast Business Centre
Donegak Square West
Belfast
BT1 6JS
CHANG (N.I.) LTD
Director's report
Year ended 30 June 2024
The director presents this report and the unaudited financial statements of the company for the year ended 30 June 2024.
Incorporation
The company was incorporated on 24th June 2014
Director
The director who served the company during the year was as follows:
Mr Raymond Younge
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 09 January 2025 and signed on behalf of the board by:
Mr Raymond Younge
Director
CHANG (N.I.) LTD
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Investments 4 1,226,704 1,226,704
_______ _______
1,226,704 1,226,704
Current assets
Debtors 5 19,274 6,274
Cash at bank and in hand 20,539 66,243
_______ _______
39,813 72,517
Creditors: amounts falling due
within one year 6 ( 110,982) ( 105,595)
_______ _______
Net current liabilities ( 71,169) ( 33,078)
_______ _______
Total assets less current liabilities 1,155,535 1,193,626
Creditors: amounts falling due
after more than one year 7 ( 739,072) ( 827,104)
_______ _______
Net assets 416,463 366,522
_______ _______
Capital and reserves
Called up share capital 8 102 102
Profit and loss account 416,361 366,420
_______ _______
Shareholders funds 416,463 366,522
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 09 January 2025 , and are signed on behalf of the board by:
Mr Raymond Younge
Director
Company registration number: NI625321
CHANG (N.I.) LTD
Statement of changes in equity
Year ended 30 June 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2022 102 311,626 311,728
Profit for the year 139,794 139,794
_______ _______ _______
Total comprehensive income for the year - 139,794 139,794
Dividends paid and payable ( 85,000) ( 85,000)
_______ _______ _______
Total investments by and distributions to owners - ( 85,000) ( 85,000)
_______ _______ _______
At 30 June 2023 and 1 July 2023 102 366,420 366,522
Profit for the year 134,941 134,941
_______ _______ _______
Total comprehensive income for the year - 134,941 134,941
Dividends paid and payable ( 85,000) ( 85,000)
_______ _______ _______
Total investments by and distributions to owners - ( 85,000) ( 85,000)
_______ _______ _______
At 30 June 2024 102 416,361 416,463
_______ _______ _______
CHANG (N.I.) LTD
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit C6 Knockmore Hill Business Park, 9 Ferguson Drive, Lisburn, BT28 2EX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Judgements and key sources of estimation uncertainty
No significant judgements have been made by management in preparing these financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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 are largely independent of the cash inflows from other assets or groups of assets.
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.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Other investments other than loans Total
£ £
Cost
At 1 July 2023 and 30 June 2024 1,226,704 1,226,704
_______ _______
Impairment
At 1 July 2023 and 30 June 2024 - -
_______ _______
Carrying amount
At 30 June 2024 1,226,704 1,226,704
_______ _______
At 30 June 2023 1,226,704 1,226,704
_______ _______
5. Debtors
2024 2023
£ £
Trade debtors 13,223 517
Other debtors 6,051 5,757
_______ _______
19,274 6,274
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 45,633 46,546
Trade creditors 7,458 10,306
Corporation tax 44,981 35,691
Social security and other taxes 12,560 12,665
Other creditors 350 387
_______ _______
110,982 105,595
_______ _______
A fixed and floating charge dated 23 February 2021 is held by Danske Bank in respect of all monies advanced.
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 368,909 388,941
Amounts owed to group undertakings and undertakings in which the company has a participating interest 125,163 233,163
Other creditors 245,000 205,000
_______ _______
739,072 827,104
_______ _______
8. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary Shares shares of £ 1.00 each 100 100 100 100
Ordinary 'A' Shares shares of £ 1.00 each 1 1 1 1
Ordinary 'B' Shares shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
102 102 102 102
_______ _______ _______ _______
9. Controlling party
Raymond Younge is the controlling party.