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Company registration number: |
5485586
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CHENG'S LIMITED
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REPORT OF THE DIRECTORS' AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 June 2024 |
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CHENG'S LIMITED |
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BALANCE SHEET |
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AS AT 30 June 2024
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2024 |
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2023 |
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Notes |
£ |
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£ |
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£ |
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£ |
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FIXED ASSETS | | | | | | | | | | | |
Intangible assets | | | 3 | | | 1 | | | | 1 | |
Tangible assets | | | 4 | | | 1,443 | | | | 1,804 | |
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| | | | | | | 1,444 | | | | 1,805 | |
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CURRENT ASSETS |
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Stocks | | | | 1,620 | | | | 1,974 | | | | |
Debtors | | | | 109,340 | | | | 106,716 | | | | |
Cash at bank and in hand | | | | 3,742 | | | | 6,306 | | | | |
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| | | | | 114,702 | | | | 114,996 | | | |
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CREDITORS |
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Amounts falling due within one year |
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(130,788) |
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(109,433) |
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NET CURRENT ASSETS |
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(16,086) |
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5,563 |
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TOTAL ASSETS LESS |
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CURRENT LIABILITIES |
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(14,642) |
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7,368 |
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Creditors falling due after one year | | | | | (16,223) | | | | (17,677) | |
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PROVISIONS FOR LIABILITIES | | | | | (361) | | | | (451) | |
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NET ASSETS |
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(31,226) |
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(10,760) |
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CAPITAL AND RESERVES |
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Called-up equity share capital |
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100 |
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100 |
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Profit and loss account |
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(31,326) |
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(10,860) |
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SHAREHOLDERS FUNDS |
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(31,226) |
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(10,760) |
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For the year ending 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. | | | | | | | |
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. | | | | | | | |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts. | | | | | | | |
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All the members have consented to the preparation of abridged financial statements for the year ended 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006. | | | | | | | |
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The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies' regime. | | | | | | | |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the board of directors on 13 January 2025 and signed on its behalf. | | | | | | | |
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.......................................................................... |
C L Wong |
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13 January 2025
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The annexed notes form part of these financial statements. | | | | | | | |
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CHENG'S LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2024 |
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1. |
Accounting policies |
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Basis of preparing the financial statements |
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The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
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| Turnover | | | | | | | | | |
| Turnover comprises the value of goods and services supplied by the company, net of Value Added Tax. | |
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| Intangible Assets |
| Goodwill is the difference between the amount paid on the acquisition of a business and the aggregate fair value of its separable net assets. The company's policy is to amortise purchased goodwill on a straight line basis, over its useful economic life, which is a maximum of five years unless the directors consider that a reliable estimate of a longer useful life can be made. Existing purchased goodwill has been fully amortised. | |
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| Fixed Assets | | | | | | | | |
| Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Fixtures and fittings - 25% reducing balance basis. | |
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| Stocks and Work In Progress | | | | | | | |
| Stocks and work in progress are valued at the lower of cost and net realisable value. | |
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| Deferred Taxation | | | | | | | | |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date. | |
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| Pension Scheme | | | | | | | | |
| The company operates a statutory contribution pension scheme. The pension charge is the amount payable by the company to the fund in respect of the year. | |
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| Going Concern | | | | | | | |
| The company incurred a further loss in the year and has an increased deficit on its reserves at the balance sheet date. The directors are confident that the company can continue to trade normally for at least 12 months from the date of issue of these financial statements, and therefore they have been compiled on a going concern basis. |
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2. | Employees | | | |
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| The average number of persons employed by the company (including directors) during the year was 7. |
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4. | Tangible fixed assets | | | | | | | | | |
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Total |
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| Cost | | | | | | | | | | |
| At start of period | | 2,630 | |
| At end of period | | 2,630 | |
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| Depreciation | | | | | | | | | | |
| At start of period | | 826 | |
| Provided during the period | | 361 | |
| At end of period | | 1,187 | |
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| Net Book Value | | | | | | | | | |
| At start of period | | 1,804 | |
| At end of period | | 1,443 | |
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5. | Debtors | | | | | | | |
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| Debtors include £24,770 (2023 £23,989) In respect of amounts due after more than one year. |
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| Other debtors due within one year, of £84,200, are categorised as such in absence of any formal terms for payment, making those amounts repayable upon demand. In practice, those debts may not be repaid until a date falling after one year. |
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6. | Creditors due within one year | | | | | |
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| Other creditors are secured by personal guarantees given by the directors which are joint and several. Bank loans are underwritten by HM Government under its COVID19 Bounce Back Loan Scheme. |
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7. | Creditors due after more than one year | | | | | |
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| Other creditors are secured by personal guarantees given by the directors, which are joint and several. Bank loans are underwritten by HM Government under its COVID19 Bounce Back Loan Scheme. |
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8. | Related Party Transactions | | | | | | | | |
| The company occupies business premises which are held under a lease between one of the directors and an unconnected third party. The company has agreed to meet all property obligations under the lease whilst it is the occupier of the premises. | |
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9. | Directors' advances, credits and guarantees | | | | | | | | |
| During the year, the company has maintained loans to the directors on which interest is being charged at the HMRC official rate. The balances outstanding were:- SW Cheng CL Wong Balance at 1 July 2023 58,563 15,441 Amounts advanced 2,183 7,720 Amounts repaid (1,612) (5,975) Balance at 30 June 2024 £59,134 £17,186 | |
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10. | Pension costs | | | | | | | | |
| The company operates a statutory contribution scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. | |
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