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Registered number: 02499183
Chong & Associates Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Chong & Co
Chartered Certified Accountants
1 Mostyn Road
London
SW19 3LH
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Report to the director on the preparation of the unaudited statutory accounts of Chong & Associates Limited For The Year Ended 31 August 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chong & Associates Limited which comprise the Profit and Loss Account, the Balance Sheet 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Chong & Associates Limited , as a body, in accordance with the terms of our engagement letter dated 05 May 2017. Our work has been undertaken solely to prepare for your approval the accounts of Chong & Associates Limited and state those matters that we have agreed to state to the director of Chong & Associates Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chong & Associates Limited and its director as a body for our work or for this report.
It is your duty to ensure that Chong & Associates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Chong & Associates Limited . You consider that Chong & Associates 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 accounts of Chong & Associates 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 financial statements.
Signed
11 February 2025
Chong & Co
Chartered Certified Accountants
1 Mostyn Road
London
SW19 3LH
Page 1
Page 2
Balance Sheet
Registered number: 02499183
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 703 938
703 938
CURRENT ASSETS
Debtors 5 6,882 6,882
Investments 6 19,613 18,625
Cash at bank and in hand 14,317 14,025
40,812 39,532
Creditors: Amounts Falling Due Within One Year 7 (2,101 ) (1,685 )
NET CURRENT ASSETS (LIABILITIES) 38,711 37,847
TOTAL ASSETS LESS CURRENT LIABILITIES 39,414 38,785
NET ASSETS 39,414 38,785
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 39,314 38,685
SHAREHOLDERS' FUNDS 39,414 38,785
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For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs K F Chong
Director
11 February 2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Chong & Associates Limited Registered number 02499183 is a limited by shares company incorporated in England & Wales. The Registered Office is 1 Mostyn Road, London, SW19 3LH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% on reducing balance
2.3. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.4. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
1 1
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 September 2023 9,941
As at 31 August 2024 9,941
Depreciation
As at 1 September 2023 9,003
Provided during the period 235
As at 31 August 2024 9,238
Net Book Value
As at 31 August 2024 703
As at 1 September 2023 938
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,771 3,771
Other debtors 3,001 3,001
Corporation tax recoverable assets 10 10
Other taxes and social security 100 100
6,882 6,882
6. Current Asset Investments
2024 2023
£ £
Listed investments 19,613 18,625

The market value of listed investments was £ 10,369 (2023 - £ 9,644 )

7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts - 31
Other creditors 187 188
Other creditors (1) 101 101
Director's loan account 1,813 1,365
2,101 1,685
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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9. Ultimate Controlling Party
The company's ultimate controlling party is Mrs K F Chong by virtue of her ownership of 100% of the issued share capital in the company.
Page 6