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REGISTERED NUMBER: 06235211 (England and Wales)















Financial Statements for the Year Ended 31 May 2024

for

Chi Yip Holdings Limited

Chi Yip Holdings Limited (Registered number: 06235211)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Chi Yip Holdings Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mrs D Fong Ching Yip
J Yip





SECRETARY: Mrs D Fong Ching Yip





REGISTERED OFFICE: Treasure House
Greenside Way
Greengate Industrial Park
Middleton
Greater Manchester
M24 1SW





REGISTERED NUMBER: 06235211 (England and Wales)





AUDITORS: Lucas Reis Ltd
Chartered Accountants
Lansdowne House
85 Buxton Road
Stockport
Cheshire
SK2 6LR

Chi Yip Holdings Limited (Registered number: 06235211)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,596,000 2,655,000
Investments 5 255,590 255,540
2,851,590 2,910,540

CURRENT ASSETS
Debtors 6 510,165 510,265

CREDITORS
Amounts falling due within one year 7 35,050 35,100
NET CURRENT ASSETS 475,115 475,165
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,326,705

3,385,705

CAPITAL AND RESERVES
Called up share capital 8 25,100 25,100
Revaluation reserve 9 517,115 529,270
Retained earnings 9 2,784,490 2,831,335
SHAREHOLDERS' FUNDS 3,326,705 3,385,705

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 13 February 2025 and were signed on its behalf by:





Mrs D Fong Ching Yip - Director


Chi Yip Holdings Limited (Registered number: 06235211)

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

1. STATUTORY INFORMATION

Chi Yip Holdings 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about Chi Yip Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Yip & Sons Limited, Treasure House, Greenside Way, Greengate Industrial Park, Middleton, Manchester M24 1SW.

Chi Yip Holdings Limited (Registered number: 06235211)

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

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


Chi Yip Holdings Limited (Registered number: 06235211)

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

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Going concern
The company's financial statements for the year ended 31 May 2024 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Chi Yip Holdings Limited (Registered number: 06235211)

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

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 June 2023
and 31 May 2024 2,950,000
DEPRECIATION
At 1 June 2023 295,000
Charge for year 59,000
At 31 May 2024 354,000
NET BOOK VALUE
At 31 May 2024 2,596,000
At 31 May 2023 2,655,000

Cost or valuation at 31 May 2024 is represented by:

Land and
buildings
£   
Valuation in 2016 (170,000 )
Valuation in 2018 320,000
Cost 2,800,000
2,950,000

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

31.5.24 31.5.23
£    £   
Cost 2,800,000 2,800,000
Aggregate depreciation 896,000 784,000

Value of land in freehold land and buildings 1,904,000 2,016,000

The freehold property was valued by Eddisons Taylors, business and commercial valuers on 29 May 2018 at £2,950,000 and this valuation has been included in these accounts. In the opinion of the directors the valuation as at 31 May 2025 is not materially different from the amount stated in the accounts.

Chi Yip Holdings Limited (Registered number: 06235211)

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

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 June 2023 255,540
Additions 100
Write offs (50 )
At 31 May 2024 255,590
NET BOOK VALUE
At 31 May 2024 255,590
At 31 May 2023 255,540

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Amounts owed by group undertakings 510,165 510,265

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other creditors 35,050 35,100

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
25,100 Ordinary £1 25,100 25,100

Chi Yip Holdings Limited (Registered number: 06235211)

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

9. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 June 2023 2,831,335 529,270 3,360,605
Profit for the year 25,000 25,000
Dividends (84,000 ) (84,000 )
Transfer to profit and loss 12,155 (12,155 ) -
At 31 May 2024 2,784,490 517,115 3,301,605

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sarah Reis, FCA, ATII (Senior Statutory Auditor)
for and on behalf of Lucas Reis Ltd

11. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking at the balance sheet date was Yip & Sons Limited, a company incorporated and registered in England and Wales. Copies of the financial statements of Yip & Sons Limited can be obtained from Treasure House, Greenside Way, Greengate Industrial Park, Middleton, Greater Manchester M24 1SW.