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REGISTERED NUMBER: 04228127 (England and Wales)















Financial Statements for the Year Ended 31 May 2024

for

Chi Land Ltd

Chi Land Ltd (Registered number: 04228127)






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 Land Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: A K F Yip
Mrs F C Yip
J Yip





REGISTERED OFFICE: Treasure House
Greenside Way
Manchester
Greater Manchester
M24 1SW





REGISTERED NUMBER: 04228127 (England and Wales)





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

Chi Land Ltd (Registered number: 04228127)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 4,122,707 4,122,707

CURRENT ASSETS
Debtors 5 7,042 12,000
Prepayments and accrued income 54,391 2,667
Cash at bank 158,254 262,078
219,687 276,745
CREDITORS
Amounts falling due within one year 6 317,384 307,687
NET CURRENT LIABILITIES (97,697 ) (30,942 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,025,010

4,091,765

CREDITORS
Amounts falling due after more than one
year

7

(2,661,591

)

(2,767,182

)

PROVISIONS FOR LIABILITIES (76,045 ) (76,045 )
NET ASSETS 1,287,374 1,248,538

CAPITAL AND RESERVES
Called up share capital 9 3,000 3,000
Undistributable Reserve 10 246,387 246,387
Retained earnings 1,037,987 999,151
SHAREHOLDERS' FUNDS 1,287,374 1,248,538

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 Statement of Income and Retained Earnings 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 F C Yip - Director


Chi Land Ltd (Registered number: 04228127)

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

1. STATUTORY INFORMATION

Chi Land Ltd 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents invoiced rents receivable and service charges, net of VAT.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 directors consider that the going concern basis is appropriate and have considered a period of twelve months from the date of approval.

Chi Land Ltd (Registered number: 04228127)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 4,122,707
NET BOOK VALUE
At 31 May 2024 4,122,707
At 31 May 2023 4,122,707

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2009 304,181
Cost 3,818,526
4,122,707

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

31.5.24 31.5.23
£    £   
Cost 3,818,526 3,818,526

Investment property was valued on an open market basis on 31 May 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Amounts owed by group undertakings - 12,000
Other debtors 7,042 -
7,042 12,000

Chi Land Ltd (Registered number: 04228127)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 180,260 180,260
Trade creditors (1 ) -
Tax 32,974 31,695
VAT 9,953 7,641
Other creditors 26,400 26,400
Directors' loan accounts 4,582 4,582
Accruals and deferred income 63,216 57,109
317,384 307,687

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.5.24 31.5.23
£    £   
Bank loan 1-2 years 180,260 180,260
Bank loan 2-5 years 1,050,995 1,106,586
Amounts owed to group undertakings 1,430,336 1,480,336
2,661,591 2,767,182

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 1,411,515 1,467,106

The bank loan is secured via a fixed and floating charge over the company's investment properties and all other assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
3,000 Ordinary £1 3,000 3,000

10. RESERVES
Undistribut
Reserve
£   
At 1 June 2023
and 31 May 2024 246,387

Chi Land Ltd (Registered number: 04228127)

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

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

The Report of the Auditors was unqualified.

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

12. RELATED PARTY DISCLOSURES

Chi Yip Group Limited
A company which is wholly owned by the holding company.
The company has been advanced loans of £1,363,836 (2023 £1,413,836) by Chi Yip Group Limited. These loans are repayable on demand and are included in amounts owed to group undertakings.

Music Box Karaoke Limited
A company which is wholly owned by the holding company.
The company has been advanced loans of £66,500 (2023 £66,500) by Music Box Karaoke Limited. These loans are repayable on demand and are included in amounts owed to group undertakings.

13. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking is 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 Greengate Industrial Park, Greenside Way, Middleton, Manchester, M24 1SW.

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