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REGISTERED NUMBER: SC092870 (Scotland)



















CHAN'S LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MAY 2024






CHAN'S LIMITED (REGISTERED NUMBER: SC092870)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHAN'S LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mrs Lin Tai Chan
Henry Chan
Ms Aileen Chan
Yau Wah Chan





SECRETARY: Henry Chan





REGISTERED OFFICE: 37-39 Farnell Street
Glasgow
G4 9SE





REGISTERED NUMBER: SC092870 (Scotland)





ACCOUNTANTS: CW
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

CHAN'S LIMITED (REGISTERED NUMBER: SC092870)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 497,255 473,521

CURRENT ASSETS
Stocks 2,765,655 1,787,592
Debtors 5 1,190,644 1,068,351
Cash at bank and in hand 224,905 175,782
4,181,204 3,031,725
CREDITORS
Amounts falling due within one year 6 3,491,467 2,421,884
NET CURRENT ASSETS 689,737 609,841
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,186,992

1,083,362

CREDITORS
Amounts falling due after more than one
year

7

(119,076

)

(179,814

)

PROVISIONS FOR LIABILITIES (67,360 ) (74,397 )
NET ASSETS 1,000,556 829,151

CHAN'S LIMITED (REGISTERED NUMBER: SC092870)

BALANCE SHEET - continued
31 MAY 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 65,000 65,000
Retained earnings 935,556 764,151
SHAREHOLDERS' FUNDS 1,000,556 829,151

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 28 March 2025 and were signed on its behalf by:





Henry Chan - Director


CHAN'S LIMITED (REGISTERED NUMBER: SC092870)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Chan's Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents the value of sales during the year. A sale is recognised at the point where goods are paid for at the tills or delivered to the customer.

Tangible fixed assets
Depreciation has been provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to Property - 5% on cost
Equipment and Fittings - 10% on cost
Motor Vehicles - 25% on cost
Plant and Machinery - 10% on cost and 20% on cost
Computer Equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.


CHAN'S LIMITED (REGISTERED NUMBER: SC092870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and operating lease agreements
Rentals applicable to operating leases, where substantially all of the benefits and the risks of the ownership remain with the lessor, are charged against profits on a straight line basis over the period of the lease.

Assets held under hire purchase agreements are capitalised in the balance sheet and depreciated over their useful economic lives. Minimum lease payments are apportioned between the interest charge and the reduction of the outstanding liability using the effective interest method. The related obligations are included in creditors.

Employee benefits
When employees have rendered service to the company , short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company contributes to the individual personal pensions of its employees. Contributions payable are charged to the accounts in the period to which they relate.

Loans and borrowing
Loans and borrowings are initially recorded at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 48 ) .

CHAN'S LIMITED (REGISTERED NUMBER: SC092870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. TANGIBLE FIXED ASSETS
Improvements Equipment
to Plant and and
property machinery Fittings
£    £    £   
COST
At 1 June 2023 120,921 262,618 100,597
Additions 94,721 38,561 4,500
Disposals - (3,624 ) -
At 31 May 2024 215,642 297,555 105,097
DEPRECIATION
At 1 June 2023 37,863 122,442 83,858
Charge for year 8,805 31,906 2,834
Eliminated on disposal - (3,596 ) -
At 31 May 2024 46,668 150,752 86,692
NET BOOK VALUE
At 31 May 2024 168,974 146,803 18,405
At 31 May 2023 83,058 140,176 16,739

CHAN'S LIMITED (REGISTERED NUMBER: SC092870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 731,000 97,964 1,313,100
Additions 34,543 2,750 175,075
Disposals (47,425 ) - (51,049 )
At 31 May 2024 718,118 100,714 1,437,126
DEPRECIATION
At 1 June 2023 501,380 94,036 839,579
Charge for year 85,592 2,381 131,518
Eliminated on disposal (27,630 ) - (31,226 )
At 31 May 2024 559,342 96,417 939,871
NET BOOK VALUE
At 31 May 2024 158,776 4,297 497,255
At 31 May 2023 229,620 3,928 473,521

CHAN'S LIMITED (REGISTERED NUMBER: SC092870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2023 - 429,246 429,246
Additions 22,137 34,543 56,680
Reclassification/transfer - (32,727 ) (32,727 )
At 31 May 2024 22,137 431,062 453,199
DEPRECIATION
At 1 June 2023 - 201,803 201,803
Charge for year 1,185 83,420 84,605
Reclassification/transfer - (12,932 ) (12,932 )
At 31 May 2024 1,185 272,291 273,476
NET BOOK VALUE
At 31 May 2024 20,952 158,771 179,723
At 31 May 2023 - 227,443 227,443

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 621,203 798,568
Credit card debtors 23,525 49,027
Related company loan 475,000 165,000
VAT 27,550 13,518
Prepayments 43,366 42,238
1,190,644 1,068,351

The related company loan is repayable on demand and interest free.

CHAN'S LIMITED (REGISTERED NUMBER: SC092870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,278 10,057
Hire purchase contracts (see note 8) 83,279 86,862
Trade creditors 2,124,926 1,677,994
Corporation Tax 195,521 22,418
Social security and other taxes 26,750 24,161
Other creditors 544,722 4,900
Inter company loan 328,218 411,824
Directors' current accounts 132,386 126,094
Accrued expenses 45,387 57,574
3,491,467 2,421,884

The directors' loan is subject to interest and repayable on demand. Other creditors and inter company loan are interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 11,390 10,279
Bank loans - 2-5 years - 11,391
Hire purchase contracts (see note 8) 107,686 158,144
119,076 179,814

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 83,279 86,862
Between one and five years 107,686 158,144
190,965 245,006

CHAN'S LIMITED (REGISTERED NUMBER: SC092870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 76,975 75,490
Between one and five years 541,592 603,168
618,567 678,658

9. SECURED DEBTS

The bank holds security over the company's assets by way of standard security and bond and floating charges.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
Value: £ £
500 Ordinary A £0.10 50 50
550,500 Ordinary B £0.10 55,050 55,050
49,500 Ordinary C £0.10 4,950 4,950
49,500 Ordinary D £0.10 4,950 4,950
______ ______
65,000 65,000
______ ______

11. RELATED PARTY DISCLOSURES

The directors' loan balance payable at the year end amounted £132,386 (2023: £126,094).

The Inter company loan in note 7 includes a loan made by Choi-Sun.Co.Uk Wholesale Limited of £5,339
(2023: £27,503), a company in which a director of Chan's Limited was a shareholder.

During the year, Choi-Sun.Co.Uk Wholesale Limited made sales of £318,794 (2023: £379,692) to Chan's
Limited, of which £310,794 (2023: £360,321) remained unpaid at the year end.