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Registration number: 11055638

Mr Choy Exeter Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Mr Choy Exeter Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Mr Choy Exeter Limited

Company Information

Directors

J A E Munro

S Y Choy

Registered office

50 Exeter Road
Dawlish
Devon
EX7 0AQ

Accountants

Thompson Jenner LLP
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Mr Choy Exeter Limited

(Registration number: 11055638)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

2,221

2,801

Tangible assets

6

21,433

19,590

 

23,654

22,391

Current assets

 

Stocks

7

2,500

2,500

Debtors

8

6,232

13,020

Cash at bank and in hand

 

46,242

49,625

 

54,974

65,145

Creditors: Amounts falling due within one year

9

(92,956)

(90,636)

Net current liabilities

 

(37,982)

(25,491)

Total assets less current liabilities

 

(14,328)

(3,100)

Creditors: Amounts falling due after more than one year

9

(7,241)

(16,639)

Provisions for liabilities

-

(3,509)

Net liabilities

 

(21,569)

(23,248)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(21,669)

(23,348)

Shareholders' deficit

 

(21,569)

(23,248)

 

Mr Choy Exeter Limited

(Registration number: 11055638)
Balance Sheet as at 30 November 2024

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 August 2025 and signed on its behalf by:
 

.........................................
S Y Choy
Director

 

Mr Choy Exeter Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
50 Exeter Road
Dawlish
Devon
EX7 0AQ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company has net liabilities. Included in creditors is a loan from the directors that will be available for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Mr Choy Exeter Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Government grants

The coronavirus small business grant has been recognised under the accrual model and is credited to income over the periods in which the compensated costs have been recognised.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line

Fixtures, fittings and equipment

20% straight line

Office equipment

20% straight line

Motor vehicles

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Mr Choy Exeter Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Asset class

Amortisation method and rate

Intangibles

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Mr Choy Exeter Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 17).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

5,014

6,895

Amortisation expense

580

580

 

Mr Choy Exeter Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

5

Intangible assets

Intangibles
 £

Total
£

Cost or valuation

At 1 December 2023

5,797

5,797

At 30 November 2024

5,797

5,797

Amortisation

At 1 December 2023

2,996

2,996

Amortisation charge

580

580

At 30 November 2024

3,576

3,576

Carrying amount

At 30 November 2024

2,221

2,221

At 30 November 2023

2,801

2,801

 

Mr Choy Exeter Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 December 2023

15,696

34,117

3,800

3,960

57,573

Additions

-

307

6,550

-

6,857

At 30 November 2024

15,696

34,424

10,350

3,960

64,430

Depreciation

At 1 December 2023

4,638

26,240

3,800

3,305

37,983

Charge for the year

1,569

2,926

218

301

5,014

At 30 November 2024

6,207

29,166

4,018

3,606

42,997

Carrying amount

At 30 November 2024

9,489

5,258

6,332

354

21,433

At 30 November 2023

11,058

7,877

-

655

19,590

7

Stocks

2024
£

2023
£

Other stocks

2,500

2,500

8

Debtors

2024
£

2023
£

Trade debtors

-

6,937

Other debtors

5,200

5,279

Prepayments and accrued income

1,032

804

Total current trade and other debtors

6,232

13,020

 

Mr Choy Exeter Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

10,648

10,648

Trade creditors

 

4,871

10,766

Taxation and social security

 

16,223

13,189

Other creditors

 

58,824

52,984

Accrued expenses

 

2,390

3,049

 

92,956

90,636

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

7,241

16,639

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,648

10,648

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,241

16,639

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £289,170 (2023 - £310,590).