Company No: 03225085 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

Directors	B S Chiu
	M H Chiu

Secretary

M H Chiu

Registered office	11 Admiral Square
	Chelsea Harbour
	London
	SW10 0UU
	United Kingdom

Company number

03225085 (England and Wales)

Accountant	Kreston Reeves LLP
	2nd Floor
	168 Shoreditch High Street
	London
	E1 6RA

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	4	49,841		82,197
		49,841		82,197
Current assets
Stocks	5	3,532		3,863
Debtors	6	77,736		80,863
Cash at bank and in hand	7	143,964		205,708
		225,232		290,434
Creditors: amounts falling due within one year	8	( 468,528)		( 538,684)
Net current liabilities		(243,296)		(248,250)
Total assets less current liabilities		(193,455)		(166,053)
Net liabilities		( 193,455)		( 166,053)
Capital and reserves
Called-up share capital	9	2		2
Profit and loss account		( 193,457 )		( 166,055 )
Total shareholder's deficit		( 193,455)		( 166,053)

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Kingsville Developments Limited (registered number: 03225085) were approved and authorised for issue by the Board of Directors on 03 November 2026. They were signed on its behalf by:

B S Chiu Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kingsville Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 11 Admiral Square, Chelsea Harbour,, London, SW10 0UU , United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company reported a loss for the year of £27,402 (2025: £100,460 profit), net current liabilities of £243,296 (2025: £248,250) and net liabilities of £193,455 (2025: £166,053) as at 31 March 2026, however, the financial statements have been prepared on a going concern basis. Included within Creditors: amounts due within one year is an amount of £125,909 (2025: £125,909) due to the company's parent undertaking, Shung Yip (U.K.) Limited, who have provided a letter confirming that they will not call for repayment of this sum until the company has sufficient cash reserves to do so, without prejudice to the company's other creditors, and for a period of at least twelve months from the date of approval of the financial statements. In addition, Shung Yip (U.K.) Limited have provided a letter of support agreeing to provide continued financial support for the foreseeable future, and for a period of at twelve months from the date of approval of the financial statements.

For these reasons, the directors continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	5 years straight line
Vehicles	25 % reducing balance
Fixtures and fittings	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	13		17

4. Tangible assets

	Leasehold improve- ments		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 April 2025	68,978		69,385		181,520		319,883
Additions	0		0		1,209		1,209
At 31 March 2026	68,978		69,385		182,729		321,092
Accumulated depreciation
At 01 April 2025	68,978		44,249		124,459		237,686
Charge for the financial year	0		11,171		22,394		33,565
At 31 March 2026	68,978		55,420		146,853		271,251
Net book value
At 31 March 2026	0		13,965		35,876		49,841
At 31 March 2025	0		25,136		57,061		82,197

5. Stocks

	2026		2025
	£		£
Stocks	3,532		3,863

6. Debtors

	2026		2025
	£		£
Trade debtors	23,264		17,725
Prepayments	43,186		61,660
Other debtors	11,286		1,478
	77,736		80,863

7. Cash and cash equivalents

	2026		2025
	£		£
Cash at bank and in hand	143,964		205,708

8. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	50,218		96,806
Amounts owed to Group undertakings	125,909		125,909
Accruals and deferred income	218,462		203,567
Corporation tax	3,143		41,162
Other taxation and social security	50,151		51,668
Other creditors	20,645		19,572
	468,528		538,684

9. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2

10. Related party transactions

The company leases a property situated at 134/136 Lexham Gardens, London, W8 from Bayford Limited (a company registered in Jersey). The family of Mr and Mrs Chiu have an interest in this company.
At the year end, the company owed Shung Yip (U.K.) Company Limited, the immediate holding company, £125,909 (2025: £125,909).

11. Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £166,566 (2025: £161,607).

12. Commitments under operating leases

At 31 March 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

	2026		2025
	£		£
Not later than 1 year	64,000		64,000
Later than 1 year and not later than 5 years	0		0
	64,000		64,000

13. Ultimate controlling party

The company regards Home Comforts Limited, registered in the British Virgin Islands as its ultimate parent company.

The company is under the control of its directors.