REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 31 July 2022 to 31 July 2023 |
for |
Chan's Estates Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 31 July 2022 to 31 July 2023 |
for |
Chan's Estates Limited |
Chan's Estates Limited (Registered number: 12108957) |
Contents of the Financial Statements |
for the Period 31 July 2022 to 31 July 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 4 |
Chan's Estates Limited |
Company Information |
for the Period 31 July 2022 to 31 July 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Charter House, Wyvern Court |
Stanier Way |
Derby |
DE21 6BF |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Chan's Estates Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chan's Estates Limited for the period ended 31 July 2023 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Chan's Estates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Chan's Estates Limited and state those matters that we have agreed to state to the Board of Directors of Chan's Estates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chan's Estates Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Chan's Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chan's Estates Limited. You consider that Chan's Estates Limited is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Chan's Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
Charter House, Wyvern Court |
Stanier Way |
Derby |
DE21 6BF |
Chan's Estates Limited (Registered number: 12108957) |
Statement of Financial Position |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 7 |
Retained earnings | ( |
) | ( |
) |
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. |
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 |
Chan's Estates Limited (Registered number: 12108957) |
Notes to the Financial Statements |
for the Period 31 July 2022 to 31 July 2023 |
1. | STATUTORY INFORMATION |
Chan's Estates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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 period 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2022 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 31 July 2022 |
Additions |
Revaluations | 10,971 |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 30 July 2022 |
Chan's Estates Limited (Registered number: 12108957) |
Notes to the Financial Statements - continued |
for the Period 31 July 2022 to 31 July 2023 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 July 2023 is represented by: |
£ |
Valuation in 2021 | 90,758 |
Valuation in 2023 | 10,971 |
Cost | 692,426 |
794,155 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 692,426 | 598,188 |
Aggregate depreciation | (27,090 | ) | (11,922 | ) |
Investment property was valued on an open market basis on 30 July 2023 by the directors . |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
7. | RESERVES |
Fair |
value |
reserve |
£ |
At 31 July 2022 |
Transfers | 8,202 |
At 31 July 2023 |
8. | SECURITY |
The director, D Chan, has given a personal guarantee in respect of the mortgages held by the company. |