Chy1 Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10952375 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2020

for

Chy1 Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A M S Wan

REGISTERED OFFICE:

555 Smithdown Road

Liverpool

Merseyside

L15 5AF

REGISTERED NUMBER:

10952375 (England and Wales)

ACCOUNTANTS:

Corbett & Co Accountants Ltd

Chartered Certified Accountants

555 Smithdown Road

Liverpool

Merseyside

L15 5AF

FIXED ASSETS

Property, plant and equipment

4

79,872

68,961

CURRENT ASSETS

Inventories

5,700

6,500

Cash at bank and in hand

56,230

41,307

61,930

47,807

CREDITORS

Amounts falling due within one year

5

45,972

45,006

NET CURRENT ASSETS

15,958

2,801

TOTAL ASSETS LESS CURRENT LIABILITIES

95,830

71,762

CREDITORS

Amounts falling due after more than one year

6

50,000

20,140

NET ASSETS

45,830

51,622

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

45,829

51,621

45,830

51,622

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 12 August 2021 and were signed by:

A M S Wan - Director

1.	STATUTORY INFORMATION

Chy1 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.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance and 10% on cost

Stocks

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

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2019 - 12 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 October 2019

92,604

Additions

27,846

At 30 September 2020

120,450

DEPRECIATION

At 1 October 2019

23,643

Charge for year

16,935

At 30 September 2020

40,578

NET BOOK VALUE

At 30 September 2020

79,872

At 30 September 2019

68,961

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade creditors

496

5,609

Taxation and social security

44,012

37,334

Other creditors

1,464

2,063

45,972

45,006

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans

50,000

20,140

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A M S Wan.