Chok Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC551392 (Scotland)

CHOK PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

29 FEBRUARY 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs Catherine Chok

Herbert Chok

REGISTERED OFFICE:

9 Royal Crescent

Glasgow

G3 7SP

REGISTERED NUMBER:

SC551392 (Scotland)

FIXED ASSETS

Tangible assets

4

1,418

1,805

Investment property

5

160,000

160,000

161,418

161,805

CURRENT ASSETS

Cash at bank

243

784

CREDITORS

Amounts falling due within one year

6

140,415

148,066

NET CURRENT LIABILITIES

(140,172

)

(147,282

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,246

14,523

PROVISIONS FOR LIABILITIES

2,132

2,099

NET ASSETS

19,114

12,424

CAPITAL AND RESERVES

Called up share capital

7

1

1

Fair value reserve

8

9,088

9,088

Retained earnings

8

10,025

3,335

SHAREHOLDERS' FUNDS

19,114

12,424

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 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 on 6 April 2020 and were signed on its behalf by:

Mrs Catherine Chok - Director

1.	STATUTORY INFORMATION

Chok Properties 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 as modified by the revaluation of certain assets.

Turnover and revenue recognition

The turnover shown in the profit and loss account represents the rental income receivable for the year.

Income is recognised on a straight line basis over the lease term.

Tangible fixed assets

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

Equipment and Fittings

-

15% on cost

Investment property

Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value

are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the

property market is not considered to be permanent.

This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of

investment properties. Investment properties are held for their investment potential and not for use by the

company and so their current value is of prime importance.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is

sold and at the year end is included in the fair value reserve together with the fair value movement.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Equipment

and

Fittings

£

COST

At 1 March 2019

and 29 February 2020

2,578

DEPRECIATION

At 1 March 2019

773

Charge for year

387

At 29 February 2020

1,160

NET BOOK VALUE

At 29 February 2020

1,418

At 28 February 2019

1,805

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2019

and 29 February 2020

160,000

NET BOOK VALUE

At 29 February 2020

160,000

At 28 February 2019

160,000

Fair value at 29 February 2020 is represented by:

£

Valuation in 2018

11,220

Cost

148,780

160,000

The investment properties were valued on a open market basis by the directors on 28 February 2018. The

directors' valuation at 29 February 2020 remains unchanged.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other loans

46,381

76,381

Corporation Tax

1,537

-

Other creditors

997

997

Directors' current accounts

90,801

69,988

Accrued expenses

699

700

140,415

148,066

The directors and other loans are interest free and repayable on demand.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

1

1

8.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 March 2019

3,335

9,088

12,423

Profit for the year

6,690

6,690

At 29 February 2020

10,025

9,088

19,113

9.	RELATED PARTY DISCLOSURES