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Registered number: 07356146
FORTUNE PROPERTY MANAGEMENT LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 OCTOBER 2019
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FORTUNE PROPERTY MANAGEMENT LTD
CONTENTS
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Notes to the financial statements
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FORTUNE PROPERTY MANAGEMENT LTD
REGISTERED NUMBER: 07356146
BALANCE SHEET
AS AT 31 OCTOBER 2019
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2020.
The notes on pages 2 to 7 form part of these financial statements.
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FORTUNE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
Fortune Property Management Ltd is a private company, limited by shares, registered in England and Wales. The address of its registered office is 3rd Floor, 24 Old Bond Street, London, W1S 4BH.
The functional and presentation currency of the Company is considered to be pounds sterling (£).
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which assumes that the company will continue in existence for the foreseeable future, being a period of at least twelve months from the date of approval of the financial statements.
While the group's activities have been impacted by COVID-19 since the year end the parent company, Habara Holdings Corporation, has confirmed that it will continue to maintain its financial support of the company, by deferment of the amounts due to them and by other means.
The directors are therefore satisfied that the company will have sufficient resources to enable it to continue in existence for the forseeable future, and that it is therefore appropriate to prepare the financial statements on a going concern basis. However the ongoing impact of COVID-19 remains a significant risk to the operations of the company.
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EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS
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The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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FORTUNE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
2.ACCOUNTING POLICIES (CONTINUED)
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TANGIBLE FIXED ASSETS (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method.
Depreciation is provided on the following basis:
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Leasehold land and buildings
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over the term of 25 years
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loan from related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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OPERATING LEASES: THE COMPANY AS LESSEE
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Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the lease term.
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FORTUNE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
2.ACCOUNTING POLICIES (CONTINUED)
Interest income is recognised in the statement of income and retained earnings using the effective interest method.
Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The company has no employees other than the directors during the year or in the previous year.
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FORTUNE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
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Leasehold land and buildings
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Charge for the year on owned assets
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FORTUNE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
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Investments in subsidiary companies
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DUE AFTER MORE THAN ONE YEAR
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Prepayments and accrued income
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CREDITORS: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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FORTUNE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
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COMMITMENTS UNDER OPERATING LEASES
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At 31 October 2019 the company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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RELATED PARTY TRANSACTIONS
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The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions of balances with other wholly owned members of the group.
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POST BALANCE SHEET EVENTS
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Since March 2020 the company has been impacted by the COVID-19 pandemic and the directors consider this is a non-adjusting post period event that will require ongoing evaluation.
Since the reporting date this has caused increasing disruption to populations, businesses and economic activity. As this situation is rapidly evolving, and the impact of the pandemic is having an ongoing impact to populations and businesses, it is not yet practicable to estimate all of the impact upon the company. However the company's subsidiary had to temporarily close its nightclub activities during the post balance sheet period.
The immediate and ultimate parent company is Habara Holdings Corporation, a company incorporated in British Virgin Islands. The address of its registered office is Craigmuir Chambers, Road Town, Tortola, VG1110, British Virgin Islands.
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