Chok Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC551392 (Scotland)

CHOK PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 FEBRUARY 2023

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

2,215

3,089

Investment property

5

160,000

160,000

162,215

163,089

CURRENT ASSETS

Cash at bank

1,794

594

CREDITORS

Amounts falling due within one year

6

134,897

135,542

NET CURRENT LIABILITIES

(133,103

)

(134,948

)

TOTAL ASSETS LESS CURRENT LIABILITIES

29,112

28,141

PROVISIONS FOR LIABILITIES

2,132

2,132

NET ASSETS

26,980

26,009

CAPITAL AND RESERVES

Called up share capital

7

1

1

Fair value reserve

8

9,088

9,088

Retained earnings

8

17,891

16,920

SHAREHOLDERS' FUNDS

26,980

26,009

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 and authorised for issue on 25 October 2023 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 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Equipment

and

Fittings

£

COST

At 1 March 2022

and 28 February 2023

5,821

DEPRECIATION

At 1 March 2022

2,732

Charge for year

874

At 28 February 2023

3,606

NET BOOK VALUE

At 28 February 2023

2,215

At 28 February 2022

3,089

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2022

and 28 February 2023

160,000

NET BOOK VALUE

At 28 February 2023

160,000

At 28 February 2022

160,000

Fair value at 28 February 2023 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 28 February 2023 remains unchanged.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Corporation Tax

1,894

2,512

Other creditors

1,997

1,997

Directors' current accounts

129,921

130,333

Accrued expenses

1,085

700

134,897

135,542

The directors' loan is subject to interest and repayable on demand. Other loans are interest free and repayable on demand.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1

Ordinary

£1

1

1

8.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 March 2022

16,920

9,088

26,008

Profit for the year

7,371

7,371

Dividends

(6,400

)

(6,400

)

At 28 February 2023

17,891

9,088

26,979

9.	RELATED PARTY DISCLOSURES