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Registration number: 12473713

Bright Hope Forever Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Bright Hope Forever Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Bright Hope Forever Limited

Company Information

Directors

Mrs Y P Cheng

Mrs P Y S Leung

Registered office

Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

Accountants

RWB CA Limited
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

Bright Hope Forever Limited

(Registration number: 12473713)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,001

6,461

Investment property

5

385,319

324,388

 

390,320

330,849

Current assets

 

Debtors

6

5,381

6,437

Cash at bank and in hand

 

18,481

4,293

 

23,862

10,730

Creditors: Amounts falling due within one year

7

(424,264)

(357,871)

Net current liabilities

 

(400,402)

(347,141)

Total assets less current liabilities

 

(10,082)

(16,292)

Provisions for liabilities

(3,046)

-

Net liabilities

 

(13,128)

(16,292)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(13,130)

(16,294)

Shareholders' deficit

 

(13,128)

(16,292)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Bright Hope Forever Limited

(Registration number: 12473713)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 29 November 2023 and signed on its behalf by:
 

.........................................
Mrs P Y S Leung
Director

 

Bright Hope Forever Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

These financial statements were authorised for issue by the Board on 29 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Bright Hope Forever Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% Straight Line

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit or loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Bright Hope Forever Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

7,301

7,301

At 28 February 2023

7,301

7,301

Depreciation

At 1 March 2022

840

840

Charge for the year

1,460

1,460

At 28 February 2023

2,300

2,300

Carrying amount

At 28 February 2023

5,001

5,001

At 28 February 2022

6,461

6,461

5

Investment properties

2023
£

At 1 March

324,388

Additions

44,900

Fair value adjustments

16,031

At 28 February

385,319

There has been a mixture of valuations by independent parties and valuations by the directors.

6

Debtors

 

Bright Hope Forever Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Trade debtors

422

773

Prepayments

2,799

2,769

Other debtors

2,160

2,895

5,381

6,437

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,512

1,560

Amounts owed to group undertakings and undertakings in which the company has a participating interest

362,570

324,886

Other creditors

60,182

31,425

424,264

357,871

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2