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REGISTERED NUMBER: SC622603 (Scotland)



















HELLO PROPERTY UK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 FEBRUARY 2023






HELLO PROPERTY UK LIMITED (REGISTERED NUMBER: SC622603)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HELLO PROPERTY UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: Ruiding Zhou





REGISTERED OFFICE: 98A Cortmalaw Crescent
Robroyston
Glasgow
G33 1TB





REGISTERED NUMBER: SC622603 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

HELLO PROPERTY UK LIMITED (REGISTERED NUMBER: SC622603)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 - 427
Investment property 4 965,000 965,000
965,000 965,427

CURRENT ASSETS
Debtors 5 3,240 2,117
Cash at bank 48,439 2,935
51,679 5,052
CREDITORS
Amounts falling due within one year 6 331,364 299,857
NET CURRENT LIABILITIES (279,685 ) (294,805 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

685,315

670,622

CREDITORS
Amounts falling due after more than one
year

7

(421,206

)

(424,324

)

PROVISIONS FOR LIABILITIES (44,046 ) (44,127 )
NET ASSETS 220,063 202,171

HELLO PROPERTY UK LIMITED (REGISTERED NUMBER: SC622603)

BALANCE SHEET - continued
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 8 187,777 187,777
Retained earnings 8 32,285 14,393
220,063 202,171

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 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 February 2024 and were signed by:





Ruiding Zhou - Director


HELLO PROPERTY UK LIMITED (REGISTERED NUMBER: SC622603)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. 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 rental income receivable during the year. Income is recognised on the basis of rent due for the year.

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 fitting - 15% SL.

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.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.


HELLO PROPERTY UK LIMITED (REGISTERED NUMBER: SC622603)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. ACCOUNTING POLICIES - continued
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.

The company contributes to the individual personal pensions of its employees. Contributions payable are charged to the accounts in the period to which they relate.

Loans and borrowings
Loans and borrowings are initially recorded at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

HELLO PROPERTY UK LIMITED (REGISTERED NUMBER: SC622603)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


3. TANGIBLE FIXED ASSETS
Equipment
and
Fittings
£   
COST
At 1 March 2022 693
Disposals (693 )
At 28 February 2023 -
DEPRECIATION
At 1 March 2022 266
Charge for year 104
Eliminated on disposal (370 )
At 28 February 2023 -
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 427

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022
and 28 February 2023 965,000
NET BOOK VALUE
At 28 February 2023 965,000
At 28 February 2022 965,000

The investment properties were revalued by the director on 28 February 2022. The director's valuation at 28 February 2023 remains unchanged.

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2020 32,263
Valuation in 2022 199,560
Cost 733,177
965,000

HELLO PROPERTY UK LIMITED (REGISTERED NUMBER: SC622603)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Loans to related companies 184 458
Prepayments 3,056 1,659
3,240 2,117

The loans to related companies are interest free and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 17,986 17,909
Corporation Tax 5,343 2,056
Related company loans 125,523 115,610
Directors' current accounts 149,082 145,605
Accrued expenses 33,430 18,677
331,364 299,857

The related company loans are interest free and repayable on demand.
The director's loan is repayable on demand and interest of £1000 has been paid on the balance.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 18,070 18,000
Bank loans - 2-5 years 48,844 66,986
Bank loans more 5 yr by instal 354,292 339,338
421,206 424,324

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 354,292 339,338

HELLO PROPERTY UK LIMITED (REGISTERED NUMBER: SC622603)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 March 2022 14,393 187,777 202,170
Profit for the year 17,892 17,892
At 28 February 2023 32,285 187,777 220,062

9. RELATED PARTY DISCLOSURES

The director's loan due to the director amounted to £149,082 (2022 : £145,605) at the year end.