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REGISTERED NUMBER: 12127867 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Hoi Kee Asset Limited

Hoi Kee Asset Limited (Registered number: 12127867)






Contents of the Financial Statements
for the Year Ended 31 JULY 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Hoi Kee Asset Limited (Registered number: 12127867)

Balance Sheet
31 JULY 2023

31.7.23 31.7.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 19,250 38,500
Investment property 5 11,626,804 11,626,804
11,646,054 11,665,304

CURRENT ASSETS
Debtors 6 79,789 109,415
Cash at bank 484,372 150,501
564,161 259,916
CREDITORS
Amounts falling due within one year 7 (3,169,505 ) (2,642,547 )
NET CURRENT LIABILITIES (2,605,344 ) (2,382,631 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,040,710

9,282,673

CREDITORS
Amounts falling due after more than one
year

8

(9,086,940

)

(9,319,886

)

PROVISIONS FOR LIABILITIES (4,813 ) (9,625 )
NET LIABILITIES (51,043 ) (46,838 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (51,143 ) (46,938 )
SHAREHOLDERS' FUNDS (51,043 ) (46,838 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 16 April 2024 and were signed by:




Ms W H Wong - Director


Hoi Kee Asset Limited (Registered number: 12127867)

Notes to the Financial Statements
for the Year Ended 31 JULY 2023

1. STATUTORY INFORMATION

Hoi Kee Asset Limited is a private company, limited by shares, registered in England and Wales, registration number 12127867. The registered office is Solar House, PF 915 High Road, North Finchley, London, N12 9QJ.

The presentation currency of the financial statements is pound sterling (£) and the level of rounding is the nearest £1.

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.

Rental income
Rental income from investment properties are recognised in the profit and loss account on a receivable basis.

Tangible fixed assets
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:
Fixtures and fittings - 25% on cost

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 Profit and loss account.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

The investment properties are stated at the current market value at the Director's best estimate.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Hoi Kee Asset Limited (Registered number: 12127867)

Notes to the Financial Statements - continued
for the Year Ended 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Secured debts
Bank loan is mortgage loan on the investment property.

Finance costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Debtors
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.

Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
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.

Going concern
The director considers it appropriate to prepare the Financial Statements on a going concern basis because of her continued support.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 August 2022
and 31 July 2023 77,000
DEPRECIATION
At 1 August 2022 38,500
Charge for year 19,250
At 31 July 2023 57,750
NET BOOK VALUE
At 31 July 2023 19,250
At 31 July 2022 38,500

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022
and 31 July 2023 11,626,804
NET BOOK VALUE
At 31 July 2023 11,626,804
At 31 July 2022 11,626,804

Hoi Kee Asset Limited (Registered number: 12127867)

Notes to the Financial Statements - continued
for the Year Ended 31 JULY 2023

5. INVESTMENT PROPERTY - continued

NATURE OF SECURITY OVER REAL PROPERTY

A reference in this deed to a charge or mortgage of or over the Property includes:

o All buildings and fixtures and fittings (including trade and tenant's fixtures and fittings) and fixed plant and machinery that are situated on or form part of the property at any time;

o The proceeds of the sale of any part of the property and any other monies paid or payable in respect of or in connection with the property;

o The benefit of any covenants for title given. or entered into, by any predecessor in title of the Borrower in respect of the Property, and any monies paid or payable in respect of those covenants; and

o All rights under any licence, agreement for sale or agreement for lease in respect of the property.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 988 19,906
Other debtors 7,780 66,480
Accrued income 1,925 4,398
Prepayments 69,096 18,631
79,789 109,415

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.2231.7.21
£ £
Mortgage advance <1 year227,196165,422
Trade creditors396361
Tax325-
Other creditors787,344218,951
Directors' current accounts1,581,3971,973,841
Deferred income37,69245,034
Accrued expenses8,1973,858
2,642,5472,407,467

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.23 31.7.22
£    £   
Mortgage advance >1 year 9,086,940 9,319,886

There is a legal charge on the property and a fixed charge.