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REGISTERED NUMBER: SC551392 (Scotland)



















CHOK PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

29 FEBRUARY 2024






CHOK PROPERTIES LIMITED (REGISTERED NUMBER: SC551392)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHOK PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mrs Catherine Chok
Herbert Chok





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC551392 (Scotland)






CHOK PROPERTIES LIMITED (REGISTERED NUMBER: SC551392)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,576 2,215
Investment property 5 160,000 160,000
161,576 162,215

CURRENT ASSETS
Cash at bank 676 1,794

CREDITORS
Amounts falling due within one year 6 131,007 134,897
NET CURRENT LIABILITIES (130,331 ) (133,103 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

31,245

29,112

PROVISIONS FOR LIABILITIES 2,309 2,132
NET ASSETS 28,936 26,980

CAPITAL AND RESERVES
Called up share capital 7 1 1
Fair value reserve 8 9,088 9,088
Retained earnings 8 19,847 17,891
SHAREHOLDERS' FUNDS 28,936 26,980

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

CHOK PROPERTIES LIMITED (REGISTERED NUMBER: SC551392)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 30 August 2024 and were signed on its behalf by:





Mrs Catherine Chok - Director


CHOK PROPERTIES LIMITED (REGISTERED NUMBER: SC551392)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


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.


CHOK PROPERTIES LIMITED (REGISTERED NUMBER: SC551392)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Equipment
and
Fittings
£   
COST
At 1 March 2023 5,821
Additions 130
Disposals (717 )
At 29 February 2024 5,234
DEPRECIATION
At 1 March 2023 3,606
Charge for year 769
Eliminated on disposal (717 )
At 29 February 2024 3,658
NET BOOK VALUE
At 29 February 2024 1,576
At 28 February 2023 2,215

CHOK PROPERTIES LIMITED (REGISTERED NUMBER: SC551392)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 160,000
NET BOOK VALUE
At 29 February 2024 160,000
At 28 February 2023 160,000

Fair value at 29 February 2024 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 2024 remains unchanged.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation Tax 1,438 1,894
Other creditors 1,997 1,997
Directors' current accounts 126,814 129,921
Accrued expenses 758 1,085
131,007 134,897

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 2024 2023
value: £    £   
1 Ordinary £1 1 1

CHOK PROPERTIES LIMITED (REGISTERED NUMBER: SC551392)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


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

At 1 March 2023 17,891 9,088 26,979
Profit for the year 5,456 5,456
Dividends (3,500 ) (3,500 )
At 29 February 2024 19,847 9,088 28,935

9. RELATED PARTY DISCLOSURES

The loan balance due to a director amounted to £126,814 (2023 : £129,921) at the year end.