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REGISTERED NUMBER: SC622603 (Scotland)



















HELLO PROPERTY UK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

29 FEBRUARY 2024






HELLO PROPERTY UK LIMITED (REGISTERED NUMBER: SC622603)

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


HELLO PROPERTY UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: Ruiding Zhou





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





REGISTERED NUMBER: SC622603 (Scotland)





ACCOUNTANTS: CW
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

HELLO PROPERTY UK LIMITED (REGISTERED NUMBER: SC622603)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 3 965,000 965,000

CURRENT ASSETS
Debtors 4 31,168 3,240
Cash at bank 1,261 48,439
32,429 51,679
CREDITORS
Amounts falling due within one year 5 319,812 331,364
NET CURRENT LIABILITIES (287,383 ) (279,685 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

677,617

685,315

CREDITORS
Amounts falling due after more than one
year

6

(418,073

)

(421,206

)

PROVISIONS FOR LIABILITIES (44,046 ) (44,046 )
NET ASSETS 215,498 220,063

HELLO PROPERTY UK LIMITED (REGISTERED NUMBER: SC622603)

BALANCE SHEET - continued
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 7 187,777 187,777
Retained earnings 7 27,720 32,285
215,498 220,063

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 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 29 November 2024 and were signed by:





Ruiding Zhou - Director


HELLO PROPERTY UK LIMITED (REGISTERED NUMBER: SC622603)

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


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 29 FEBRUARY 2024


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.

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 NIL (2023 - 1 ).

3. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 965,000
NET BOOK VALUE
At 29 February 2024 965,000
At 28 February 2023 965,000

The investment properties were revalued by the director on 28 February 2022. The director's valuation at 29 February 2024 remains unchanged.

Fair value at 29 February 2024 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 29 FEBRUARY 2024


4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Loans to related companies 28,184 184
Tax recoverable 1,064 -
Prepayments 1,920 3,056
31,168 3,240

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

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 18,079 17,986
Corporation Tax - 5,343
Related company loans 125,523 125,523
Directors' current accounts 158,116 149,082
Accrued expenses 18,094 33,430
319,812 331,364

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.

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 18,161 18,070
Bank loans - 2-5 years 45,620 48,844
Bank loans more 5 yr by instal 354,292 354,292
418,073 421,206

Amounts falling due in more than five years:

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

HELLO PROPERTY UK LIMITED (REGISTERED NUMBER: SC622603)

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


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

At 1 March 2023 32,285 187,777 220,062
Deficit for the year (4,565 ) (4,565 )
At 29 February 2024 27,720 187,777 215,497

8. RELATED PARTY DISCLOSURES

The director's loan due to the director amounted to £158,116 (2023 : £149,082) at the year end.