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REGISTERED NUMBER: SC516681 (Scotland)




















Hong Kong City Holdings Limited

Unaudited Financial Statements

for the Year Ended 31 July 2024






Hong Kong City Holdings Limited (Registered number: SC516681)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hong Kong City Holdings Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Mr D Chan
Mr T H T Chan



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



REGISTERED NUMBER: SC516681 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Royal Bank of Scotland plc
Perth Chief Office
12 Dunkeld Road
Perth
PH1 5RB

Hong Kong City Holdings Limited (Registered number: SC516681)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,563 679
Investments 5 1 1
Investment property 6 598,677 598,677
600,241 599,357

CURRENT ASSETS
Debtors 7 76,470 2,270
Cash at bank 237,330 234,702
313,800 236,972
CREDITORS
Amounts falling due within one year 8 103,717 63,050
NET CURRENT ASSETS 210,083 173,922
TOTAL ASSETS LESS CURRENT LIABILITIES 810,324 773,279

CREDITORS
Amounts falling due after more than one
year

9

(110,958

)

(110,960

)

PROVISIONS FOR LIABILITIES (5,016 ) (4,795 )
NET ASSETS 694,350 657,524

Hong Kong City Holdings Limited (Registered number: SC516681)

Balance Sheet - continued
31 July 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 13,875 13,875
Retained earnings 680,375 643,549
SHAREHOLDERS' FUNDS 694,350 657,524

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 1 November 2024 and were signed on its behalf by:





Mr T H T Chan - Director


Hong Kong City Holdings Limited (Registered number: SC516681)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Hong Kong City Holdings 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.

Preparation of consolidated financial statements
The financial statements contain information about Hong Kong City Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover and revenue recognition
Turnover is represented by rental income excluding value added tax and is recognised based on rent due in accordance with the respective rent agreement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on cost and 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value is recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent.

This is in accordance with FRS 102 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. The departure from the provisions of the Act is required in order to give a true and fair view.

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 with the relevant change in fair value.

Hong Kong City Holdings Limited (Registered number: SC516681)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Hong Kong City Holdings Limited (Registered number: SC516681)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023 1,862
Additions 1,829
At 31 July 2024 3,691
DEPRECIATION
At 1 August 2023 1,183
Charge for year 945
At 31 July 2024 2,128
NET BOOK VALUE
At 31 July 2024 1,563
At 31 July 2023 679

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 August 2023
and 31 July 2024 1
NET BOOK VALUE
At 31 July 2024 1
At 31 July 2023 1

Hong Kong City Holdings Limited (Registered number: SC516681)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023
and 31 July 2024 598,677
NET BOOK VALUE
At 31 July 2024 598,677
At 31 July 2023 598,677

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2021 18,500
Cost 580,177
598,677

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 580,177 580,177

The investment properties were valued on an open market basis by the director, who is not a professional valuer, on 31 July 2024.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 75,220 1,220
Other debtors 1,250 1,050
76,470 2,270

Hong Kong City Holdings Limited (Registered number: SC516681)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 1,094 2,049
Other creditors 102,623 61,001
103,717 63,050

The director's current accounts are unsecured, interest free and has no fixed repayment period.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 110,958 110,960

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 110,958 110,960

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 110,958 110,960

On 6 January 2020, a standard security was created in favour of The Mortgage Lender Limited over the property 13/1 Westfield Road, Edinburgh, EH11 2QS.

11. RESERVES
Fair
value
reserve
£   
At 1 August 2023
and 31 July 2024 13,875

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.