Silverfin false false 31/07/2024 01/08/2023 31/07/2024 W T J Chan 07/07/2020 T J Chao 07/07/2020 M K Cheng 26/07/2021 15 April 2025 The principal activity of the company continued to be that of providing community support services. 12726075 2024-07-31 12726075 bus:Director1 2024-07-31 12726075 bus:Director2 2024-07-31 12726075 bus:Director3 2024-07-31 12726075 2023-07-31 12726075 core:CurrentFinancialInstruments 2024-07-31 12726075 core:CurrentFinancialInstruments 2023-07-31 12726075 core:RetainedEarningsAccumulatedLosses 2024-07-31 12726075 core:RetainedEarningsAccumulatedLosses 2023-07-31 12726075 core:OtherPropertyPlantEquipment 2023-07-31 12726075 core:OtherPropertyPlantEquipment 2024-07-31 12726075 2023-08-01 2024-07-31 12726075 bus:FilletedAccounts 2023-08-01 2024-07-31 12726075 bus:SmallEntities 2023-08-01 2024-07-31 12726075 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 12726075 bus:CompanyLimitedByGuarantee 2023-08-01 2024-07-31 12726075 bus:Director1 2023-08-01 2024-07-31 12726075 bus:Director2 2023-08-01 2024-07-31 12726075 bus:Director3 2023-08-01 2024-07-31 12726075 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-08-01 2024-07-31 12726075 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 12726075 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Company No: 12726075 (England and Wales)

HONGKONGERS IN BRITAIN COMPANY LIMITED

(A COMPANY LIMITED BY GUARANTEE)

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH THE REGISTRAR

HONGKONGERS IN BRITAIN COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024

Contents

HONGKONGERS IN BRITAIN COMPANY LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
HONGKONGERS IN BRITAIN COMPANY LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
DIRECTORS W T J Chan
T J Chao
M K Cheng
REGISTERED OFFICE 1 Coral Street
Waterloo
London
SE1 7BE
United Kingdom
COMPANY NUMBER 12726075 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
264 Banbury Road
Oxford
OX2 7DY
United Kingdom
HONGKONGERS IN BRITAIN COMPANY LIMITED

BALANCE SHEET

AS AT 31 JULY 2024
HONGKONGERS IN BRITAIN COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 31 JULY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,473 1,506
1,473 1,506
Current assets
Debtors 5 3,558 2,029
Cash at bank and in hand 78,609 363,238
82,167 365,267
Creditors: amounts falling due within one year 6 ( 56,940) ( 326,422)
Net current assets 25,227 38,845
Total assets less current liabilities 26,700 40,351
Net assets 26,700 40,351
Reserves
Retained earnings 26,700 40,351
Total reserves 26,700 40,351

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Hongkongers in Britain Company Limited (registered number: 12726075) were approved and authorised for issue by the Board of Directors on 15 April 2025. They were signed on its behalf by:

W T J Chan
Director
M K Cheng
Director
T J Chao
Director
HONGKONGERS IN BRITAIN COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
HONGKONGERS IN BRITAIN COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hongkongers in Britain Company Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Coral Street, Waterloo, London, SE1 7BE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Income and expenses are included in the financial statements as they become receivable or due.

Expenses include VAT where applicable as the company cannot reclaim it.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line
15 % reducing balance

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 7

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 August 2023 2,026 2,026
Additions 389 389
At 31 July 2024 2,415 2,415
Accumulated depreciation
At 01 August 2023 520 520
Charge for the financial year 422 422
At 31 July 2024 942 942
Net book value
At 31 July 2024 1,473 1,473
At 31 July 2023 1,506 1,506

5. Debtors

2024 2023
£ £
Trade debtors 1,199 0
Other debtors 2,359 2,029
3,558 2,029

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 41,472 259,767
Other creditors 15,468 66,655
56,940 326,422

7. Liability of members

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

8. Related party transactions

Transactions with the entity's directors

During the year, a director of the company, made a donation of £4,640 (2023: £4,000) to fund a specific project. This donation was made on a voluntary basis, with no expectation of repayment. The transaction was not conducted on normal commercial terms but reflects the director's support of the company's activities.