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Registered number: 11012549
POLY (UK) REAL ESTATE DEVELOPMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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REGISTERED NUMBER: 11012549
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POLY (UK) REAL ESTATE DEVELOPMENT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 6 form part of these financial statements.
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POLY (UK) REAL ESTATE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Poly (UK) Real Estate Development Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 5 New Street Square, London, United Kingdom, EC4A 3TW.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis.
The directors have considered future financial forecasts and the ability of the wider group to provide ongoing support. In making their going concern assessment, the directors have obtained written confirmation from their immediate parent company that it will provide financial support to the company for a period of at least twelve months from the date of approval of the financial statements to assist in meeting the company's liabilities as and when they fall due to the extent that it is not available from its existing resources. The directors are not aware of any reasons why this support would be withdrawn in the foreseeable future.
The directors have made enquiries as to the financial position and performance of Hengfu (Hong Kong) Developments Limited. As disclosed in the most recent financial statements, Hengfu (Hong Kong) Developments Limited has a solvent balance sheet and has sufficient cash reserves to finance the company. After making enquiries of the directors of Hengfu (Hong Kong) Developments Limited, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Revenue comprises management fee income to provide head office services to subsidiary undertakings and is recognised in the period in which the services are provided.
Revenue is recognised to the extent that is probable that the company will receive the consideration due under the contract and the amount of revenue can be measured reliably. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.
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POLY (UK) REAL ESTATE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
Investments in subsidiaries are measured at cost less accumulated impairment.
The group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the group becomes 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 group after deducting all of its liabilities.
The group’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow group companies 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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POLY (UK) REAL ESTATE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the group would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Ordinary shares are classified as equity.
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The average monthly number of employees, including directors, during the year was 5 (2023 - 4).
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POLY (UK) REAL ESTATE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The following were subsidiary undertakings of the company:
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Poly (UK) Real Estate Management Limited
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5 New Street Square, London, United Kingdom, EC4A 3TW
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5 New Street Square, London, United Kingdom, EC4A 3TW
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MBP Property Management Limited
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One, Fleet Place, London, United Kingdom, EC4M 7WS
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One, Fleet Place, London, United Kingdom, EC4M 7WS
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MBP Commercial and Retail Limited
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One, Fleet Place, London, United Kingdom, EC4M 7WS
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MBP Private Residential Limited
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One, Fleet Place, London, United Kingdom, EC4M 7WS
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to parent undertakings
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Other taxation and social security
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Amounts owed to parent undertakings are interest free, have no fixed repayment date and are repayable on demand.
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POLY (UK) REAL ESTATE DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £1 each
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The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.
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Related party transactions
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The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
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The immediate parent entity of Poly (UK) Real Estate Development Limited is Hengfu (Hong Kong) Developments Limited. These results are included in the financial statements of Hengfu (Hong Kong) Developments Limited (Address: Unit 2301, 23/F Mira Place Tower A 132, Nathan Road, Tsimshatshui, Hong Kong) which is the smallest group for which group financial statements are prepared.
Poly Developments and Holdings Group Co. Limited (Address: 30-33F North Tower Poly International Square Guangzhou, 510308 China) is the ultimate parent entity by virtue of its holding 100% of the share capital of Hengfu (Hong Kong) Developments Limited and is the largest group for which group financial statements are prepared.
In the opinion of the directors, there is no ultimate controlling party.
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 8 December 2025 by Heather Powell (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
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