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Hong Kong City Holdings Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 July 2019 |
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REGISTERED NUMBER:
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Hong Kong City Holdings Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 July 2019 |
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Hong Kong City Holdings Limited (Registered number: SC516681) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Hong Kong City Holdings Limited |
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Company Information |
for the Year Ended 31 July 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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9 Ainslie Place |
Edinburgh |
Midlothian |
EH3 6AT |
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BANKERS: |
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Perth Chief Office |
12 Dunkeld Road |
Perth |
PH1 5RB |
Hong Kong City Holdings Limited (Registered number: SC516681) |
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Balance Sheet |
31 July 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Hong Kong City Holdings Limited (Registered number: SC516681) |
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Balance Sheet - continued |
31 July 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
on its behalf by: |
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Hong Kong City Holdings Limited (Registered number: SC516681) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2019 |
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1. | STATUTORY INFORMATION |
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Hong Kong City Holdings Limited is a
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company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is represented by rental income excluding value added tax and is recognised based on rent |
due in accordance with the respective rent agreement. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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. |
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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. |
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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. |
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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. |
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All loans with related parties are all repayable on demand. |
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Hong Kong City Holdings Limited (Registered number: SC516681) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 August 2018 |
and 31 July 2019 |
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NET BOOK VALUE |
At 31 July 2019 |
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At 31 July 2018 |
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Hong Kong City Holdings Limited (Registered number: SC516681) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2018 |
and 31 July 2019 |
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NET BOOK VALUE |
At 31 July 2019 |
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At 31 July 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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The directors' current accounts are unsecured, interest free and has no fixed term of repayment. |