REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Period |
1 September 2022 to 31 December 2023 |
for |
JIAYI International Education Investment |
Group Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Period |
1 September 2022 to 31 December 2023 |
for |
JIAYI International Education Investment |
Group Limited |
JIAYI International Education Investment |
Group Limited (Registered number: 09764599) |
Contents of the Financial Statements |
For The Period 1 September 2022 to 31 December 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
JIAYI International Education Investment |
Group Limited (Registered number: 09764599) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
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. |
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 |
JIAYI International Education Investment |
Group Limited (Registered number: 09764599) |
Notes to the Financial Statements |
For The Period 1 September 2022 to 31 December 2023 |
1. | STATUTORY INFORMATION |
JIAYI International Education Investment Group Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements are prepared on a going concern basis, under the historical cost convention. The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are key to the financial statements are detailed below. |
Preparation of consolidated financial statements |
The financial statements contain information about JIAYI International Education Investment Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Tangible fixed assets |
- Computer equipment is depreciated using the straight line method over a period of 36 months. This is in line with the Company's parent company. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investments |
Unlisted investments are stated at fair value. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the year. |
Taxation |
Taxation for the period 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 period 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
JIAYI International Education Investment |
Group Limited (Registered number: 09764599) |
Notes to the Financial Statements - continued |
For The Period 1 September 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
Investments |
The most critical estimates, assumptions and judgements relate to the determination of carrying value of investments at fair value through the profit and loss account. The concept applied is that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an arms' length transaction. The nature, facts and circumstances of the investment drives the valuation methodology. |
Recoverability of debtors |
During the year the Directors of Jiayi International Education Investment Group Limited approved a loan to Annsprint Ltd for USD $400,000 as temporary funding support. This loan is interest free and was originally repayable by December 2023. However the repayment terms have been extended to December 2024. |
During the year the Directors of Jiayi International Education Investment Group Limited also approved a loan to iStep Learning Ltd for £620,000. £150,000 was repaid in December 2023 leaving a balance outstanding of £450,000 which is repayable by December 2024. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | AUDITORS' REMUNERATION |
Period |
1.9.22 |
to | Year Ended |
31.12.23 | 31.8.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
11,400 |
19,194 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 September 2022 |
and 31 December 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 August 2022 |
JIAYI International Education Investment |
Group Limited (Registered number: 09764599) |
Notes to the Financial Statements - continued |
For The Period 1 September 2022 to 31 December 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 September 2022 | 701,620 |
Additions | 7,995,803 |
Disposals | ( |
) | (2,886,655 | ) |
At 31 December 2023 | 5,810,768 |
NET BOOK VALUE |
At 31 December 2023 | 5,810,768 |
At 31 August 2022 | 701,620 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.8.22 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
During the year the Directors of Jiayi International Education Investment Group Limited approved a loan to Annsprint Ltd for USD $400,000 as temporary funding support. This loan is interest free and was originally repayable by December 2023. However the repayment terms have been extended to December 2024. |
During the year the Directors of Jiayi International Education Investment Group Limited also approved a loan to iStep Learning Ltd for £620,000. £150,000 was repaid in December 2023 leaving a balance outstanding of £450,000 which is repayable by December 2024. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.8.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
JIAYI International Education Investment |
Group Limited (Registered number: 09764599) |
Notes to the Financial Statements - continued |
For The Period 1 September 2022 to 31 December 2023 |
9. | RELATED PARTY DISCLOSURES |
Included in investments (note 8) are other investments amounting to £872,567, which are £150,006 in respect of shares acquired in Babbu Limited, £392,696 in respect of shares acquired in Chuxin Partners which is a US company and £329,865 in respect of investment in Songs International Trade Ltd, (31 August 2022: £50,002 in respect of shares in Babbu Limited). |
Also included in investments is £3,553,922 in respect of shares acquired in its subsidiaries, Cosydorm Limited and iStep Learning Ltd(31 August 2022: £651,618 in respect of Bambinos Limited and Cosydorm Ltd). |
As at 31 December 2023 £534,163 (31 August 2022: £2,498,892) was due to the group company Jiangsu Jiayi Education Technology Limited (note 10 included in 'amounts due to group undertakings'). This is made up of the net of £1,900,415 (31 August 2022: £242,207) due to Jiayi International Education Investment Group Limited for legal fees paid on behalf of Jiangsu Jiayi Education Technology Limited and the re-translated amount of £2,434,577 owed to Jiangsu Jiayi Education Technology Limited which relates to loans made in previous years (31 August 2022 £2,741,099). |
As at 31 December 2023 £1,728 (31 August 2022: £1,889) was due from each of the following companies; Jiayi Education Limited, XiaoBingWang Holding Ltd and the parent company Jiayi GreatBritain Ltd for legal fees the company paid on their behalf. These companies are all part of the group and were incorporated in the British Virgin Islands. |
As at 31 December 2023 £27,244 (31 August 2022: £544,881 was due from Jiayi Education Holdings Limited, the ultimate parent company. |
As at 31 December 2023 £114,087 (31 August 2022 £110,000) was due from Cosydorm Limited. |
As at 31 December 2023 £450,000 (31 August 2022 £Nil) was due from iStep Limited. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Jiayi Education Holdings Limited, a company incorporated in the Cayman Islands. |