Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31false2022-04-01falseNo description of principal activity00falsefalse 10662894 2022-04-01 2023-03-31 10662894 2021-04-01 2022-03-31 10662894 2023-03-31 10662894 2022-03-31 10662894 2021-04-01 10662894 c:CompanySecretary1 2022-04-01 2023-03-31 10662894 c:Director5 2022-04-01 2023-03-31 10662894 c:RegisteredOffice 2022-04-01 2023-03-31 10662894 d:CurrentFinancialInstruments 2023-03-31 10662894 d:CurrentFinancialInstruments 2022-03-31 10662894 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10662894 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10662894 d:CapitalRedemptionReserve 2023-03-31 10662894 d:CapitalRedemptionReserve 2022-03-31 10662894 d:CapitalRedemptionReserve 2021-04-01 10662894 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10662894 d:RetainedEarningsAccumulatedLosses 2023-03-31 10662894 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 10662894 d:RetainedEarningsAccumulatedLosses 2022-03-31 10662894 d:RetainedEarningsAccumulatedLosses 2021-04-01 10662894 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-04-01 2023-03-31 10662894 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 10662894 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-03-31 10662894 c:OrdinaryShareClass1 2022-04-01 2023-03-31 10662894 c:OrdinaryShareClass1 2023-03-31 10662894 c:OrdinaryShareClass1 2022-03-31 10662894 c:FRS102 2022-04-01 2023-03-31 10662894 c:Audited 2022-04-01 2023-03-31 10662894 c:FullAccounts 2022-04-01 2023-03-31 10662894 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10662894 d:RetirementBenefitObligationsDeferredTax 2023-03-31 10662894 d:RetirementBenefitObligationsDeferredTax 2022-03-31 10662894 e:USDollar 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10662894










SUN WISE (UK) CO., LTD










DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
SUN WISE (UK) CO., LTD
 
 
COMPANY INFORMATION


Director
Yiming Zhang 




Company secretary
Taylor Wessing Secretaries Limited



Registered number
10662894



Registered office
5 New Street Square

London

United Kingdom

EC4A 3TW




Independent auditors
Haysmacintyre LLP

London

United Kingdom

EC4R 1AG





 
SUN WISE (UK) CO., LTD
 

CONTENTS



Page
Director's Report
1 - 2
Independent Auditors' Report
3 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 18

 
SUN WISE (UK) CO., LTD
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The director presents his report and the financial statements for the period ended 31 March 2023.  

Director's responsibilities statement

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Director's Reports may differ from legislation in other jurisdictions.

Director

The director who served during the year was:

Yiming Zhang 

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsHaysmacintyre LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

 
SUN WISE (UK) CO., LTD
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 22 August 2024 and signed on its behalf.
 





................................................
Yiming Zhang
Director
for and on behalf of
Sun Wise (UK) CO., LTD
Page 2

 
SUN WISE (UK) CO., LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUN WISE (UK) CO., LTD
 

Opinion


We have audited the financial statements of Sun Wise (UK) Co., Ltd (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and  have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Emphasis of matter - financial statements prepared on a basis other than going concern


We draw attention to note 2.2 to the financial statements which explains that the director intends to liquidate the company and therefore does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 2.2.


Our opinion is not modified in respect of this matter.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 3

 
SUN WISE (UK) CO., LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUN WISE (UK) CO., LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.



Opinion on other matters prescribed by the Companies Act 2006
 

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:


the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
 

We
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made     ; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.


Page 4

 
SUN WISE (UK) CO., LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUN WISE (UK) CO., LTD (CONTINUED)


Responsibilities of the director
 

As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
SUN WISE (UK) CO., LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUN WISE (UK) CO., LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
Based on our understanding of the company, we have identified the principal risks of no ncompliance with laws and regulations, and we have considered the extent to which non-compliance might have a material effect on the financial statements.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
-Inspecting correspondence with tax authorities;
-Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
-Evaluating management’s controls designed to prevent and detect irregularities;
-Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
-Challenging assumptions and judgements made by management in their critical accounting estimates


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 6

 
SUN WISE (UK) CO., LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SUN WISE (UK) CO., LTD (CONTINUED)


Use of  report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Christopher Cork (Senior Statutory Auditor)
for and on behalf of
Haysmacintyre LLP
10 Queen Street Place
London
United Kingdom
EC4R 1AG

22 August 2024
Page 7

 
SUN WISE (UK) CO., LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
$000
$000

  

Administrative expenses
  
(75)
(127)

Operating loss
  
(75)
(127)

Fair value adjustments
  
(8,169)
15,412

Interest payable and similar expenses
  
(194)
(163)

(Loss)/profit before tax
  
(8,438)
15,122

Tax on (loss)/profit
  
762
(3,236)

(Loss)/profit for the financial year
  
(7,676)
11,886

The notes on pages 11 to 18 form part of these financial statements.
Page 8

 
SUN WISE (UK) CO., LTD
REGISTERED NUMBER: 10662894

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
$000
$000

  

Current assets
  

Debtors: amounts falling due within one year
 5 
71,220
128,990

Current asset investments
 6 
38,146
46,316

Cash at bank and in hand
 7 
1,705
-

  
111,071
175,306

Creditors: amounts falling due within one year
 8 
(16,800)
(72,791)

Net current assets
  
 
 
94,271
 
 
102,515

Total assets less current liabilities
  
94,271
102,515

Provisions for liabilities
  

Deferred tax
 9 
(5,959)
(6,721)

Other provisions
 10 
(8,502)
(8,308)

  
 
 
(14,461)
 
 
(15,029)

Net assets
  
79,810
87,486


Capital and reserves
  

Capital redemption reserve
  
10,000
10,000

Profit and loss account
  
69,810
77,486

  
79,810
87,486


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 were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.




Yiming Zhang
Director

The notes on pages 11 to 18 form part of these financial statements.
Page 9

 
SUN WISE (UK) CO., LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Capital redemption reserve
Profit and loss account
Total equity

$000
$000
$000


At 1 April 2021
10,000
65,600
75,600



Profit for the year
-
11,886
11,886



At 1 April 2022
10,000
77,486
87,486



Loss for the year
-
(7,676)
(7,676)


At 31 March 2023
10,000
69,810
79,810


The notes on pages 11 to 18 form part of these financial statements.
Page 10

 
SUN WISE (UK) CO., LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Sun Wise (UK) Co., Ltd is a private company limited by shares, registered in England and Wales. The company's registered number is 10662894 and registered office address is 5 New Street Square, London, United Kingdom, EC4A 3TW. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

 
2.2

Going concern

Subsequent to the reporting date, the Director has made the decision to realise the Company's remaining investment within a foreseeable timeframe and settle its outstanding liabilities accordingly. Following this it is the Director's intention to liquidate the Company. The Director therefore believes it is no longer appropriate to prepare the financial statements on a going concern basis.
The financial statements have been prepared on a basis other than that of going concern which includes assessing the net realisable value of the assets of the company.
The financial statements do not include any provision for the future costs of terminating the business except to the extent that such costs were committed at the balance sheet date. All assets and liabilities have been disclosed as due within one year.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.4

Valuation of investments

In accordance with Section 14 of FRS 102, as the Company is not a parent entity and does not prepare consolidated financial statements, investments in associates are held at their fair value.
Investments in listed company shares are remeasured to fair value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in profit or loss for the period. 

Page 11

 
SUN WISE (UK) CO., LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial
Page 12

 
SUN WISE (UK) CO., LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are
Page 13

 
SUN WISE (UK) CO., LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Provisions
As outlined in note 10, provisions made in respect of witholding tax obligations are subject to the application of judgement by the Director. In making an assessment of the appropriate provision to make and whether such provisions can be reliably estimate, reference is made to relevent professional advise which incorporates the interpretation of tax legislation prevailing at the reporting date. Any settlement of the balance may materially differ from the amount provided for at the balance sheet date.
Deferred taxation
Deferred taxation is provided for on chargeable gains at the prevailing rates and tax laws expected to apply to the timing differences to which they relate. The application of relevant tax legislation in relation to the Company's investment holding is complex and therefore judgement is required by the Directors in making an appropriate provision. 

Page 14

 
SUN WISE (UK) CO., LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Employees

The Company had no employees other than the directors, who did not receive any remuneration (2022 - $NIL).


5.


Debtors

2023
2022
$000
$000


Amounts owed by group undertakings
71,220
-

Other debtors
-
68,217

Tax recoverable
-
60,773

71,220
128,990



6.


Current asset investments

2023
2022
$000
$000

Listed investments
38,146
46,316

38,146
46,316


2023
2022
$000
$000


Opening fair value
46,316
30,904

Gain on remeasurement to fair value
(8,169)
15,412

Fair value
38,147
46,316





7.


Cash and cash equivalents

2023
2022
$000
$000

Cash at bank and in hand
1,705
-

1,705
-


Page 15

 
SUN WISE (UK) CO., LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
2022
$000
$000

Amounts owed to group undertakings
16,800
72,543

Accruals
-
248

16,800
72,791



9.


Deferred taxation




2023


$000






At beginning of year
(6,721)


Charged to profit or loss
762



At end of year
(5,959)

The provision for deferred taxation is made up as follows:

2023
2022
$000
$000


Unrealised gains on listed investment
(5,959)
(6,721)

(5,959)
(6,721)

Page 16

 
SUN WISE (UK) CO., LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Provisions




Provisions

$000





At 1 April 2022
8,308


Charged to profit or loss
194



At 31 March 2023
8,502

As at 31 March 2023, the Company recognised a provision of $8.5m in respect of withholding tax obligations in relation to interest payments made on loans. The provision is based on the Director’s assessment of whether it is probable that such a liability has arisen in respect of a past event (i.e. the payment of accrued interest). 
The recognition of this provision represents an area of significant judgement and the Director notes that while it is considered probable a tax obligation has arisen, it remains uncertain whether a cash outflow or similar payment will ultimately arise. 
The provision recognised at 31 March 2023 represents the Director’s best estimate of the probable liability, which has been derived with reference to advice from appropriate experts.

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SUN WISE (UK) CO., LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Share capital

2023
2022
$000
$000
Allotted, called up and fully paid



200 (2022 - 200) ordinary shares of £1.00 each
-
-










12.


Related party transactions

At 31 March 2023 the Company owed $16.8m (2022: $Nil) to CMI Financial Holding Corporation, the ordinary shareholder of the company and immediate parent entity. The balance is interest free and repayable on demand.
At 31 March 2023 the Company owed $Nil to Sun Wise Oriented (HK) Co., Ltd, a fellow group member.
At 31 March 2023, the Company was owed $71,220,000 (2022: $Nil) from Boom Up  Investments Ltd, a fellow group member.


13.


Controlling party

The immediate parent undertaking is CMI Financial Holding Corporation, a Company registered in British Virgin Islands. The directors consider there to be no single ultimate controlling party. 

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