REGISTERED NUMBER: |
Financial Statements for the Year Ended 29 November 2023 |
for |
Jiefang Media (UK) Co. Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 29 November 2023 |
for |
Jiefang Media (UK) Co. Limited |
Jiefang Media (UK) Co. Limited (Registered number: 05943518) |
Contents of the Financial Statements |
for the Year Ended 29 November 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Jiefang Media (UK) Co. Limited |
Company Information |
for the Year Ended 29 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
9 St Clare Street |
London |
EC3N 1LQ |
Jiefang Media (UK) Co. Limited (Registered number: 05943518) |
Statement of Financial Position |
29 November 2023 |
29.11.23 | 29.11.22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
Jiefang Media (UK) Co. Limited (Registered number: 05943518) |
Notes to the Financial Statements |
for the Year Ended 29 November 2023 |
1. | STATUTORY INFORMATION |
Jiefang Media (UK) Co. Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company incurred a loss before tax of £225,497 (2022: Profit £909,297) during the year. The company meets its day to day working capital requirements through its bank reserve and financial support from its ultimate parent company. The directors concluded that the company has adequate resources to continue in operational existence for the next 12 months from the date of signing these financial statements. The financial statements are therefore prepared on a going concern basis. |
Valuation of investments |
Unlisted Investments include convertible bonds which were purchased with the intention of holding to maturity, and are stated at amortised cost less impairment. The amortised cost is 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 Income Statement. While the bonds issuer was trading, the directors considered that it was not practical to make a reliable estimate of the fair value of the bonds at previous period ends. |
Investments in listed company shares are stated at historical cost less impairment. The directors consider that significant fluctuation in the share price might have a significant but temporary impact on the Company’s net assets, and that accounting for such volatility would not best represent the Company's state of affairs. Accordingly, the directors have adopted what they consider to be a more prudent approach by reflecting investments in the financial statement at the balance sheet date on the cost rather than the fair value basis. |
FRS102 requires that both of these financial instruments should be accounted for on the basis "fair value through profit and loss" unless the fair value cannot be reliably estimated in which case "amortised cost less impairment " is the required basis of accounting. |
Jiefang Media (UK) Co. Limited (Registered number: 05943518) |
Notes to the Financial Statements - continued |
for the Year Ended 29 November 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Financial instruments are recognised in the company's balance sheet 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 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. |
Classification of financial liabilities |
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. |
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. |
Share capital |
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. |
The company's ordinary shares are classified as equity instruments. |
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. |
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 statement of financial position date. |
Jiefang Media (UK) Co. Limited (Registered number: 05943518) |
Notes to the Financial Statements - continued |
for the Year Ended 29 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Other Investments |
COST | £ |
At 30 November 2022 and 29 November 2023 | 20,835,388 |
IMPAIRMENT |
At 30 November 2022 and 29 November 2023 | 20,835,388 |
NET BOOK VALUE |
At 29 November 2023 | - |
At 29 November 2022 | - |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.11.23 | 29.11.22 |
£ | £ |
Amounts owed by group undertakings |
Included in the amount owed by group undertakings, there is a loan of £33,095,209 (2022: £34,991,040) and accrued interest of £2,188,353 (2022: £2,316,958) on the loan.The movement is purely related to foreign exchange gain. The loan is unsecured and was amended to be interest free and repayable on demand following the loan amendment in 2023. |
Jiefang Media (UK) Co. Limited (Registered number: 05943518) |
Notes to the Financial Statements - continued |
for the Year Ended 29 November 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.11.23 | 29.11.22 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
Included in the amounts owed to group undertakings, the amounts of £4,697,039 (2022: £5,412,335) represent expenses paid by group undertakings on behalf of the company. The balances are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
Included in the amounts owed to group undertakings, there is a loan of £26,711,305 (2022: £28,221,593) and accrued interest of £5,833,347 (2022: £6,176,076). The movement is purely related to foreign exchange loss.The loan is unsecured, interest free and is repayable on demand. |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
9. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Shanghai Xinhua Distribution Group Co., Limited, a state owned company registered in P. R. China. |
There is no one controlling party. |