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REGISTERED NUMBER: 06665536 (England and Wales)















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FAR EAST FACADE (UK) LIMITED

FAR EAST FACADE (UK) LIMITED (REGISTERED NUMBER: 06665536)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


FAR EAST FACADE (UK) LIMITED

COMPANY INFORMATION
for the Year Ended 31 DECEMBER 2023







DIRECTORS: S Y A Lau
H Wang
C Zhang





REGISTERED OFFICE: 5th Floor
65 London Wall
London
EC2M 5TU





REGISTERED NUMBER: 06665536 (England and Wales)





AUDITORS: Burnside
Chartered Accountants
and Statutory Auditor
61 Queen Square
Bristol
BS1 4JZ

FAR EAST FACADE (UK) LIMITED (REGISTERED NUMBER: 06665536)

REPORT OF THE DIRECTORS
for the Year Ended 31 DECEMBER 2023

The directors present their report with the financial statements of Far East Facade (UK) Limited (the 'Company') for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the Company in the year under review was that of the design and installation of structural property facades.

DIVIDENDS
No dividends will be distributed in respect of the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

S Y A Lau
H Wang
C Zhang

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

FAR EAST FACADE (UK) LIMITED (REGISTERED NUMBER: 06665536)

REPORT OF THE DIRECTORS
for the Year Ended 31 DECEMBER 2023


AUDITORS
The auditors, Burnside, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C Zhang - Director


20 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAR EAST FACADE (UK) LIMITED

Opinion
We have audited the financial statements of Far East Facade (UK) Limited (the 'Company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 December 2023 and of its profit 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 UK, including the FRC's Ethical Standard, and we 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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAR EAST FACADE (UK) LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAR EAST FACADE (UK) LIMITED


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

An understanding of the legal and regulatory framework applicable to the entity was obtained from management and those charged with governance of the entity, and the audit engagement team was confirmed to have the appropriate competence and capabilities to identify non-compliance with such a framework.

No significant instances of fraud, non-compliance with laws and regulations or other irregularities were communicated to the engagement team by management or those charged with governance, and no particular audit areas or legislation were identified that gave rise to any significant risks of material misstatement in respect of such irregularities.

Due to the size and nature of the entity, its susceptibility to material misstatement resulting from fraud, non-compliance with laws and regulations, or other irregularities is considered to be low, and the audit approach was appropriately planned so as to address this risk.

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 Report of the Auditors.

Use of our 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 2006. Our 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 a Report of the Auditors 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.




Steven Coombe FCA (Senior Statutory Auditor)
for and on behalf of Burnside
Chartered Accountants
and Statutory Auditor
61 Queen Square
Bristol
BS1 4JZ

20 September 2024

FAR EAST FACADE (UK) LIMITED (REGISTERED NUMBER: 06665536)

INCOME STATEMENT
for the Year Ended 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 8,394,679 8,592,265

Cost of sales 7,354,578 10,745,714
GROSS PROFIT/(LOSS) 1,040,101 (2,153,449 )

Administrative expenses 422,253 699,626
617,848 (2,853,075 )

Other operating income 4,152,631 -
OPERATING PROFIT/(LOSS) 4 4,770,479 (2,853,075 )

Interest receivable and similar income 3,285 3,488
PROFIT/(LOSS) BEFORE TAXATION 4,773,764 (2,849,587 )

Tax on profit/(loss) 5 - -
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

4,773,764

(2,849,587

)

FAR EAST FACADE (UK) LIMITED (REGISTERED NUMBER: 06665536)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 4,956 32,778

CURRENT ASSETS
Debtors 7 25,754,553 21,554,657
Cash at bank 287,244 153,177
26,041,797 21,707,834
CREDITORS
Amounts falling due within one year 8 34,124,054 34,591,677
NET CURRENT LIABILITIES (8,082,257 ) (12,883,843 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(8,077,301

)

(12,851,065

)

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings (8,077,302 ) (12,851,066 )
SHAREHOLDERS' FUNDS (8,077,301 ) (12,851,065 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





C Zhang - Director


FAR EAST FACADE (UK) LIMITED (REGISTERED NUMBER: 06665536)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1 (10,001,479 ) (10,001,478 )

Changes in equity
Total comprehensive income - (2,849,587 ) (2,849,587 )
Balance at 31 December 2022 1 (12,851,066 ) (12,851,065 )

Changes in equity
Total comprehensive income - 4,773,764 4,773,764
Balance at 31 December 2023 1 (8,077,302 ) (8,077,301 )

FAR EAST FACADE (UK) LIMITED (REGISTERED NUMBER: 06665536)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023

1. STATUTORY INFORMATION

Far East Facade (UK) Limited ('the Company') is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£).

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 20% to 50% on cost

Financial instruments
Financial assets and liabilities are recognised in the balance sheet when the Company becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of any direct issue costs.


FAR EAST FACADE (UK) LIMITED (REGISTERED NUMBER: 06665536)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

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.

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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future.

The Company made a profit for the year ended 31 December 2023 of £4,773,764 (2022 - loss £2,849,587), and had net liabilities at 31 December 2023 of £8,077,301 (2022 - £12,851,065). Therefore the validity of this assumption depends on the continuing financial support from the Company's parent undertaking and fellow group companies.

The parent undertaking, China State Construction Development Holdings Limited, has confirmed this financial support will continue to be provided for the foreseeable future, and that amounts owed to the parent and other group undertakings will only be repayable to the extent that funds allow.

The directors therefore consider that the going concern assumption remains appropriate.

FAR EAST FACADE (UK) LIMITED (REGISTERED NUMBER: 06665536)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 738,148 1,123,907
Social security costs 87,517 151,391
Other pension costs 6,656 9,585
832,321 1,284,883

The average number of employees during the year was as follows:
2023 2022

Administration 1 3
Project and design 8 11
9 14

2023 2022
£    £   
Directors' remuneration 164,785 150,845

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 38,903 66,172
Depreciation - owned assets 15,559 30,807
Profit on disposal of fixed assets (187 ) -
Auditors' remuneration 6,750 7,750
Auditors' remuneration for non audit work 1,250 1,250

5. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

FAR EAST FACADE (UK) LIMITED (REGISTERED NUMBER: 06665536)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

5. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit/(loss) before tax 4,773,764 (2,849,587 )
Profit/(loss) multiplied by the standard rate of corporation tax in
the UK of 23.520% (2022 - 19%)

1,122,789

(541,422

)

Effects of:
Expenses not deductible for tax purposes 1,419 2,738
Capital allowances in excess of depreciation - (213 )
Change in unrecognised tax losses carried forward (1,124,208 ) 538,897
Total tax charge - -

At 31 December 2023 the Company had tax losses available to offset future taxable profits totalling £7,666,101 (2022 - £12,473,526), and an unrecognised deferred tax asset totalling £1,915,399 (2022 - £2,363,864).

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 81,822 1,050 15,100 40,409 138,381
Disposals (45,897 ) - (15,100 ) - (60,997 )
At 31 December 2023 35,925 1,050 - 40,409 77,384
DEPRECIATION
At 1 January 2023 57,832 998 10,067 36,706 105,603
Charge for year 10,860 52 944 3,703 15,559
Eliminated on disposal (37,723 ) - (11,011 ) - (48,734 )
At 31 December 2023 30,969 1,050 - 40,409 72,428
NET BOOK VALUE
At 31 December 2023 4,956 - - - 4,956
At 31 December 2022 23,990 52 5,033 3,703 32,778

FAR EAST FACADE (UK) LIMITED (REGISTERED NUMBER: 06665536)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,381,429 6,224,042
Amounts owed by group undertakings 2,541,286 2,541,286
Other debtors 7,060,283 6,553,431
VAT recoverable 36,158 129,684
Prepayments and accrued income 13,735,397 6,106,214
25,754,553 21,554,657

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 543,024 993,197
Amounts owed to group undertakings 32,752,146 32,504,414
Social security and other taxes 19,684 -
Other creditors 2,998 1,715
Accruals and deferred income 806,202 1,092,351
34,124,054 34,591,677

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 27,375 27,375
Between one and five years 14,831 42,206
42,206 69,581

10. PROVISIONS FOR LIABILITIES

The deferred tax provision at 31 December 2023 comprised:

20232022
££
Capital allowances in excess of depreciation1,2396,228
Other timing differences(113)(122)
Tax losses carried forward(1,126)(6,106)
--

At 31 December 2023, in addition to the deferred tax asset recognised above, the Company had an unrecognised deferred tax asset totalling £1,915,399 (2022 - £2,363,864) in respect of tax losses carried forward and available to offset future taxable profits.

FAR EAST FACADE (UK) LIMITED (REGISTERED NUMBER: 06665536)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1.00 1 1

12. ULTIMATE PARENT COMPANY

China State Construction Engineering Corporation Limited (incorporated in People's Republic of
China) is regarded by the directors as being the Company's ultimate parent company.

The immediate parent undertaking is Far East Facade Investments Limited, a private limited company incorporated in the British Virgin Islands.

The smallest group to which the Company belongs and for which consolidated financial statements are prepared is headed by China State Construction Development Holdings Limited, a company incorporated in the Cayman Islands and listed on The Stock Exchange of Hong Kong.

The consolidated financial statements of China State Construction Development Holdings Limited can be obtained from:

16/F, Eight Commercial Tower
8 Sun Yip Street
Chai Wan
Hong Kong.