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REGISTERED NUMBER: 09366159 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

HISEAS INTERNATIONAL (BRITISH) LIMITED

HISEAS INTERNATIONAL (BRITISH) LIMITED (Registered number: 09366159)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HISEAS INTERNATIONAL (BRITISH) LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTOR: W WANG





REGISTERED OFFICE: 30 MOORGATE
OFFICE 406
LONDON
EC2R 6PJ





REGISTERED NUMBER: 09366159 (England and Wales)






HISEAS INTERNATIONAL (BRITISH) LIMITED (Registered number: 09366159)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 112,955 114,097
112,955 114,097

CURRENT ASSETS
Debtors 6 11,796 6
Cash at bank and in hand 14,616 6,773
26,412 6,779
CREDITORS
Amounts falling due within one
year

7

394,339

410,598
NET CURRENT LIABILITIES (367,927 ) (403,819 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(254,972

)

(289,722

)

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 9 (254,973 ) (289,723 )
SHAREHOLDERS' FUNDS (254,972 ) (289,722 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2024 and were signed by:





W WANG - Director


HISEAS INTERNATIONAL (BRITISH) LIMITED (Registered number: 09366159)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

HISEAS INTERNATIONAL (BRITISH) LIMITED 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.

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

The directors have obtained confirmation that the parent company Hiseas International Travel Services Sichuan Co Lifted, will continue, as far as they are able to provide financial support for the company which will enable it to continue its activities for the foreseeable future. As a result, the directors believe that the company will remain financially viable and therefore that it is appropriated that these financial statement are prepared on a going concern basis. This basis of preparation assumes that the company will continue in operational existence for a period of al least twelve months from the date of approval of these financial statement, the validity of which depends on Hiseas International Travel Services Sichuan Co Limited being able to profide ongoing support to Hiseas International (British) Limited as required. The financial statements do not include any adjustments that might arise if the going concern basis is not appropriate.

After renewing the company's forecast and projections, the directors have arrangeable expectation that the company have adequate resource's to continue in operational existence for the foreseeable future.The company wherefore continues to adapt a going concern basis in preparing the financial statements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

HISEAS INTERNATIONAL (BRITISH) LIMITED (Registered number: 09366159)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets

The company classifies all of its financial assets as loans and receivables. Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of contractual monetary asset. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.

Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the company will be unable to collect all of the amounts due under the terms receivable, the amount of such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For trade receivables, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the statement of comprehensive income. On confirmation that the trade receivable will not be collected, the gross carrying value of the asset is written off against the associated provision.
Financial liabilities

The company classifies all of its financial liabilities as liabilities at amortised cost.

Financial instruments

At amortised cost

Financial liabilities at amortised cost including bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried into the statement of financial position.

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.


HISEAS INTERNATIONAL (BRITISH) LIMITED (Registered number: 09366159)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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 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.

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 armories cost using the effective interest method, less any impairment.

Foreign currencies
Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate.Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the settlement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs.' All other foreign exchange gains and losses are presented in the statement of comprehensive income within 'other recreating income'.

Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

HISEAS INTERNATIONAL (BRITISH) LIMITED (Registered number: 09366159)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - NIL ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 685
DEPRECIATION
At 1 January 2023
and 31 December 2023 685
NET BOOK VALUE
At 31 December 2023 -

5. FIXED ASSET INVESTMENTS
Investmen
in
subsidiar
companies
£   
COST
At 1 January 2023 114,097
Impairments (1,142 )
At 31 December 2023 112,955
NET BOOK VALUE
At 31 December 2023 112,955
At 31 December 2022 114,097

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Hiseas international GmbH
Registered office: Switzerland
Nature of business: Tourist service
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 102,163,899 9,558,211
(Loss)/profit for the year (1,479,980 ) 420,106

Dolphin S.R.O
Registered office: Slovakia
Nature of business: Tourist service
%
Class of shares: holding
Ordinary 95.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 740,952 2,980,168
Loss for the year (2,143,744 ) (97,187 )

HISEAS INTERNATIONAL (BRITISH) LIMITED (Registered number: 09366159)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS - continued

Continental Tours Limited
Registered office: The Republic of Croatia
Nature of business: Tourist service
%
Class of shares: holding
Ordinary Share Capital 65.00
23.2.23 31.12.22
£    £   
Aggregate capital and reserves - 1,326
Profit for the year - 1,050

Hiseas international GmbH
Registered office: Frankfurt
Nature of business: Tourist service
%
Class of shares: holding
Ordinary Shares 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 3,358,630 81,332
Loss for the year (166,287 ) (9,480 )

Hisam
Registered office: USA
Nature of business: travel service
%
Class of shares: holding
Ordinary Share Capital 70.00
31.12.23
£   
Aggregate capital and reserves 6,943,958
Profit for the year 35,782

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 11,543 6
Prepayments and accrued income 253 -
11,796 6

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Tax - 781
Social security and other
taxes

877

-
Other creditors 11,328 4,150
Amounts owed to group
undertakings 382,134 403,747
Accrued expenses - 1,920
394,339 410,598

HISEAS INTERNATIONAL (BRITISH) LIMITED (Registered number: 09366159)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1 Ordinary Share Capital £1 1 1

9. RESERVES
Retained
earnings
£   

At 1 January 2023 (289,723 )
Profit for the year 34,750
At 31 December 2023 (254,973 )