Registered number |
eBaoTech (UK) Limited | |
Report and accounts | |
Contents | |
Page | |
Company information | 1 |
Directors' report | 2-3 |
Independent auditor's report | 4-6 |
Profit and loss account | 7 |
Balance sheet | 8 |
Statement of changes in equity | 9 |
Notes to the accounts | 10-13 |
Company Information |
Directors |
Auditors |
CK Partnership Ltd |
1 Old Court Mews |
311 Chase Road |
London |
N14 6JS |
Registered office |
Suite 1, 1 Old Court Mews |
311 Chase Road |
London |
N14 6JS |
Registered number |
Registered number: | |||||||
Directors' Report | |||||||
The directors present their report and accounts for the year ended |
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Principal activities | |||||||
Directors | |||||||
The following persons served as directors during the year: | |||||||
Political donations | |||||||
Directors' responsibilities |
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. | |||||||
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts 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 accounts, the directors are required to: | |||||||
● | select suitable accounting policies and then apply them consistently; | ||||||
● | make judgements and estimates that are reasonable and prudent; | ||||||
● | prepare the accounts 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 accounts 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. |
Disclosure of information to auditors |
Each person who was a director at the time this report was approved confirms that: | |||||||
● | so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and | ||||||
● | he 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 auditor is aware of that information. |
Limitation of liability | |||||||
The company has entered into a liability limitation agreement with its auditor, dated 4 November 2021. The limitation of liability in respect of the audit is £8,000. The limitation of liability in respect of all other services provided is £1,500. |
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Going concern | |||||||
The financial statements have been prepared on a going concern basis which the directors consider appropriate. See note 1 for further details. |
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Small company provisions | |||||||
This report was approved by the board on |
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Y Mo | |||||||
Director | |||||||
eBaoTech (UK) Limited | ||
Independent auditor's report | ||
to the member of eBaoTech (UK) Limited | ||
Opinion |
We have audited the accounts of eBaoTech (UK) Limited (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, including 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 the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). | ||
In our opinion the accounts: | ||
● | 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; | |
● | 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 Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out below, 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. | ||
In accordance with the exemption provided by FRC's Ethical Standard - Provisions Available for Audits of Small Entities, we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts. | ||
Conclusions relating to going concern | ||
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts 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 accounts 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 other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the accounts 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 accounts 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 accounts 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. | ||
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 directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and | |
● | the directors’ report 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 directors’ 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 accounts 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 accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
Responsibilities of directors | ||
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. | ||
In preparing the accounts, 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. | ||
Auditor’s responsibilities for the audit of the accounts | ||
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 accounts. | ||
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 are procedures are capable of detecting irregularities, including fraud is detailed below: |
Our assessment focused on key laws and regulations the entity has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, UK GAAP and relevant tax legislation. | ||
We are not responsible for preventing irregularities. Our approach to detect irregularity included, but was not limited to, the following: - obtaining an understanding of the legal and regulatory framework applicable to the company and how the company is complying with that framework; - obtaining an understanding of the company's policies and procedures and how the company has complied with these, through discussions and walkthrough testing; - obtaining an understanding of the company's risk assessment process, including the risk of fraud; - enquiring of management as to actual and potential fraud, litigation and claims; - designing our audit procedures to respond to our risk assessment; - performing audit testing over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business; - assessing whether judgements and assumptions made in determining the accounting estimates, were indicative of potential bias; and - performing analytical procedures to identify any large, unusual or unexpected relationships. Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error. 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 accounts is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. | ||
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 an auditor's 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. | ||
(Senior Statutory Auditor) | 1 Old Court Mews | |
for and on behalf of | 311 Chase Road | |
Statutory Auditor | London | |
N14 6JS | ||
Profit and Loss Account | ||||||||
for the year ended |
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2023 | 2022 | |||||||
£ | £ | |||||||
Turnover | - | |||||||
Administrative expenses | ( |
( |
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Operating profit/(loss) | ( |
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Profit/(loss) before taxation | ( |
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Tax on profit/(loss) | - | - | ||||||
Profit/(loss) for the financial year | ( |
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Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Current assets | |||||||
Debtors | 5 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 6 | ( |
( |
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Net current liabilities | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
( |
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Shareholder's funds | ( |
( |
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Y Mo | |||||||
Director | |||||||
Approved by the board on |
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Statement of Changes in Equity | ||||||||||
for the year ended |
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Share | Share | Re- | Profit | Total | ||||||
capital | premium | valuation | and loss | |||||||
reserve | account | |||||||||
£ | £ | £ | £ | £ | ||||||
At 1 January 2022 | - | - | ( |
( |
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Loss for the financial year | (123,082) | (123,082) | ||||||||
At 31 December 2022 | 100 | - | - | (1,076,831) | (1,076,731) | |||||
At 1 January 2023 | - | - | ( |
( |
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Profit for the financial year | ||||||||||
At 31 December 2023 | - | - | ( |
( |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
2 | Going concern | |||||||
"The accounts have been prepared on the going concern basis despite the company's net liabilities position of £1,047,176 (2022 - net liabilities £1,076,731) and of its recorded profit/(loss) for the year of profit £29,555 (2022 - loss £123,082). The company is reliant on continued support from its parent company ebaoTech International Pte. Ltd., who has undertaken to provide continued support for at least 12 months from the date of signing these accounts. The parent company has also confirmed that it will not call on the debts due to them until the company can afford repayment and not within the next 12 month unless it is financially viable to do so. The fellow subsidiaries to which balances are owed as at 31 December 2023 (eBaoTech Corporation and eBaoTech (Europe) AG) have also confirmed that they will not call on the debts due to them until the company can afford repayment and not within the next 12 months unless it is financially viable to do so. At the time of signing these accounts, the directors have considered the effect of the going concern position, and consider that this does indicate that the company will continue to trade for a period of at least 12 months from the date of signing these accounts due to the support available to it. The financial forecasts prepared by the directors show that the company will be able to operate within the facilities available to it. On that basis, the directors have prepared these financial statements on a going concern basis." |
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Turnover | ||||||||
Debtors | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Provisions | ||||||||
Foreign currency translation | ||||||||
Operating leases | ||||||||
3 | Audit information | |||||||
The audit report is unqualified. | ||||||||
Senior statutory auditor: | ||||||||
Firm: | ||||||||
Date of audit report: | ||||||||
4 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
Number of employees represent the 2 directors of the company and 1 staff member. The directors did not receive any remuneration in either of the last 2 years. | ||||||||
5 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | - | |||||||
Other debtors | 3,546 | 943 | ||||||
Prepayments and accrued income | ||||||||
6 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Amounts owed to group undertakings | ||||||||
Taxation and social security costs | ||||||||
Accruals | ||||||||
Amounts owed to group undertakings are interest free and repayable on demand. See note 2 for further terms of these amounts. | ||||||||
7 | Other financial commitments | 2023 | 2022 | |||||
£ | £ | |||||||
Total future minimum payments under non-cancellable operating leases | ||||||||
8 | Related party transactions | |||||||
9 | Controlling party | |||||||
The ultimate parent undertaking and the largest group for which group accounts are prepared is eBao Corporation, a company incorporated in the Cayman Islands. |
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10 | Other information | |||||||
eBaoTech (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Suite 1, 1 Old Court Mews | ||||||||
311 Chase Road | ||||||||
London | ||||||||
N14 6JS |