Company registration number 07635564 (England and Wales)
FAR EAST & CO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
FAR EAST & CO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
FAR EAST & CO LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
€
€
€
€
Fixed assets
Investments
5
2,883,238
3,437,369
Current assets
Debtors
6
9,206,475
5,098,280
Cash at bank and in hand
301,133
387,865
9,507,608
5,486,145
Creditors: amounts falling due within one year
7
(8,786,347)
(7,199,998)
Net current assets/(liabilities)
721,261
(1,713,853)
Total assets less current liabilities
3,604,499
1,723,516
Provisions for liabilities
(73,187)
(359,339)
Net assets
3,531,312
1,364,177
Capital and reserves
Called up share capital
8
22,500,000
17,000,000
Non-distributable profits reserve
9
292,745
1,437,355
Distributable profit and loss reserves
(19,261,433)
(17,073,178)
Total equity
3,531,312
1,364,177
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act relating to small companies.
The financial statements were approved and signed by the director and authorised for issue on 4 February 2025
J M Farrow
Director
Company registration number 07635564 (England and Wales)
FAR EAST & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Far East & Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ibex House, Baker Street, Weybridge, Surrey, KT13 8AH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.
The financial statements have been prepared under the historical cost convention modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The financial statements contain information about Far East & Co Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.
1.2
Going concern
The director has received written confirmation from the parent undertaking that it will provide financial and other support as may be required to permit the company to continue to meet its obligations as they fall due for a period of at least 12 months from the signing of these financial statements. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Other financial assets, including unlisted investments in equity instruments which are not subsidiaries, associates or joint ventures, are measured at fair value.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
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.
FAR EAST & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
FAR EAST & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
€
€
For audit services
Audit of the financial statements of the company
8,014
7,415
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
5
Fixed asset investments
2024
2023
€
€
Shares in group undertakings and participating interests
512,500
500
Other investments other than loans
2,370,738
3,436,869
2,883,238
3,437,369
Other investments other than loans have been valued based on the company's share of the underlying Net Assets of the companies invested by the fund. This is considered by the director to be a fair and equitable basis for calculating the value of the investment.
Deferred tax is calculated on the net fair value adjustment as at the end of the accounting period, in line with the accounting policy for deferred tax included in note 1.7.
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
€
€
€
Cost or valuation
At 1 May 2023
500
3,436,869
3,437,369
Additions
512,000
78,479
590,479
Valuation changes
-
(1,144,610)
(1,144,610)
At 30 April 2024
512,500
2,370,738
2,883,238
Carrying amount
At 30 April 2024
512,500
2,370,738
2,883,238
At 30 April 2023
500
3,436,869
3,437,369
FAR EAST & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
€
€
Amounts owed by group undertakings
9,182,730
5,073,037
Other debtors
23,745
25,243
9,206,475
5,098,280
The amounts due from the group undertakings of €9,182,730 include a loan of €21,072,954 (2023: €20,173,037) to the subsidiary entity FC Cube Limited, incorporated in Malta. This loan is interest free and repayable on demand, subject to the availability of liquid funds and is therefore classified as due within one year. The accounts for FC Cube Limited for the year end 31 December 2023 show insufficient liquid funds to be able to repay the loan if called upon. The company has made a further provision against this loan of €2,000,000 during the year. The brought forward provision is €15,100,000 made against this loan from the 30 April 2023 financial statements.
Also included are loans of €5,209,776 to the subsidiary entities FC 130 Limited and FC Cube France. The loans are repayable on demand and are therefore classified as due within one year. Interest charged on the loans in the year is €54,766 (2023: €Nil).
7
Creditors: amounts falling due within one year
2024
2023
€
€
Trade creditors
4,469
11,459
Amounts owed to group undertakings
8,763,998
7,180,555
Other creditors
17,880
7,984
8,786,347
7,199,998
Included within amounts due to group undertakings is a loan from the parent company Altitude SAS. The loan is repayable on demand and is therefore classified as due within one year. Interest charged on the loans in the year is €441,443 (2023: €176,098).
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
€
€
Issued and fully paid
Ordinary shares of €1 each
22,500,000
17,000,000
22,500,000
17,000,000
During the year, there were 5,500,000 ordinary shares of €1 each issued at par.
FAR EAST & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
9
Non-distributable profits reserve
2024
2023
€
€
At the beginning of the year
1,437,355
1,820,774
Non distributable profits in the year
(1,144,610)
(383,419)
At the end of the year
292,745
1,437,355
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Oliver Spevack
Statutory Auditor:
Hamlyns Limited
Date of audit report:
3 February 2025
11
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
€
€
Acquisition of tangible fixed assets
-
81,963
The company has made a commitment to invest $3,000,000 (2023: $3,000,000) into a fund for onward investment directly or indirectly into Asian companies having their principal place of business in China. As at the end of the period, the whole amount has been invested into the fund.
12
Events after the reporting date
On 24 July 2024, the Company completed the acquisition of €14,598,000 worth of shares in FC East 130, a group entity. This was funded by a €10,000,000 cash issue of shares in Far East & Co Ltd.
13
Parent company
The immediate parent company is Altitude SAS, a company incorporated in France whose registered office is 23 Rue de L'Arcade, Paris, 75008. Altitude SAS prepares consolidated accounts, but the results of the company are not included within this consolidation.