Company registration number 10662894 (England and Wales)
SUN WISE (UK) CO., LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SUN WISE (UK) CO., LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
SUN WISE (UK) CO., LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
$000
$000
$000
$000
Current assets
Debtors
4
72,740
71,220
Investments
5
34,973
38,146
Cash at bank and in hand
124
1,705
107,837
111,071
Creditors: amounts falling due within one year
6
(17,100)
(16,800)
Net current assets
90,737
94,271
Provisions for liabilities
7
(14,539)
(14,461)
Net assets
76,198
79,810
Capital and reserves
Called up share capital
-
0
-
0
Capital redemption reserve
10,000
10,000
Profit and loss reserves
66,198
69,810
Total equity
76,198
79,810

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 21 March 2025
Mr Y Zhang
Director
Company registration number 10662894 (England and Wales)
SUN WISE (UK) CO., LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Sun Wise (UK) Co., Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 New Street Square, London, EC4A 3TW.

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 US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $000.

The financial statements have been prepared under the historical cost convention, except for certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Subsequent to the reporting date, the Director has made the decision to realise the Company's remaining investment within a foreseeable timeframe and settle its outstanding liabilities accordingly. Following this it is the Director's intention to liquidate the Company. The Director therefore believes it is no longer appropriate to prepare the financial statements on a going concern basis.

 

The financial statements have been prepared on a basis other than that of going concern which includes assessing the net realisable value of the assets of the company. The financial statements do not include any provision for the future costs of terminating the business except to the extent that such costs were committed at the balance sheet date. All assets and liabilities have been disclosed as due within one year.

1.3
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.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

SUN WISE (UK) CO., LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
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.

1.6
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.

SUN WISE (UK) CO., LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.8

Valuation of investments

In accordance with Section 14 of FRS 102, as the Company is not a parent entity and does not prepare consolidated financial statements, investments in associates are held at their fair value.

 

Investments in listed company shares are remeasured to fair value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2
Judgements and key sources of estimation uncertainty

Provisions

 

As outlined in note 9, the provisions for withholding tax obligations are determined based on the Director's judgment. In assessing the appropriate provision and whether it can be reliably estimated, relevant professional advice is consulted, which includes an interpretation of the tax laws in effect at the reporting date. The final settlement of the amount may differ materially from the provision recorded at the balance sheet date.

 

Deferred taxation

 

Deferred taxation is recognized on chargeable gains based on the prevailing tax rates and laws expected to apply to the timing differences involved. Given the complexity of the relevant tax legislation concerning the Company's investment holdings, the Directors must exercise judgment in determining the appropriate provision.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
4
Debtors
2024
2023
Amounts falling due within one year:
$000
$000
Amounts owed by group undertakings
72,740
71,220
SUN WISE (UK) CO., LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Current asset investments
2024
2023
$000
$000
Other investments
34,973
38,146
6
Creditors: amounts falling due within one year
2024
2023
$000
$000
Amounts owed to group undertakings
16,928
16,800
Other creditors
172
-
0
17,100
16,800
7
Provisions for liabilities
2024
2023
$000
$000
Provisions
9,373
8,502
Deferred tax liabilities
8
5,166
5,959
14,539
14,461
Movements on provisions apart from deferred tax liabilities:
$000
At 1 April 2023
8,502
Additional provisions in the year
871
At 31 March 2024
9,373

As at 31 March 2024, the Company recognised a provision of $9.37m in respect of withholding tax obligations in relation to interest payments made on loans. The provision is based on the Director’s assessment of whether it is probable that such a liability has arisen in respect of a past event (i.e. the payment of accrued interest).

 

The recognition of this provision represents an area of significant judgement and the Director notes that while it is considered probable a tax obligation has arisen, it remains uncertain whether a cash outflow or similar payment will ultimately arise.

 

The provision recognised at 31 March 2024 represents the Director’s best estimate of the probable liability, which has been derived with reference to advice from appropriate experts.

SUN WISE (UK) CO., LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
$000
$000
Investments
5,166
5,959
2024
Movements in the year:
$000
Liability at 1 April 2023
5,959
Credit to profit or loss
(793)
Liability at 31 March 2024
5,166
9
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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Emphasis of matter

We draw attention to note 1.2 to the financial statements which explains that the director intends to liquidate the company and therefore does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.2.

 

Our opinion is not modified in respect of this matter.

 

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

Senior Statutory Auditor:
Goh Yong Chong
Statutory Auditor:
Silver Levene (UK) Limited
Date of audit report:
25 March 2025
SUN WISE (UK) CO., LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Events after the reporting date

Subsequent to the balance sheet date, all shares in United Parks & Resorts Inc. (PRKS) have been disposed of as of September 2024.

 

On the basis of a reassignment of the debt that occurred subsequent to the balance sheet date (August 2024) and (January 2025) from amounts owed by group undertakings, Boom Up Investments Limited to CMI Financial Holding Corporation, the immediate parent entity, part of the net balance has been cleared by mandating of a dividend by CMI Financial Holding Corporation.

11
Related party transactions

At 31 March 2024, the Company owed $16.9m (2023: $16.8m) to CMI Financial Holding Corporation, the ordinary shareholder of the company and immediate parent entity. The balance is interest free and repayable on demand.

At 31 March 2024, the Company was owed $72.74m (2023: $71.22m) from Boom Up Investments Ltd, a fellow group member.

12
Parent company

The immediate parent undertaking is CMI Financial Holding Corporation, a Company registered in British Virgin Islands. The director considers there to be no single ultimate controlling party.

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