Company registration number 03231143 (England and Wales)
CHINACORP PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CHINACORP PLC
COMPANY INFORMATION
Directors
M A St C Stewart
C J I Stewart
Secretary
M A St C Stewart
Company number
03231143
Registered office
9 Bonhill Street
London
EC2A 4DJ
Auditor
Begbies
9 Bonhill Street
London
EC2A 4DJ
Business address
Ashleigh
Chalfont Lane
Chorleywood
Hertfordshire
WD3 5PP
CHINACORP PLC
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Statement of financial position
8
Statement of cash flows
9
Notes to the financial statements
10 - 15
CHINACORP PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of property developers and advisers.

Review of the business

The company has completed its current project; the directors continue to look for new opportunities.

 

Financial highlights

The financial highlights include:

- Dividends receivable: £ nil (2023: £52,251);

- Loss before taxation: £36,383 (2023: £79,111);

- Net cash increase in the year: £665,347 (2023: utilised £345,799).

 

Principal risks and uncertainties

The major risks to which the company is exposed as identified by the Board of directors have been reviewed by the Board and systems or procedures have been introduced to manage those risks. Other than the normal commercial risks associated with the business sector; the directors consider:

 

Residential property market

The directors monitor the market for prime property to optimise the potential for development projects.

 

Inflation of construction and related costs

The directors have budgetary control over input costs and timing of developments; and employ experienced project management.

 

Finance costs and interest rate increases

The company has, interest free, funds available for the planned current development and potential developments. When external financing is required the directors will ensure proper risk analysis and risk cover is in place.

 

 

Promoting the success of the company.

The directors have had regard to the following matters in all decisions:

- the likely consequences of any decision in the long term,

- the need to foster the company's business relationships with suppliers, customers and others,

- the impact of the company's operations on the community and the environment,

- the desirability of the company maintaining a reputation for high standards of business conduct.

On behalf of the board

M A St C Stewart
Director
18 June 2025
CHINACORP PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 7.

No ordinary or preference dividends were proposed or paid.

No preference dividends were paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M A St C Stewart
C J I Stewart
Auditor

The auditor, Begbies is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

 

 

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

CHINACORP PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
M A St C Stewart
Director
18 June 2025
CHINACORP PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CHINACORP PLC
- 4 -
Opinion

We have audited the financial statements of Chinacorp Plc (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the statement of financial position, the statement of cash flows and notes to the financial statements, 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 Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CHINACORP PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CHINACORP PLC (CONTINUED)
- 5 -
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 strategic report or 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 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 financial statements.

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

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

CHINACORP PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CHINACORP PLC (CONTINUED)
- 6 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Christopher Bates FCA
Senior Statutory Auditor
For and on behalf of Begbies
18 June 2025
Chartered Accountants and Statutory Auditors
9 Bonhill Street
London
EC2A 4DJ
CHINACORP PLC
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
-
-
Administrative expenses
(36,383)
(127,997)
Operating loss
(36,383)
(127,997)
Interest receivable and similar income
5
-
0
48,886
Loss before taxation
(36,383)
(79,111)
Tax on loss
6
-
0
-
0
Loss for the financial year
(36,383)
(79,111)
Retained earnings brought forward
835,929
915,040
Retained earnings carried forward
799,546
835,929

The income statement has been prepared on the basis that all operations are continuing operations.

CHINACORP PLC
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
7
550,629
1,695,424
Cash at bank and in hand
688,697
23,350
1,239,326
1,718,774
Creditors: amounts falling due within one year
8
(189,780)
(632,845)
Net current assets
1,049,546
1,085,929
Capital and reserves
Called up share capital
9
250,000
250,000
Profit and loss reserves
799,546
835,929
Total equity
1,049,546
1,085,929
The financial statements were approved by the board of directors and authorised for issue on 18 June 2025 and are signed on its behalf by:
M A St C Stewart
C J I Stewart
Director
Director
Company registration number 03231143 (England and Wales)
CHINACORP PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
11
665,347
(394,686)
Investing activities
Proceeds from disposal of joint ventures
-
0
1
Purchase of investments
-
0
(3,365)
Dividends received
-
0
52,251
Net cash (used in)/generated from investing activities
-
48,887
Net increase/(decrease) in cash and cash equivalents
665,347
(345,799)
Cash and cash equivalents at beginning of year
23,350
369,149
Cash and cash equivalents at end of year
688,697
23,350
CHINACORP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

Chinacorp Plc is a public company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.

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.

The financial statements are prepared in sterling, 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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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 statement of financial position 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.

CHINACORP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 income statement 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.

CHINACORP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

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
5,000
7,200
4
Employees

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

2024
2023
Number
Number
1
2

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
9,000
21,220
Social security costs
-
249
9,000
21,469

The directors' remuneration for qualifying services and the total key management compensation amounted to £9,000 (2023: £9,000).

 

CHINACORP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
5
Interest receivable and similar income
2024
2023
£
£
Income from fixed asset investments
Income from shares in group undertakings
-
0
52,251
Income from participating interests - joint ventures
-
0
(3,365)
Total income
-
0
48,886
6
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(36,383)
(79,111)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(9,096)
(18,607)
Tax effect of income not taxable in determining taxable profit
-
0
(12,289)
Unutilised tax losses carried forward
9,096
30,896
Taxation charge for the year
-
-

The company has unused tax losses carried forward of £377,891. No deferred tax asset is recognised.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
550,629
1,695,424
8
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
176,534
623,720
Accruals
13,246
9,125
189,780
632,845
CHINACORP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
9
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
250 Ordinary shares of £1 each
250
250
Preference share capital
Issued and fully paid
249,750 Redeemable preference shares (classified as equity) of £1 each
249,750
249,750
Total equity share capital
250,000
250,000

The preference shares have no voting rights and no rights to dividends; on a winding up they will be paid in priority to ordinary shares. They are repayable at par at the company's option.

10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Dividends received
2024
2023
£
£
Companies under common control
-
52,251

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Companies under common control
176,534
623,720
2024
2023
Amounts due from related parties
£
£
Companies under common control
550,005
1,691,180

All balances with companies under control of the Stewart family are interest-free, unsecured and repayable on demand.

CHINACORP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
11
Cash generated from/(absorbed by) operations
2024
2023
£
£
Loss for the year after tax
(36,383)
(79,111)
Adjustments for:
Investment income
-
0
(48,886)
Movements in working capital:
Decrease in debtors
1,144,795
690,950
Decrease in creditors
(443,065)
(957,639)
Cash generated from/(absorbed by) operations
665,347
(394,686)
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