REGISTERED NUMBER: 07283743 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

China Daily UK Co. Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C Yang

Y Yao

REGISTERED OFFICE:

90 Cannon Street

London

EC4N 6HA

REGISTERED NUMBER:

07283743 (England and Wales)

AUDITORS:

Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

FIXED ASSETS

Tangible assets

4

65,363

58,365

Investments

5

126

126

65,489

58,491

CURRENT ASSETS

Debtors

6

1,921,696

2,038,736

Cash at bank and in hand

1,451,120

1,293,827

3,372,816

3,332,563

CREDITORS

Amounts falling due within one year

7

2,034,752

2,070,631

NET CURRENT ASSETS

1,338,064

1,261,932

TOTAL ASSETS LESS CURRENT LIABILITIES

1,403,553

1,320,423

PROVISIONS FOR LIABILITIES

1,217

-

NET ASSETS

1,402,336

1,320,423

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,401,336

1,319,423

SHAREHOLDERS' FUNDS

1,402,336

1,320,423

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 Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

C Yang - Director

1.	STATUTORY INFORMATION

China Daily UK Co. Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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

The company meets its day-to-day working capital requirements through its cash reserves. The ultimate parent company has also confirmed that it will continue to provide the necessary financial support to the company for a period of at least twelve months from the date of signing these financial statements to meet company's liabilities. At 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 and therefore it is appropriate that the company continues to adopt the going concern basis in preparing its financial statements.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company, and value added tax.

Service revenue recognised by the company in its role as a cost centre for its parent company in the year whereby publishing and distribution costs with no mark up are recharged to its parent entity.

Circulation revenue, advertising revenue and subscription revenue are recognised when the edition is published.

Agency commission, the Company acts as an agent for the ultimate parent company, China Daily. The company facilitates the promotion and all related business activities of the China Daily Global Edition in Africa on behalf of China Daily, earning no margin or fee. The company does not deliver services, set pricing, or bear any performance or credit risk. Only the net result is recognised as revenue.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Plant and machinery - 10% - 25% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investments in associates

Investment in an associate is held at cost less accumulated impairment losses.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS102 to all of its financial instruments.

Financial instruments are recognised 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 trade and other receivables 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, and loans from group undertakings, 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. Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Share capital

Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company's ordinary shares are classified as equity instruments.

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases: the company as lessee

Rentals paid under operating leases are charged to the Income Statements on a straight line basis over the period of lease.

Employee benefits costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position.

The costs of short-term employee benefits are recognised as a liability and an expense in the period in which these are incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

909,966

Additions

29,797

Disposals

(4,770

)

At 31 December 2024

934,993

DEPRECIATION

At 1 January 2024

851,601

Charge for year

22,799

Eliminated on disposal

(4,770

)

At 31 December 2024

869,630

NET BOOK VALUE

At 31 December 2024

65,363

At 31 December 2023

58,365

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

126

NET BOOK VALUE

At 31 December 2024

126

At 31 December 2023

126

The company owns 20% of the equity share capital of China Daily Africa Limited (2023: 20%). The address of the registered office is Suite E, 3rd Floor, Tower A, Morning Side Office Park, Nairobi, Kenya.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

54,198

67,293

Amounts owed by group undertakings

1,511,164

1,582,414

Other debtors

33,483

41,517

VAT

113,101

113,453

Prepayments and accrued income

209,750

234,059

1,921,696

2,038,736

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

247,202

62,878

Amounts owed to group undertakings

1,603,182

1,486,594

Taxation and social security

30,050

11,211

Other creditors

154,318

509,948

2,034,752

2,070,631

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

202,602

202,602

Between one and five years

810,410

810,410

In more than five years

594,486

797,088

1,607,498

1,810,100

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nijendra Dhungana FCCA (Senior Statutory Auditor)

for and on behalf of Shinewing Wilson Accountancy Limited

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11.	ULTIMATE CONTROLLING PARTY

The company's immediate parent is China Daily (Holding) Co., Ltd, a company incorporated in China.

The ultimate parent company is China Daily, a company incorporated in China. The smallest and largest group for which consolidated financial statements are produced, are headed by China Daily, whose principal place of business is at 15 Huixin Dongjie, Chaoyang District, Beijing, China, 10029.

There is no one ultimate controlling party.