First Smart Westhill Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC611158 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

FIRST SMART WESTHILL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Z Chensong

W Zhiwu

REGISTERED OFFICE:

Exchange Place 3

Semple Street

Edinburgh

EH3 8BL

REGISTERED NUMBER:

SC611158 (Scotland)

AUDITORS:

BLS Burnells LLP

The Atrium

1 Harefield Road

Uxbridge

Middlesex

UB8 1EX

FIXED ASSETS

Tangible assets

4

25,000

25,000

CURRENT ASSETS

Debtors

5

612

191

Cash in hand

494

494

1,106

685

CREDITORS

Amounts falling due within one year

6

33,931

29,652

NET CURRENT LIABILITIES

(32,825

)

(28,967

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(7,825

)

(3,967

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(7,826

)

(3,968

)

(7,825

)

(3,967

)

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 28 December 2022 and were signed on its behalf by:

Z Chensong - Director

1.	STATUTORY INFORMATION

First Smart Westhill Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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

For the period ended 31 December 2021, the company made a loss of £3,858 and had a deficit of £7,825 in shareholder funds. Creditors includes £32,346 due to its immediate parent company, CIMC Financial Leasing (Hong Kong) Limited ("parent").

The company has received confirmation of ongoing financial support from its parent to enable the company to continue as a going concern for the foreseeable future, being a period of atleast 12 months from the date of approval of the company's financial statements.

Based on the above, the directors are of the opinion that it is appropriate to prepare the financial statement on a going concern basis.

TURNOVER

Turnover represents rental income receivable (excluding VAT) under the terms of its lease.

TANGIBLE FIXED ASSETS

The company's land and buildings comprises of freehold land which is not depreciated.

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 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, including trade and other payables, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 January 2021

and 31 December 2021

25,000

NET BOOK VALUE

At 31 December 2021

25,000

At 31 December 2020

25,000

The company's freehold property, comprising land, is leased to a fellow group company on a 175 year lease ending 21 April 2191 for an annual rent of £1.The original lease commenced on 22 April 2016.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by group undertakings

2

-

Other debtors

610

191

612

191

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed to group undertakings

32,346

28,152

Other creditors

1,585

1,500

33,931

29,652

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

The Report of the Auditors was unqualified.

Mr Vishal Bhatt FCCA (Senior Statutory Auditor)

for and on behalf of BLS Burnells LLP

8.	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.

9.	ULTIMATE CONTROLLING PARTY

The immediate parent company is CIMC Financial Leasing (Hong Kong) Limited, a company incorporated in Hong Kong.

The ultimate parent company is China International Marine Containers (Group) Co., Ltd which is incorporated in China and is dual listed on the Shenzhen Stock Exchange and the Hong Hong Stock Exchange. Its registered office is situated at 8th Floor, CIMC R&D Centre, 2 Gangwan Avenue, Shekou, Nashan District, Shenzhen, Guangdong, PRC.518067.