China Classification Society - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06830172 (England and Wales)

Financial Statements for the Year Ended 31 December 2017

for

China Classification Society

London Co. Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

B Hong

REGISTERED OFFICE:

5th Floor

117-119 Houndsditch

London

EC3A 7BU

REGISTERED NUMBER:

06830172 (England and Wales)

AUDITORS:

Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Registered Auditors

9 St Clare Street

London

EC3N 1LQ

FIXED ASSETS

Tangible assets

4

3,812

3,145

CURRENT ASSETS

Debtors

5

397,722

425,956

Cash at bank

142,179

149,889

539,901

575,845

CREDITORS

Amounts falling due within one year

6

605,651

226,309

NET CURRENT (LIABILITIES)/ASSETS

(65,750

)

349,536

TOTAL ASSETS LESS CURRENT LIABILITIES

(61,938

)

352,681

CREDITORS

Amounts falling due after more than one year

7

129,000

243,791

NET (LIABILITIES)/ASSETS

(190,938

)

108,890

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(191,938

)

107,890

(190,938

)

108,890

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 29 October 2018 and were signed by:

B Hong - Director

1.	STATUTORY INFORMATION

China Classification Society London Co. Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The Company had net liabilities as at the year end and is reliant on the continued support of its parent company.

The parent company has provided confirmation that it intends to continue to support the Company, for the

foreseeable future, which will allow it to meet its liabilities as they fall due. The directors therefore believe it is

appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any

adjustments that would be required if support was withdrawn.

Post year end the group is considering converting the long term loan from the parent company of £129,000 to share

capital, in order to improve the financial position of the Company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement

of financial position 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.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets

and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related

parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in

the Income Statement.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when

there is an 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.Short term creditors are measured at the transaction price.

Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are

measured subsequently at amortised cost using the effective interest method.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement

of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

85,004

Additions

2,928

Disposals

(41,281

)

At 31 December 2017

46,651

DEPRECIATION

At 1 January 2017

81,859

Charge for year

2,160

Charge written back

(41,180

)

At 31 December 2017

42,839

NET BOOK VALUE

At 31 December 2017

3,812

At 31 December 2016

3,145

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

248,141

295,134

Other debtors

149,581

130,822

397,722

425,956

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Amts owed to group undertaking

415,550

120,759

Taxation and social security

23,035

25,737

Other creditors

167,066

79,813

605,651

226,309

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Amounts owed to group undertakings

129,000

243,791

Post year end the group is considering converting the long term loan from the parent company of £129,000 to share

capital, in order to improve the financial position of the Company.

8.	LEASING AGREEMENTS

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

31.12.17

31.12.16

£

£

Within one year

100,724

100,724

Between one and five years

100,724

201,448

201,448

302,172

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

The Report of the Auditors was unqualified.

Our opinion on these financial statements is not qualified. However, we draw attention to the going concern

paragraph in Note 2 'Going concern' to the financial statements which describe the director's considerations

surrounding the Company's ability to continue as a going concern. The financial statements do not include any

adjustments that would result if the Company could not continue as a going concern.

Julie Wilson (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.