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REGISTERED NUMBER:
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Report of the Director and |
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Financial Statements for the Year Ended 31 December 2016 |
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for |
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YOURUN INTERNATIONAL (UK) INVESTMENT & |
MANAGEMENT LIMITED |
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REGISTERED NUMBER:
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Report of the Director and |
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Financial Statements for the Year Ended 31 December 2016 |
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for |
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YOURUN INTERNATIONAL (UK) INVESTMENT & |
MANAGEMENT LIMITED |
YOURUN INTERNATIONAL (UK) INVESTMENT & |
MANAGEMENT LIMITED (Registered number: 07662566) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Page |
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Company Information | 1 |
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Report of the Director | 2 |
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Report of the Independent Auditors | 3 |
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Income Statement | 5 |
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Balance Sheet | 6 |
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Notes to the Financial Statements | 7 |
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YOURUN INTERNATIONAL (UK) INVESTMENT & |
MANAGEMENT LIMITED |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Certified Accountants |
and Registered Auditors |
262 Caledonian Road |
London |
N1 0NG |
YOURUN INTERNATIONAL (UK) INVESTMENT & |
MANAGEMENT LIMITED (Registered number: 07662566) |
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Report of the Director |
for the Year Ended 31 December 2016 |
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The director presents her report with the financial statements of the company for the year ended 31 December 2016. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of art consultancy and management services. |
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DIRECTOR |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director |
has 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 director must not approve |
the financial statements unless she is 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 director is required |
to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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The director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a |
director in order to make herself aware of any relevant audit information and to establish that the company's auditors are |
aware of that information. |
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AUDITORS |
The auditors, Wilson & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
YOURUN INTERNATIONAL (UK) INVESTMENT & |
MANAGEMENT LIMITED |
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We have audited the financial statements of YOURUN INTERNATIONAL (UK) INVESTMENT & MANAGEMENT |
LIMITED for the year ended 31 December 2016 on pages five to eleven. The financial reporting framework that has |
been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom |
Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's members, as a body, 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 members those |
matters we are required to state to them in a Report of the Auditors 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 |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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Respective responsibilities of director and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. |
This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and |
have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by |
the director; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Report of the Director to identify material inconsistencies with the audited financial |
statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent |
with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material |
misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its loss for the year then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Report of the |
Director for the financial year for which the financial statements are prepared is consistent with the financial statements, |
and has been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding |
of the company and its environment, we have not identified any material misstatements in the Report of the Director. |
Report of the Independent Auditors to the Members of |
YOURUN INTERNATIONAL (UK) INVESTMENT & |
MANAGEMENT LIMITED |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the director was not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
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for and on behalf of
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Chartered Certified Accountants |
and Registered Auditors |
262 Caledonian Road |
London |
N1 0NG |
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YOURUN INTERNATIONAL (UK) INVESTMENT & |
MANAGEMENT LIMITED (Registered number: 07662566) |
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Income Statement |
for the Year Ended 31 December 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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(138,202 | ) | (206,250 | ) |
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Other operating income |
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OPERATING LOSS | 4 | ( |
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Interest receivable and similar income |
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LOSS BEFORE TAXATION | ( |
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Tax on loss |
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LOSS FOR THE FINANCIAL YEAR | ( |
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YOURUN INTERNATIONAL (UK) INVESTMENT & |
MANAGEMENT LIMITED (Registered number: 07662566) |
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Balance Sheet |
31 December 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The financial statements were approved by the director on
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YOURUN INTERNATIONAL (UK) INVESTMENT & |
MANAGEMENT LIMITED (Registered number: 07662566) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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YOURUN INTERNATIONAL (UK) INVESTMENT & MANAGEMENT LIMITED is a
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, registered in England and Wales. The company's registered number and registered office |
address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The directors consider that the Company has adequate resources to continue its operational existence for the |
foreseeable future, notwithstanding the fact that the Company has net current liabilities of £888,951 at 31 |
December 2016. The basis of this expectation is the Company has received support from parent company. |
Therefore, the financial statements have been prepared assuming the Company will continue as a going concern. |
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Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services |
provided in the normal course of business, and is shown net of VAT and other slaes related taxes. The fair value |
of consideration takes into account trade discounts, settlement discounts and volume rebates. |
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When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the |
present value of the future receipts. The difference between the fair value of the consideration and the nominal |
amount received is recognised as interest income. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods |
have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured relibly, it is |
probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred |
or to be incurred in respect of the transaction can be measured reliably. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises |
direct materials and, where applicable, direct labour costs and those overheads that have been incurred in |
bringing the stocks to their present location and condition. |
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Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for |
any loss of service potential. |
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At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over |
its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. |
Reversals of impairment losses are also recognised in profit or loss. |
YOURUN INTERNATIONAL (UK) INVESTMENT & |
MANAGEMENT LIMITED (Registered number: 07662566) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Financial instruments are recognised in the company's statement of financial position when the company |
becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilites 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. |
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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 sing 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. |
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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. |
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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 |
recognized in profit or loss. |
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If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognized, |
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 recognized. The impairment reversal |
is recognized in profit or loss. |
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Derecognition of financial assets |
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Financial assets are derecognized 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. |
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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. |
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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 recognized 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. Financial liabilities classified as payable within one year are not amortized. |
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Debt instruments are subsequently carried at amortized cost, using the effective interest rate method. |
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YOURUN INTERNATIONAL (UK) INVESTMENT & |
MANAGEMENT LIMITED (Registered number: 07662566) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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 recognized initially at transaction |
price and subsequently measured at amortized cost using the effective interest method. |
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Derecognition of financial liabilities |
Financial liabilities are derecognized when the company's contractual obligations expire or are discharged or |
cancelled. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average monthly number of persons (including directors) employed by the company during the year was 2 |
(2015 - 2). |
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4. | OPERATING LOSS |
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The operating loss is stated after charging: |
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31.12.16 | 31.12.15 |
£ | £ |
Depreciation - owned assets |
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YOURUN INTERNATIONAL (UK) INVESTMENT & |
MANAGEMENT LIMITED (Registered number: 07662566) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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6. | STOCKS |
31.12.16 | 31.12.15 |
£ | £ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Other debtors |
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VAT |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes | ( |
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Other creditors |
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Directors' current accounts | 7,619 | - |
Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Amounts owed to group undertakings |
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YOURUN INTERNATIONAL (UK) INVESTMENT & |
MANAGEMENT LIMITED (Registered number: 07662566) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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10. | OTHER FINANCIAL COMMITMENTS |
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Lessee |
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At the reporting end date the company had outstanding commitments for future minimum lease payments under |
non-cancellable operating leases, which fall due as follows: |
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2016 2015 |
£ £ |
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Between two and five years 139,950 158,500 |
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11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2016 and |
31 December 2015: |
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31.12.16 | 31.12.15 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced | ( |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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12. | RELATED PARTY DISCLOSURES |
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Transaction with related parties |
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At the year end including in the creditors, there is an amount of £942,704 (2015: £757,500) due to the parent |
company Nanjing Beautiful China Co. Limited. |
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At the year end included in the debtors, there is an amount of £791 (2015: £781 due to) due from Ivy Auction |
(UK) Limited in which Jing Li is a director. |
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At the year end included in the debtors there is an amount of £529 (2015: £477) due from Jiangsu Cultural |
Commerce and Trade Associates Limited, Jiangsu China-UK Cultural Exchange Associates Limited and |
Jingdezhen Ceramics Cultural Exchange Associates (UK) Limited in which Jing Li is the sole director and |
shareholder. |
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13. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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The ultimate controlling party is Nanjing Beautiful China Co., Limited, a company registered in People's |
Republic of China. |