China Classification Society - Limited company accounts 11.7

REGISTERED NUMBER: 06830172 (England and Wales)

Report of the Director and

Financial Statements for the Year Ended 31 December 2014

for

China Classification Society

London Co. Limited

Page

Company Information

1

Report of the Director

2

Report of the Independent Auditors

3

Profit and Loss Account

5

Balance Sheet

6

Notes to the Financial Statements

7

DIRECTOR:

Mr J P Chen

SECRETARY:

Mr Q H Shao

REGISTERED OFFICE:

5th Floor

117-119 Houndsditch

London

EC3A 7BU

REGISTERED NUMBER:

06830172 (England and Wales)

AUDITORS:

Wilson & Co

Chartered Certified Accountants

and Registered Auditors

Suite 11, Townsend House

22-25 Dean Street

London

W1D 3RY

The director presents his report with the financial statements of the company for the year ended 31 December 2014.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing classification services for shipping,

shipbuilding and related manufacturing industries.

DIRECTOR

Mr J P Chen held office during the whole of the period from 1 January 2014 to the date of this report.

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.

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 he 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:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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 him to ensure that the financial statements comply with the Companies Act 2006. He 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.

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 he has taken all the steps that he ought to have taken as a

director in order to make himself aware of any relevant audit information and to establish that the company's auditors are

aware of that information.

AUDITORS

The auditors, Wilson & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

Mr J P Chen - Director

20 July 2015

We have audited the financial statements of China Classification Society London Co. Limited for the year ended

31 December 2014 on pages five to nine. The financial reporting framework that has been applied in their preparation is

applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom

Generally Accepted Accounting Practice applicable to Smaller Entities).

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.

Respective responsibilities of director and auditors

As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

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.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2014 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion 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.

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:

-	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

-	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.

Julie Wilson (Senior Statutory Auditor)

for and on behalf of Wilson & Co

Chartered Certified Accountants

and Registered Auditors

Suite 11, Townsend House

22-25 Dean Street

London

W1D 3RY

20 July 2015

TURNOVER

487,873

436,994

Cost of sales

2,809

3,487

GROSS PROFIT

485,064

433,507

Administrative expenses

449,964

357,198

OPERATING PROFIT and

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

2

35,100

76,309

Tax on profit on ordinary activities

3

12,632

26,765

PROFIT FOR THE FINANCIAL YEAR

22,468

49,544

FIXED ASSETS

Tangible assets

4

5,484

14,704

CURRENT ASSETS

Debtors

5

277,664

230,016

Cash at bank

109,016

102,195

386,680

332,211

CREDITORS

Amounts falling due within one year

6

165,239

142,458

NET CURRENT ASSETS

221,441

189,753

TOTAL ASSETS LESS CURRENT
LIABILITIES

226,925

204,457

CREDITORS

Amounts falling due after more than one
year

7

129,000

NET ASSETS

97,925

75,457

CAPITAL AND RESERVES

Called up share capital

8

1,000

Profit and loss account

9

96,925

74,457

SHAREHOLDERS' FUNDS

97,925

75,457

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the director on 20 July 2015 and were signed by:

Mr J P Chen - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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

Deferred tax

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

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.14

31.12.13

£

Depreciation - owned assets

9,515

16,404

Auditors' remuneration

2,000

Foreign exchange differences

3,834

4,639

Directors' remuneration and other benefits etc

88,499

128,851

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

31.12.14

31.12.13

£

Current tax:

UK corporation tax

12,632

26,765

Tax on profit on ordinary activities

12,632

26,765

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2014

82,020

Additions

295

At 31 December 2014

82,315

DEPRECIATION

At 1 January 2014

67,316

Charge for year

9,515

At 31 December 2014

76,831

NET BOOK VALUE

At 31 December 2014

5,484

At 31 December 2013

14,704

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.14

31.12.13

£

Trade debtors

193,367

150,967

Other debtors

84,297

79,049

277,664

230,016

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.14

31.12.13

£

Taxation and social security

28,922

36,000

Other creditors

136,317

106,458

165,239

142,458

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.14

31.12.13

£

Other creditors

129,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

1,000

Ordinary

£1

1,000

9.

RESERVES

Profit

and loss

account

£

At 1 January 2014

74,457

Profit for the year

22,468

At 31 December 2014

96,925

10.	CAPITAL COMMITMENTS

31.12.14

31.12.13

£

Contracted but not provided for in the

financial statements

80,579

-

11.	RELATED PARTY DISCLOSURES

At the balance sheet date, the amount due to its parent company China Classification Society Beijing was

£114,791 (2013: £69,884) and a long term loan of £129,000 (2013: £129,000).

12.	ULTIMATE CONTROLLING PARTY

The company is a subsidiary of China Classification Society Beijing, a company registered and operated in

People's Republic of China.