Registered number
09458848
Empire Resources (UK) Limited
Report and Financial Statements
31 December 2024
Empire Resources (UK) Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Statement of directors' responsibilities 3
Strategic report 3
Independent auditor's report 4-6
Income statement 7
Statement of comprehensive income 8
Statement of financial position 9
Statement of changes in equity 10
Statement of cash flows 11
Notes to the financial statements 12-16
Detailed profit and loss account 17-18
Empire Resources (UK) Limited
Company Information
Directors
Johnny Hsieh
Peggy Pei-Jung Hsieh
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Auditors
for and on behalf of Feltons, Statutory Auditor
8 Sovereign Court
8 Graham Street
Birmingham
West Midlands
B1 3JR
Accountants
Polkadot Accountants Limited
The Barn 173 Church Rd
Northfield
Birmingham
West Midlands
B31 2LX
Registered office
409W & 411W Castlemill
Burnt Tree
Dudley
West Midlands
DY4 7UF
Registered number
09458848
Empire Resources (UK) Limited
Registered number: 09458848
Directors' Report
The directors present their report and financial statements for the year ended 31 December 2024.
Principal activities
The company's principal activity during the period was that of the distribution of value-added, semi-finished aluminium.
Directors
Johnny Hsieh
Peggy Pei-Jung Hsieh
Directors' responsibilities
Statement of directors responsibilities
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations
This report was approved by the board on 21 February 2025 and signed by its order.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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. Other matters required to be disclosed in the directors’ report are set out in the strategic report.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is 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 auditor is aware of that information.
This report was approved by the board on 21 February 2025 and signed on its behalf.
J Hsieh
Director
Empire Resources (UK) Limited
Strategic Report
Empire Resources (UK) Ltd, 'the Company' is a wholly owned subsidiary of Empire Resources Inc., a company incorporated in the United States. The Company is engaged principally in the purchase, sale and distribution of value added semi-finished aluminium rolled products to customers located in the United Kingdom and the Republic of Ireland. The Company purchases from several suppliers located throughout the world. Since its incorporation in February 2015, the Company has increased its sales by focusing on providing customers with a high level of service and cost-effective quality products.
Perfomance and Position
Despite the domestic market suffering in the mid to latter part of the year, 2024 was still another extremely healthy year for the team in the UK. Revenue dropped generally owing to the softening of world commodities. Tonnage sales were 6.36% down compared to last year (record breaking 2023), thus proving our strong and important position in the UK market. The range of products is ever evolving still, and is guided by our customers ever changing demands. Plate and Bar sales still offer us the best margins and remain an integral part of our stock portfolio.
Risks and Uncertainties
Empire Resources (UK) has a risk aversion policy and takes actions to mitigate principle risks where possible, through maintaining stock levels, proactive debtor control and hedging procedures for both metal and currency. The company works in partnership with selected supply partners (mills) to ensure consistency of material into specific market sectors. Where feasible, external factors such as recession, global slowdown and tariffs are managed through our ability to adapt quickly to our specific customer requirements through our global supply chains.
2025 Trading
We anticipate 2025 to be a tougher year for the UK team than those more recently seen. The domestic market is still suffering amidst a new Government, weakening currency and downturn in local business. Whilst this also presents opportunities for us to hold stocks where others won’t, what was once a unique business model is now no longer as previous employees have set up trading with a view to attacking our customers, so a loss of revenue and reduced margins are to be expected. However, our relationships with suppliers remain relatively solid, limiting the potential impact from competitors.
The removal of Chinese rebate to exports markets (13%) – will also create some short/mid-term uncertainty and will push many customers toward Europe for supply of 1050/5251/5754 product as they seek cheaper rates.
This report was approved by the board on 21 February 2025 and signed on its behalf.
J Hsieh
Director
Empire Resources (UK) Limited
Independent auditor's report
to the members of Empire Resources (UK) Limited
Opinion
We have audited the financial statements of Empire Resources (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit 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.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Report of the Directors has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.
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 directors remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were 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 Directors.
Responsibilities of Directors
As explained more fully in the Statement of Directors Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We reviewed the company's control and risk management procedures and planned our work based on our assessment of those controls and procedures. This review included an assessment of the risk of material misstatement due to the errors, fraud and management override of controls for all material areas in the financial statements. We made enquiries of management and the company's lawyers regarding any actual or potential litigation and/or claims. Financial statement disclosures were reviewed and checked for compliance with applicable laws. Detailed testing was conducted on balances and transactions including unusual items and those of individual significance to the financial statements. Data analytics were used in order to identify unusual or significant trends. Communications with management and those charged with governance regarding relevant matters was undertaken throughout the audit and on completion.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
Use of our report
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.
David W Farnsworth (Senior Statutory Auditor)
for and on behalf of Feltons, Statutory Auditor
8 Sovereign Court
8 Graham Street
Birmingham
B1 3JR
22 February 2025
Empire Resources (UK) Limited
Income Statement
for the year ended 31 December 2024
Notes 2024 2023
£ £
Turnover 2 14,335,343 18,116,016
Cost of sales (13,676,154) (16,269,745)
Gross profit 659,189 1,846,271
Administrative expenses (76,764) (75,946)
Operating profit 3 582,425 1,770,325
Interest receivable 39,443 -
Interest payable 5 (106,946) (251,242)
Profit on ordinary activities before taxation 514,922 1,519,083
Tax on profit on ordinary activities 6 (128,809) (356,985)
Profit for the financial year 386,113 1,162,098
Empire Resources (UK) Limited
Statement of Comprehensive Income
for the year ended 31 December 2024
Notes 2024 2023
£ £
Profit for the financial year 386,113 1,162,098
Other comprehensive income - -
Total comprehensive income for the year 386,113 1,162,098
Empire Resources (UK) Limited
Company Number: 9458848
Statement of Financial Position
as at 31 December 2024
Notes 2024 2023
£ £
Current assets
Stocks 7 2,951,470 4,215,109
Debtors 8 5,656,644 5,382,507
Cash at bank and in hand 2,319,315 4,904,457
10,927,429 14,502,073
Creditors: amounts falling due within one year 9 (864,085) (1,078,952)
Net current assets 10,063,344 13,423,121
Total assets less current liabilities 10,063,344 13,423,121
Creditors: amounts falling due after more than one year 10 - (3,745,890)
Net assets 10,063,344 9,677,231
Capital and reserves
Called up share capital 11 5,400,000 5,400,000
Profit and loss account 12 4,663,344 4,277,231
Total equity 10,063,344 9,677,231
J Hsieh
Director
Approved by the board on 21 February 2025
Empire Resources (UK) Limited
Statement of Changes in Equity
for the year ended 31 December 2024
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 January 2023 5,400,000 - - 3,115,133 8,515,133
Profit for the financial year - - 1,162,098 1,162,098
At 31 December 2023 5,400,000 - - 4,277,231 9,677,231
At 1 January 2024 5,400,000 - - 4,277,231 9,677,231
Profit for the financial year - - 386,113 386,113
At 31 December 2024 5,400,000 - - 4,663,344 10,063,344
Empire Resources (UK) Limited
Statement of Cash Flows
for the year ended 31 December 2024
Notes 2024 2023
£ £
Operating activities
Profit for the financial year 386,113 1,162,098
Adjustments for:
Interest receivable (39,443) -
Interest payable 106,946 251,242
Tax on profit on ordinary activities 128,809 356,985
Decrease in stocks 1,263,639 2,018,281
Increase in debtors (274,137) (474,241)
Decrease in creditors (3,872,763) (220,897)
(2,300,836) 3,093,468
Interest received 39,443 -
Interest paid (106,946) (251,242)
Corporation tax paid (216,803) (398,213)
Cash (used in)/generated by operating activities (2,585,142) 2,444,013
Net cash (used)/generated
Cash (used in)/generated by operating activities (2,585,142) 2,444,013
Net cash (used)/generated (2,585,142) 2,444,013
Cash and cash equivalents at 1 January 4,904,457 2,460,444
Cash and cash equivalents at 31 December 2,319,315 4,904,457
Cash and cash equivalents comprise:
Cash at bank 2,319,315 4,904,457
Empire Resources (UK) Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Analysis of turnover 2024 2023
£ £
Sale of goods 14,335,343 18,116,016
By geographical market:
UK 14,335,343 18,095,706
Europe - 20,310
14,335,343 18,116,016
3 Operating profit 2024 2023
£ £
This is stated after charging:
Auditors' remuneration for audit services 8,200 8,250
Foreign Exchange Differences 11,271 (177,330)
London Metal Exchange (43,698) (300,185)
Carrying amount of stock sold 11,611,386 15,094,222
4 Staff costs 2024 2023
£ £
Wages and salaries - -
Social security costs - -
Other pension costs - -
- -
Average number of employees during the year Number Number
- -
5 Interest payable 2024 2023
£ £
Other loans 106,946 251,242
6 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 128,809 356,985
Tax on profit on ordinary activities 128,809 356,985
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit on ordinary activities before tax 514,922 1,519,083
Standard rate of corporation tax in the UK 25.0% 24%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 128,731 364,580
Effects of:
Expenses not deductible for tax purposes 78 (7,595)
Current tax charge for period 128,809 356,985
7 Stocks 2024 2023
£ £
Work in progress 399 399
Finished goods and goods for resale 2,951,071 4,214,710
2,951,470 4,215,109
8 Debtors 2024 2023
£ £
Trade debtors 4,144,968 3,733,278
Other debtors 341,988 401,001
Prepayments and accrued income 1,169,688 1,248,228
5,656,644 5,382,507
9 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 38,722 59,856
Corporation tax 55,744 143,738
Other taxes and social security costs 624,565 583,674
Other creditors (32,891) 105,176
Accruals and deferred income 177,945 186,508
864,085 1,078,952
10 Creditors: amounts falling due after one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 3,745,890
11 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 5,400,000 5,400,000 5,400,000
12 Profit and loss account 2024 2023
£ £
At 1 January 4,277,231 3,115,133
Profit for the financial year 386,113 1,162,098
At 31 December 4,663,344 4,277,231
13 Related party transactions
We loaned from our parent company (Empire Resources, Inc.) and we paid off in 2024 and there is no outstanding balance at the end of 2024.
14 Hedging Relationship
Our product prices, in addition to the conversion cost (Fab), also include the fluctuating metal prices (LME), and our hedging primarily targets the LME. When we purchase goods from our supplier, we sell a commodity forward to the broker. When the goods are sold to the customer, we buy back the forward. The resulting gains or losses will be recognized in the profit and loss account at the time of settlement (A/C 41120 LME Income/Expense).

If the goods have not been sold to the customer before the settlement date, the settlement gains or losses will be recorded in (A/C 12510 DEFERRED HEDGING) and will only be recognized in profit and loss when the goods are sold.
15 Controlling party
The company is a wholly owned subsidiary of Empire Resources Inc, a company incorporated in the United States of America. The company's ultimate parent company is Ta Chen Stainless Pipe Co. Ltd, a company incorporated in Taiwan.

The results of the company are consolidated into the group accounts of Ta Chen Stainless Pipe Co. Ltd which are availiable at:

Ta Chen Stainless Pipe Co Ltd
No.125
Hsin Tien 2nd Street, Jeng-Teh District
TAINAN 717
Taiwan
TWN
16 Principal place of business
The address of the company's principal place of business is:
409W & 411W Castlemill
Burnt Tree
Dudley
West Midlands
DY4 7UF
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