REGISTERED NUMBER: 08764707 (England and Wales)

Wanfeng MLTH Holdings Co., Ltd

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

Ailian Chen

Bin Chen

Yuan Lyu

SECRETARY:

Rong Chen

REGISTERED OFFICE:

Orchard Way

Calladine Park

Sutton-In-Ashfield

Nottinghamshire

NG17 1JU

REGISTERED NUMBER:

08764707 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of the company was that of a holding company. The Directors consider the results to be in line with expectations. The Company will continue to operate as a holding company for the foreseeable future.

The key performance indicators for the business are related to the performance of the subsidiary undertakings to support the value of the investments. The balance sheet on page 12 of the financial statements shows that the Company had net assets of $180.3 million (2023: $149.9 million). The movement in the year reflects the receipt of a dividend and subsequent investment in subsidiary.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider that based on the fact that the company's principal activity is to hold investments, the principal risk to the business is the recoverability of the investment balance. The cash flow of all related companies is managed at a group level and therefore the directors consider the risk to be appropriately addressed.

SECTION 172(1) STATEMENT

The Directors have ensured their compliance with their duties under s. 172 (1) in relation to the business and the stakeholders of the business. The company's ultimate parent is Zhejiang Wanfeng Auto Wheel Co., a company with headquarters in China. The company is the holding company of the Meridian branded group with manufacturing facilities in the UK, North America and China. The directors of the business are engaged in the day to day management of the subsidiaries of the company along with the management team of the subsidiaries; and engage regularly with the board of Zhejiang Wanfeng Auto Wheel Co. By doing so the directors can ensure that key decisions are made that meet the requirements of the group stakeholders.

Stakeholders

Our key stakeholder within the Group is Zhejiang Wanfeng Auto Wheel Co. Other key stakeholders within the group include the banks, customers and employees of the subsidiaries. We are focussed within the group on delivering high levels of service to the customers, so that together we provide a first-class service to the customers. The employees of the subsidiaries are central to the high standard of services that we offer.

Communication

We report each month and in detail for the group the trading performance, non-financial data and strategies to the board of the shareholders. This allows clear communication to ensure our strategies and decisions continue to align with the shareholders' vision. The board has the opportunity each month to directly engage with the group's directors regarding performance and direction. We report regularly to and receive advice from Zhejiang Wanfeng Auto Wheel Co. on non-financial matters including environmental and social responsibility factors.

We retain experienced people in the group that keep good open communication with our clients to ensure client satisfaction, which assists in gaining new business through reputation. Clients have dedicated support to manage the relationship. It is important that we remain agile to technical developments for clients and we have the depth and breadth of skills to do so.

We encourage feedback from the end customer so that we can constantly improve on our services. We retain a business development team and utilize customer scorecards to engage with customers and receive feedback.

The company has no employees other than the directors and therefore has nothing to report in respect of employee engagement activity during the year.

Key decisions

Key decisions made by the board during the year are with reference to our stakeholders and the impact any decision will have on them. This included an investment in a subsidiary of $30m. We strive for a balance between commercial sustainability and the satisfaction of our clients and customers and the welfare of our employees.

The strategic focus in 2024 was the growth of the Meridian group and whether this should be organic, through acquisition or a combination of the two. Furthermore, there was a strategy to improve the strength of the Meridian brand across the group. The strategies are presented to the shareholder board for approval and to ensure they fit with the overall strategies of Zhejiang Wanfeng Auto Wheel Co.

ON BEHALF OF THE BOARD:

Bin Chen - Director

19 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

The profit for the period, after taxation, amounted to US$30,399,918 (2023: US$29,924,580).

Dividends of US$ nil were paid during the year (2023: $ nil).

FUTURE DEVELOPMENTS

The directors expect the general business activity of the Company to remain unchanged.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Ailian Chen

Bin Chen

Yuan Lyu

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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 (United Kingdom Accounting Standards 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 accounting estimates that are reasonable and prudent;

-	state whether applicable 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.

Going Concern

The Company's Balance Sheet shows net investments of $179,401k (2023: $149,401k), and at year end reported net current assets of $885k (2023: $485k). The Company is reliant on the continued operational support of group companies and has the financial support of Meridian Lightweight Technologies Holdings Inc., which has sufficient cash and liquidity to fund the operations if necessary and a letter of support has been provided indicating that it will continue to support the business for 12 months from the date of approval of these financial statements.

The Company has prepared a cash flow forecast for the period through 31 December 2026 and has considered downside scenarios, noting any controllable cost mitigations such as deferral of capital expenditure to protect liquidity and adjusting operations to meet variable customer demand. The directors of the Company have made enquiries of the directors of the Meridian Lightweight Technologies Holdings Inc. to confirm that it has the ability to provide financial support, noting the financial position of the Company as described above.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Bin Chen - Director

19 September 2025

Opinion

We have audited the financial statements of Wanfeng MLTH Holdings Co., Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, 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 101 'Reduced Disclosure Framework' (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 for 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have 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 Strategic Report or 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 determine 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 intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- we identified areas of laws and regulations that could reasonably be expected to have a material effect on the

financial statements from our general commercial and sector experience, and through discussion with the directors

and other management (as required by auditing standards), and discussed with the directors and other

management the policies and procedures regarding compliance with laws and regulations;

- we considered the legal and regulatory frameworks directly applicable to the financial statements reporting

framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- we considered the nature of the industry, the control environment and business performance, including the key

drivers for management’s remuneration;

- we communicated identified laws and regulations throughout our team and remained alert to any indications of

non-compliance throughout the audit, also all areas where fraud might occur in the financial statements and how;

- we considered the procedures and controls that the company has established to address risks identified, or that

otherwise prevent, deter and detect fraud; and how senior management monitors these programmes and controls;

- we considered how the directors and management respond to risks of fraud and whether they have knowledge of

any actual, suspected or alleged fraud;

- we performed detailed analytical procedures to identify and unusual or unexpected relationships that may indicate

risks of material misstatement due to fraud;

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Darren Barlow FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

19 September 2025

TURNOVER

4

-

-

OPERATING PROFIT

-

-

Income from shares in group undertakings

32,000,000

31,500,000

32,000,000

31,500,000

Interest payable and similar expenses

6

82

420

PROFIT BEFORE TAXATION

7

31,999,918

31,499,580

Tax on profit

8

1,600,000

1,575,000

PROFIT FOR THE FINANCIAL YEAR

30,399,918

29,924,580

PROFIT FOR THE YEAR

30,399,918

29,924,580

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

30,399,918

29,924,580

FIXED ASSETS

Investments

9

179,400,689

149,400,689

CURRENT ASSETS

Cash at bank

1,190,345

790,427

CREDITORS

Amounts falling due within one year

10

305,414

305,414

NET CURRENT ASSETS

884,931

485,013

TOTAL ASSETS LESS CURRENT LIABILITIES

180,285,620

149,885,702

CAPITAL AND RESERVES

Called up share capital

11

76,001,900

76,001,900

Retained earnings

104,283,720

73,883,802

SHAREHOLDERS' FUNDS

180,285,620

149,885,702

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

Bin Chen - Director

Called up

share

Retained

Total

capital

earnings

equity

$

$

$

Balance at 1 January 2023

76,001,900

43,959,222

119,961,122

Changes in equity

Total comprehensive income

-

29,924,580

29,924,580

Balance at 31 December 2023

76,001,900

73,883,802

149,885,702

Changes in equity

Total comprehensive income

-

30,399,918

30,399,918

Balance at 31 December 2024

76,001,900

104,283,720

180,285,620

1.	AUTHORISATION OF FINANCIAL STATEMENTS AND STATEMENT OF FRS 101 COMPLIANCE

The financial statements of Wanfeng MLTH Holdings Co., LTD were approved for issue by the Board of Directors on 19 September 2025. Wanfeng MLTH Holdings Co., Ltd is a private company, incorporated and domiciled in England and Wales.

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The Company has taken advantage of the exemption under s401 of the Companies Act 2006 not to prepare group accounts as it is a wholly owned subsidiary of Zhejiang Wanfeng Auto Wheel Co. Limited. The results of Zhejiang Wanfeng Auto Wheel Co. Limited are included in the consolidated financial statements of Wanfeng Auto Holding Group which are available from Wanfeng Science and Technology Park, Xinchang county, Zhejiang Province, China, post code: 312500.

2.	STATUTORY INFORMATION

Wanfeng MLTH Holdings Co., Ltd 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.

3.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future. Forecasts and cash flow projections indicate the company has sufficient reserves to continue to trade for a period of no less than 12 months from the date of signing these accounts.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraphs 53(a), (h) and (j) of IFRS 16;

•

the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;

•

the requirements of

-

paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and

-

paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;

•

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

Financial instruments

The company recognises its financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The company's accounting policies in respect of the financial instruments transactions are explained below:

Financial liabilities

The company classifies its financial liabilities into one of the categories discussed below, depending on the purpose for which the liability was acquired.

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost.

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a change attributable to an item of income and expense recongised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the statement of financial position date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except that:

- the recognition of deferred tax assets is limited to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recongised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of asset acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Functional currency

The directors have considered the factors described in IAS 21 2The effects of changes in foreign exchange rates" and have determined that the Company's functional currency, the primary economic environment in which the company operates, is the US dollar.

Investments

Fixed asset investment are stated at cost less any provision. The carrying values of investments are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. The Company assesses at each reporting date whether there us an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Company makes an estimate of the asset's recoverable amount in order to determine the extent of the impairment loss. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses on continuing operations are recognised in the income statement in those expense categories consistent with the function of the impaired asset.

Transactions and balances

Transactions in foreign currencies are initially recorded in the entity's functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the balance sheet date. All differences are taken to the income statement.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates ar the date when the fair value was determined.

Cash at bank and in hand

Cash and short-term deposits in the balance sheet compromise cash at banks and in hand and short-term deposits with an original maturity of three months or less.

5.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023.

The average number of employees during the year was NIL (2023 - NIL).

2024

2023

$

$

Directors' remuneration

-

-

The Directors are also Directors of other group companies. The Directors' services to the Company do not occupy a significant amount of their time. As such the Directors do not consider that they have received any remuneration for their incidental services to the Company for the years ended 31 December 2024 and 31 December 2023.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

$

$

Bank interest

82

420

7.	PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:

2024

2023

$

$

The Company has no employees (2023: none). The Auditors remuneration of £12,000 (2023: £11,000) is paid by another group company.

8.

TAXATION

Analysis of tax expense

2024

2023

$

$

Current tax:

Withholding tax on dividends

received

1,600,000

1,575,000

Total tax expense in income statement

1,600,000

1,575,000

Factors affecting the tax expense

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

$

$

Profit before income tax

31,999,918

31,499,580

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

7,999,980

7,874,895

Effects of:

Irrecoverable Withholding tax

1,600,000

1,575,000

Non-taxable income

(7,999,980

)

(7,874,895

)

Tax expense

1,600,000

1,575,000

9.	INVESTMENTS

Shares in

group

undertakings

$

COST

At 1 January 2024

149,400,689

Additions

30,000,000

At 31 December 2024

179,400,689

NET BOOK VALUE

At 31 December 2024

179,400,689

At 31 December 2023

149,400,689

Details of the investments in which the group and the parent company holds 20% or more of the nominal value of any class of share capital are as follows:

Name of Company

Registered address

Holdings, Proportion of voting rights and shares held

Nature of business

Meridian Lightweight Technologies Holdings Inc (*)

44 Chipman Hill Suite 1000 Saint John, NB Canada

100% of Ordinary shares

Investment holding company

Meridian Lightweight Technologies Deutschland GmbH (*)

Leopoldstrasse 244 D-80807 Munich Germany

100% of Ordinary shares

Business development office

Meridian Lightweight Technologies UK Limited (*)

Orchard Way, Calladine Park Sutton-in-Ashfield Nottinghamshire United Kingdom

100% of Ordinary shares

Manufacturing

Meridian Technologies Mexico, S.de R.L.de C.V. (*)

Blvd. Santa Maria No. 1955 Parque Industrial Santa Maria Ramos Arizpe, Mexico

100% of Ordinary shares

Manufacturing

Magnesium Products of America Inc.

2001 Industrial Drive, Eaton Rapids, MI United States

100% of Ordinary shares

Manufacturing

Meridian Lightweight Technologies Inc.

44 Chipman Hill Suite 1000 Saint John, NB Canada

100% of Ordinary shares

Manufacturing

Wanfeng Meridian Lightweight Technologies Co., Ltd (*)

No. 1 Aofeng Road, Xinchang Industrial Zone, Zhejiang, China

100% of Ordinary shares

Manufacturing

Meridian Canada Inc.

44 Chipman Hill Suite 1000 Saint John, NB Canada

100% of Ordinary shares

Investment holding company

Shanghai Meridian Magnesium Products Co., Ltd

777 Taishun Road Anting Town Jiading District Shanghai, China

60% of Ordinary shares

Manufacturing

Wofeng Power (China)

Whole Peak Road, Wozhou Town, Xinchang County, Shaoxing City, Zhejiang Province, China

100% of Ordinary shares

Manufacturing

* denotes directly owned

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

$

$

Other creditors

305,414

305,414

11.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2024

2023

value:

$

$

45,250,000

Share capital 1

$1.6796

76,001,900

76,001,900

On incorporation 100 ordinary shares with aggregate nominal value of GBP £100 were issued. The share capital was redenominated into US$. On 26 May 2014, 45,249,900 ordinary shares with aggregate nominal value of US$76,001,732 were issued in consideration for the transfer of intercompany debt.

12.	ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The immediate parent undertaking is Zhejiang Wanfeng Auto Wheel Co., whose financial statements are publically available from Wanfeng Science and Technology Park, Xinchang county, Zhejiang Province, China, post code: 312500.

The ultimate parent undertaking is Wanfeng Auto Holding Group Co Limited.

The company has taken advantage of the exemption under paragraph 8(k) of FRS 101 not to disclose transactions with fellow wholly owned subsidiaries of the group.