REGISTERED NUMBER: 09730414 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

LIP HING METAL MANUFACTURING (UK) LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

C S A Chow

K L Tang

REGISTERED OFFICE:

Unit 2

Premier Park

Acheson Way

Trafford Park

Manchester

M17 1GA

REGISTERED NUMBER:

09730414 (England and Wales)

AUDITORS:

Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

Turnover for the year was £17,387,841 (2024: £13,328,863) and pre-tax losses were £81,477 (2024: £99,397 profit) for the year. The results for the year and the financial position at the yearend were considered satisfactory by the directors, given the challenging economic environment.The company has cash reserves as at date of approval of financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal activity of the company in the year under review was that of wholesale distribution of non-durable goods. The key risks and uncertainties include supply chain and material risk, cost inflation, rising overheads and more.

FINANCIAL RISK MANAGEMENT

The main financial risks to which the Company is exposed are those of interest rate, liquidity, foreign currency and credit. The Company's policy is to maintain strong cash balances where possible and to trade with major customers with strong credit ratings. The financial risks and uncertainties are believed to be under control.

KEY PERFORMANCE INDICATORS

The company's key performance indicators are considered to be those that communicate the financial performance of the company as a whole, these being turnover and operating and pre-tax profit.

FUTURE DEVELOPMENTS

The company will continue to perform wholesale distribution for the parent's key customers in UK and Europe. The distribution in UK and Europe has been stable and is expected to remain consistent in the foreseeable future.

ON BEHALF OF THE BOARD:

C S A Chow - Director

17 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesale distribution.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

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

C S A Chow

K L Tang

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;

-	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.

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 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, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C S A Chow - Director

17 December 2025

Opinion

We have audited the financial statements of Lip Hing Metal Manufacturing (UK) Ltd (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 March 2025 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.

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 three, 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:

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, employment law and direct and indirect taxes..

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party balances and transactions.

- Reviewing documentation such as the company board minutes for discussions of irregularities including fraud.

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. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

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.

Other matters

The comparative figures included in these financial statements are unaudited.

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.

Thomas Smart (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

17 December 2025

TURNOVER

3

17,387,841

13,328,863

Cost of sales

(16,595,936

)

(12,679,929

)

GROSS PROFIT

791,905

648,934

Administrative expenses

(742,408

)

(451,915

)

OPERATING PROFIT

5

49,497

197,019

Interest payable and similar expenses

6

(130,974

)

(97,622

)

(LOSS)/PROFIT BEFORE TAXATION

(81,477

)

99,397

Tax on (loss)/profit

7

-

-

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(81,477

)

99,397

(LOSS)/PROFIT FOR THE YEAR

(81,477

)

99,397

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(81,477

)

99,397

FIXED ASSETS

Tangible assets

8

2,381

4,667

CURRENT ASSETS

Stocks

9

1,804,536

1,840,412

Debtors

10

5,629,911

4,494,444

Cash at bank and in hand

416,829

421,168

7,851,276

6,756,024

CREDITORS

Amounts falling due within one year

11

(8,234,007

)

(7,059,564

)

NET CURRENT LIABILITIES

(382,731

)

(303,540

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(380,350

)

(298,873

)

CAPITAL AND RESERVES

Called up share capital

13

1

1

Retained earnings

14

(380,351

)

(298,874

)

SHAREHOLDERS' FUNDS

(380,350

)

(298,873

)

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

C S A Chow - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

-

(398,271

)

(398,271

)

Changes in equity

Issue of share capital

1

-

1

Total comprehensive income

-

99,397

99,397

Balance at 31 March 2024

1

(298,874

)

(298,873

)

Changes in equity

Total comprehensive income

-

(81,477

)

(81,477

)

Balance at 31 March 2025

1

(380,351

)

(380,350

)

Cash flows from operating activities

Cash generated from operations

1

127,537

17,955

Interest paid

(130,974

)

(97,622

)

Net cash from operating activities

(3,437

)

(79,667

)

Cash flows from investing activities

Purchase of tangible fixed assets

(902

)

-

Net cash from investing activities

(902

)

-

Decrease in cash and cash equivalents

(4,339

)

(79,667

)

Cash and cash equivalents at beginning of year

2

421,168

500,835

Cash and cash equivalents at end of year

2

416,829

421,168

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

(Unaudited)

£

£

(Loss)/profit before taxation

(81,477

)

99,397

Depreciation charges

3,188

8,064

Finance costs

130,974

97,622

52,685

205,083

Decrease in stocks

35,876

1,173,737

(Increase)/decrease in trade and other debtors

(1,135,467

)

2,533,143

Increase/(decrease) in trade and other creditors

1,174,443

(3,894,008

)

Cash generated from operations

127,537

17,955

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

416,829

421,168

Year ended 31 March 2024

31/3/24

1/4/23

(Unaudited)

£

£

Cash and cash equivalents

421,168

500,835

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

421,168

(4,339

)

416,829

421,168

(4,339

)

416,829

Total

421,168

(4,339

)

416,829

1.	STATUTORY INFORMATION

Lip Hing Metal Manufacturing (UK) Ltd is a private company limited by shares, incorporated in England. The company's registered number is 09730414 and registered office is Unit 2 Premier Park Acheson Way, Manchester, M17 1GA.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liability that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

-

20% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102

Financial instruments are recongised when the company becomes party to the contractual provisions of the instrument

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off recongised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, including trade debtors, other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised

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.

Basic financial liabilities, including trade creditors, other creditors, amounts owed to a group undertakings and directors loan accounts that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest

Financial liabilities are derecognsied when, and only when, the company's contractual obligations are discharged, cancelled, or they expire

Derivative financial instruments are recognsied at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The company has cash reserves as at the date of approval of the financial statements. The company has sufficient working capital to enable it to continue to trade and meet its liabilities as they fall due for at least the next twelve months from the date of approval of the financial statements. Whilst there can be no certainty in this respect the directors are confident that continued group support will be able to be obtained if necessary.

As a result the directors believe that the group will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

Financial instruments

All financial assets and liabilities are measured at transaction price

3.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

(Unaudited)

£

£

United Kingdom

13,192,726

10,104,817

Europe

4,011,716

3,063,313

United States of America

183,399

160,733

17,387,841

13,328,863

4.	EMPLOYEES AND DIRECTORS

2025

2024

(Unaudited)

£

£

Wages and salaries

318,438

248,249

Social security costs

28,839

94,110

Other pension costs

6,658

6,515

353,935

348,874

The average number of employees during the year was as follows:

2025

2024

(Unaudited)

8

8

2025

2024

(Unaudited)

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

(Unaudited)

£

£

Depreciation - owned assets

3,188

8,065

Auditors' remuneration

10,000

-

Foreign exchange differences

56,215

(136,383

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

(Unaudited)

£

£

Interest expense

130,974

97,622

7.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 March 2025 nor for the year ended 31 March 2024.

8.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2024

47,180

72,065

22,061

Additions

-

115

-

At 31 March 2025

47,180

72,180

22,061

DEPRECIATION

At 1 April 2024

45,487

70,760

21,837

Charge for year

1,080

1,071

86

At 31 March 2025

46,567

71,831

21,923

NET BOOK VALUE

At 31 March 2025

613

349

138

At 31 March 2024

1,693

1,305

224

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

20,990

37,410

199,706

Additions

-

787

902

At 31 March 2025

20,990

38,197

200,608

DEPRECIATION

At 1 April 2024

20,990

35,965

195,039

Charge for year

-

951

3,188

At 31 March 2025

20,990

36,916

198,227

NET BOOK VALUE

At 31 March 2025

-

1,281

2,381

At 31 March 2024

-

1,445

4,667

9.

STOCKS

2025

2024

(Unaudited)

£

£

Stocks

1,804,536

1,840,412

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

(Unaudited)

£

£

Trade debtors

5,228,068

4,112,478

Amounts owed by group undertakings

345,501

326,374

Other debtors

56,342

55,592

5,629,911

4,494,444

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

(Unaudited)

£

£

Trade creditors

6,658

81,434

Amounts owed to group undertakings

6,177,698

5,172,293

Social security and other taxes

532,438

456,743

Other creditors

1,333,666

1,341,607

Accruals and deferred income

183,547

7,487

8,234,007

7,059,564