REGISTERED NUMBER: 13686023 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

INNOVIEW INTERNATIONAL LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTOR:

J Lei

REGISTERED OFFICE:

Unit C10

Queens Road

Bridgend Ind Est

Bridgend

CF31 3UT

REGISTERED NUMBER:

13686023 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

(Statutory Auditor)

Court House

Court Road

Bridgend

CF31 1BE

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of the company is assembly of TV products from raw materials and wholesale of the products in the UK market.

Key financial highlights for the year

- Sales: £9,420,021

- Net assets: £528,371

The company has achieved a reasonable return. The key performance indicators (KPIs) used to measure the performance of the company are turnover, gross profit and net profit.

Gross profit margin is 8% for the year

Net profit margin is 1% for the year

The KPIs indicate a positive performance and profitability for the company.

PRINCIPAL RISKS AND UNCERTAINTIES

General Risks

The company operates in the TV products market, which is competitive and subject to technological advancements and changing consumer preferences.

Liquidity and Cash flows Risks

- Current ratio: 1.09 (Current assets of £6,185,818/Current Liabilities of £5,667,481)

- Accounts receivable turnover ratio: 7.26 (Sales of £9,420,021 / Accounts receivable of £1,296,278)

The company's short-term liquidity risk is assessed as low, supported by a relatively strong balance sheet position and ongoing parent company support. In addition, the efficiency of the company's debt collection process has improved significantly compared to 2023, when the accounts receivable turnover ratio was 3.48.

ANALYSIS OF COMPANY DEVELOPMENT AND PERFORMANCE

The director is pleased with the company's performance during the 2024 financial year. A three-year strategic plan is in place and is reviewed annually to ensure it remains aligned with the company's objectives.

The strategy focuses on continued investment in major new product development, broadening the customer base, and increasing the company's market share within the television sector.

The director remains optimistic about the company's future growth and profitability, supported by sustained investment and well-defined strategic initiatives.

This report presents a detailed summary of the company's financial results, risk profile, and future strategy, demonstrating a strong year of performance and a robust platform for continued growth.

ON BEHALF OF THE BOARD:

J Lei - Director

23 December 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of TV products from raw materials and wholesale of the products in the UK market.

DIVIDENDS

The Director recommended that no dividend be paid.

RESEARCH AND DEVELOPMENT

The company is continually developing new products and accessories.

FUTURE DEVELOPMENTS

The director believes the company is well positioned to expand its share in the UK market and continue winning new business, selling at a margin that will maintain profitability.

DIRECTOR

J Lei held office during the whole of the period from 1 January 2024 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

Disclosures required under Schedule 7 have been disclosed in the Strategic Report in accordance with S414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, 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.

ON BEHALF OF THE BOARD:

J Lei - Director

23 December 2025

Disclaimer of Opinion

We were engaged to audit the financial statements of Innoview International Limited (the 'company') for the year ended 31 December 2024 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).

We do not express an opinion on the accompanying financial statements of the company. Because of the significance of the matters described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

Basis for disclaimer of opinion

We were unable to obtain from the company, the information and explanations we required to determine whether as a whole the financial statements for the year to 31 December 2025 are true and fair. This includes information to verify the accuracy of figures comprising the current assets and liabilities of the company, the accuracy of transaction cut off and the allocation of costs to the correct accounting period, and the accuracy of future forecasting to be able to assess the going concern status of the company. As such we were unable to obtain sufficient evidence to form an opinion on the accuracy of the accounting records kept by the company, or whether adjustments to the figures might have been necessary. This matter was pervasive across accounting records and was not confined to any particular area, meaning we have been unable to form an audit opinion on the financial statements and instead issue a disclaimer of opinion.

Conclusions relating to going concern

As a result of the matters discussed in the Basis for disclaimer of opinion we have been inable to form an opinion on going concern status of the company.

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 no not express any form of assurance conclusion thereon.

Opinions on other matters prescribed by the Companies Act 2006

Because of the significance of the matter described in the basis for the disclaimer of opinion section of our report, we have been unable to form an opinion, whether based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and the Report of the Director 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 Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the persuasive limitation described above, we have not identified material misstatements in the Strategic Report or the Report of the Director.

Arising from the limitation of our work referred to above

- We have not obtained all the information and explanations that we considered necessary for the purpose of the audit; and

- We were unable to determine whether adequate accounting records have been kept

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:

- 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.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our responsibility is to conduct an audit of the company's financial statements in accordance with International Standards on auditing (Uk) and to issue an auditor's report.

However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain appropriate audit evidence to provide a basis for an audit opinion.

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.

The audit was planned on the basis that the testing undertaken and procedures carried out would have a reasonable expectation of detecting any instances of irregularity including fraud. The plan involved assessing the risk of the financial statements containing material misstatements taking into account various factors such as, the control systems in place, the standard of record keeping, an assessment of the influence and role of the staff and stakeholders involved.

However, because of the matters described in the basis for disclaimer of opinion section of our report, we were not able to obtain appropriate evidence to be able to fully assess whether any instances of fraud or irregularity may have occurred.

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.

Nigel Williams BCOM FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

(Statutory Auditor)

Court House

Court Road

Bridgend

CF31 1BE

23 December 2025

TURNOVER

3

9,420,021

11,989,381

Cost of sales

8,619,288

10,204,008

GROSS PROFIT

800,733

1,785,373

Transportation costs

314,312

224,591

Administrative expenses

399,227

1,247,581

713,539

1,472,172

87,194

313,201

Other operating income

-

41,400

OPERATING PROFIT and

PROFIT BEFORE TAXATION

87,194

354,601

Tax on profit

6

22,854

90,570

PROFIT FOR THE FINANCIAL YEAR

64,340

264,031

PROFIT FOR THE YEAR

64,340

264,031

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

64,340

264,031

FIXED ASSETS

Tangible assets

7

13,379

24,887

CURRENT ASSETS

Stocks

8

3,396,286

1,614,963

Debtors

9

1,441,609

3,606,750

Cash at bank

1,347,923

211,944

6,185,818

5,433,657

CREDITORS

Amounts falling due within one year

10

5,667,481

4,988,291

NET CURRENT ASSETS

518,337

445,366

TOTAL ASSETS LESS CURRENT LIABILITIES

531,716

470,253

PROVISIONS FOR LIABILITIES

12

3,345

6,222

NET ASSETS

528,371

464,031

CAPITAL AND RESERVES

Called up share capital

13

200,000

200,000

Retained earnings

14

328,371

264,031

SHAREHOLDERS' FUNDS

528,371

464,031

The financial statements were approved by the director and authorised for issue on 23 December 2025 and were signed by:

J Lei - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2022

200,000

-

200,000

Changes in equity

Total comprehensive income

-

264,031

264,031

Balance at 31 December 2023

200,000

264,031

464,031

Changes in equity

Total comprehensive income

-

64,340

64,340

Balance at 31 December 2024

200,000

328,371

528,371

Cash flows from operating activities

Cash generated from operations

1

1,514,882

(1,681,829

)

Government grants received

-

4,000

Insurance receipt

-

37,400

Tax paid

(84,348

)

-

Net cash from operating activities

1,430,534

(1,640,429

)

Cash flows from investing activities

Purchase of tangible fixed assets

-

(36,278

)

Net cash from investing activities

-

(36,278

)

Cash flows from financing activities

New loans in year (group creditors)

-

1,688,651

Loan repayments in year

(294,555

)

-

Net cash from financing activities

(294,555

)

1,688,651

Increase in cash and cash equivalents

1,135,979

11,944

Cash and cash equivalents at beginning of year

2

211,944

200,000

Cash and cash equivalents at end of year

2

1,347,923

211,944

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.9.22

Year Ended

to

31.12.24

31.12.23

£

£

Profit before taxation

87,194

354,601

Depreciation charges

11,509

11,391

Suspense

(1

)

(37,400

)

Government grants

-

(4,000

)

98,702

324,592

Increase in stocks

(1,781,323

)

(1,614,963

)

Decrease/(increase) in trade and other debtors

2,165,141

(3,606,750

)

Increase in trade and other creditors

1,032,362

3,215,292

Cash generated from operations

1,514,882

(1,681,829

)

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 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,347,923

211,944

Period ended 31 December 2023

31.12.23

1.9.22

£

£

Cash and cash equivalents

211,944

200,000

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

211,944

1,135,979

1,347,923

211,944

1,135,979

1,347,923

Total

211,944

1,135,979

1,347,923

1.	STATUTORY INFORMATION

Innoview International Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The accounts are rounded to the nearest pound (£).

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.

Related party exemption (group members)

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions that have taken place between two or more members of group, where any subsidiary which is a party to the transaction is wholly owned by such a member.

Significant judgements and estimates

In applying the accounting policies decisions sometimes have to be made about the likely outcome of future

events.Those judgements and estimates made in preparing the financial statements are based upon historical experience and assumptions that the directors believed were reasonable the circumstances.

a. Bad debt provision

The directors have provided for this and will continue to do so on an annual basis to reduce the uncertainty of the provision.

b. Stock and raw materials

These are valued as per the accounting policy though any such stock value estimation presents an inherent risk.

c. Accruals

There are various provisions within the accounts for expenses for which a final amount has not yet been invoiced. The director has calculated the provisions based on the information available, though there is a risk these are incomplete. Such provisions are to be reviewed and changed each year according to amounts incurred but not billed.

Turnover

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

Revenue from the sale of goods is recognised when the significant risks and benefits of ownership of the product have transferred to the buyer, which maybe on completion of the product, when the product is ready for delivery or on shipment, dependent on the specific customer contract terms.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. Cost includes the original purchase price plus any costs directly attributable to bringing the asset to its working condition for intended use.

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

Plant & Machinery - 33% and 3% straight line

Computers - 33% straight line

The carrying values of tangible fixed assets are reviewed annually for impairment as a result of events or changes in circumstances that may indicate the carrying value may not be recoverable.

Stocks

Stocks are valued at the lower of cost and net realisable value.

The company values all stock items initially at FIFO and subsequently at the lower of cost and net realisable value.

Full provision is made for obsolete and slow moving items.

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.

Leasing commitments

Rentals paid under short term operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for its employees. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

The assets of the scheme are held separately from those of the company.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period

1.9.22

Year Ended

to

31.12.24

31.12.23

£

£

United Kingdom

9,420,021

11,989,381

9,420,021

11,989,381

4.	EMPLOYEES AND DIRECTORS

Period

1.9.22

Year Ended

to

31.12.24

31.12.23

£

£

Wages and salaries

474,017

490,160

Social security costs

34,068

35,471

Other pension costs

8,212

5,194

516,297

530,825

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

Period

1.9.22

Year Ended

to

31.12.24

31.12.23

Management

1

1

Finance

1

1

Manufacturing and warehouse

19

10

21

12

During the period, the director received no remuneration, pension or any other form of benefits from the company.

5.	OPERATING PROFIT

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

Period

1.9.22

Year Ended

to

31.12.24

31.12.23

£

£

Rental operating leases

133,898

146,715

Depreciation - owned assets

11,508

11,391

Auditors' remuneration

8,000

5,500

Foreign exchange differences

48,119

(365,601

)

Government grants received

-

(4,000

)

6.

TAXATION

Analysis of the tax charge

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

Period

1.9.22

Year Ended

to

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

25,731

84,348

Deferred tax

(2,877

)

6,222

Tax on profit

22,854

90,570

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss

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

Period

1.9.22

Year Ended

to

31.12.24

31.12.23

£

£

Profit before tax

87,194

354,601

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

21,799

88,650

Effects of:

Expenses not deductible for tax purposes

16,980

11,201

Capital allowances in excess of depreciation

-

(1,119

)

Adjustment to tax charge in respect of lower Financial

(13,048

)

(8,162

)

Deferred tax

(2,877

)

-

Total tax charge

22,854

90,570

7.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

32,797

3,481

36,278

DEPRECIATION

At 1 January 2024

10,231

1,160

11,391

Charge for year

10,348

1,160

11,508

At 31 December 2024

20,579

2,320

22,899

NET BOOK VALUE

At 31 December 2024

12,218

1,161

13,379

At 31 December 2023

22,566

2,321

24,887