Mainland Suppliers Limited 31/12/2024 iXBRL

Company registration number: 04478354

Mainland Suppliers Limited

Financial statements

31 December 2024

Mainland Suppliers Limited

Contents

Strategic report

Director's report

Independent auditor's report to the members

Statement of income and retained earnings

Statement of financial position

Statement of cash flows

Notes to the financial statements

Mainland Suppliers Limited

Strategic report

Year ended 31 December 2024

This report was approved by the board of directors on 20 November 2025 and signed on behalf of the board by:

Ms W. Zhou

Director

Mainland Suppliers Limited

Director's report

Year ended 31 December 2024

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

Director

The director who served the company during the year was as follows:


Ms W. Zhou

Dividends

The director does not recommends the payment of a dividend.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report 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 she is satisfied that they give a true and fair view of the state of affairs of the company and 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 judgments and accounting estimates that are reasonable and prudent; and

- 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 her 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 20 November 2025 and signed on behalf of the board by:

Ms W. Zhou

Director

Mainland Suppliers Limited

Independent auditor's report to the members of

Mainland Suppliers Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Mainland Suppliers Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 FRS 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 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 auditor’s 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report 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 strategic report or the director's report. 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 the returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the director's responsibilities statement, 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 is 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.

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 an auditor’s report 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. 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: Enquiry of management, those charged with governance and where necessary the entity's solicitors around actual and potential litigation and claims. 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 auditor’s report.

Ivan Hin Kwai Lee (Senior Statutory Auditor)

For and on behalf of

Lee & Associates (1993) Limited

Chartered Certified Accountants and Statutory Auditor

114 Colindale Avenue

London NW9 5GX

20 November 2025

Mainland Suppliers Limited

Statement of income and retained earnings

Year ended 31 December 2024

		2024	2023
	Note	£	£


Turnover	4	12,739,926	15,793,375
Cost of sales		( 12,530,285)	( 15,423,978)
		_______	_______
Gross profit		209,641	369,397

Administrative expenses		( 143,211)	( 192,107)
		_______	_______
Operating profit	5	66,430	177,290

Other interest receivable and similar income	9	25,436	14,086
Interest payable and similar expenses	10	-	( 1)
Profit before taxation		91,866	191,375

Tax on profit	11	( 22,473)	( 45,075)
		_______	_______
Profit for the financial year and total comprehensive income		69,393	146,300
		_______	_______

Retained earnings at the start of the year		1,938,811	1,792,511
		_______	_______
Retained earnings at the end of the year		2,008,204	1,938,811
		_______	_______

All the activities of the company are from continuing operations.

Mainland Suppliers Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	13	512		767
		_______		_______
			512		767

Current assets
Debtors	14	5,607,313		6,123,761
Cash at bank and in hand		2,253,633		2,484,705
		_______		_______
		7,860,946		8,608,466
Creditors: amounts falling due
within one year	15	( 5,852,926)		( 6,670,030)
		_______		_______
Net current assets			2,008,020		1,938,436
			_______		_______
Total assets less current liabilities			2,008,532		1,939,203


Provisions for liabilities	16		( 128)		( 192)

			_______		_______
Net assets			2,008,404		1,939,011
			_______		_______

Capital and reserves
Called up share capital	19		200		200
Profit and loss account			2,008,204		1,938,811
			_______		_______
Shareholders funds			2,008,404		1,939,011
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 20 November 2025 , and are signed on behalf of the board by:

Ms W. Zhou

Director

Company registration number: 04478354

Mainland Suppliers Limited

Statement of cash flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities
Profit for the financial year	69,393	146,300

Adjustments for:
Depreciation of tangible assets	254	377
Other interest receivable and similar income	( 25,436)	( 14,086)
Interest payable and similar expenses	-	1
Tax on profit	22,473	45,075
Accrued expenses/(income)	9,544	( 9,350)

Changes in:
Trade and other debtors	516,448	( 830,818)
Trade and other creditors	297,592	( 801,665)
	_______	_______
Cash generated from operations	890,268	( 1,464,166)

Interest paid	-	( 1)
Interest received	25,436	14,086
Tax paid	( 45,101)	( 46,619)
	_______	_______
Net cash from/(used in) operating activities	870,603	( 1,496,700)
	_______	_______


Cash flows from financing activities
Proceeds from borrowings	( 15,605)	20,787
Proceeds from loans from group undertakings	( 1,086,071)	1,564,041
	_______	_______
Net cash (used in)/from financing activities	( 1,101,676)	1,584,828
	_______	_______

Net increase/(decrease) in cash and cash equivalents	( 231,073)	88,128
Cash and cash equivalents at beginning of year	2,484,705	2,396,577
	_______	_______
Cash and cash equivalents at end of year	2,253,632	2,484,705
	_______	_______

Mainland Suppliers Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is House In The Woods, Golf Club Road, Little Gaddesden, Berkhamsted, HP4 1LY.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis, which assume that the company will continue in operational existence for the foreseeable future. This is on the basis of continuing their trading relationship with its sole customer Ideal Boilers UK Ltd. The Directors believe the Company has adequate financial resources to continue in operational existence for the foreseeable future, and for at least 12 months from the date that the financial statements are approved. Accordingly, the Company continues to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	33 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Turnover

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit is stated after charging/(crediting):

	2024	2023
	£	£
Depreciation of tangible assets	254	377
Impairment of trade debtors	13,839	-
Foreign exchange differences	( 48,731)	60,058
Fees payable for the audit of the financial statements	5,000	5,000
	_______	_______

6. Auditors remuneration

	2024	2023
	£	£
Fees payable to Lee & Associates (1993) Limited
Fees payable for the audit of the financial statements	5,000	5,000
	_______	_______
Fees payable to the company's auditor and its associates for other services:
Other non-audit services	5,500	5,500
	_______	_______

7. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2024	2023
Administrative staff	1	1
	_______	_______

The aggregate payroll costs incurred during the year were:

	2024	2023
	£	£
Wages and salaries	45,200	45,200
Social security costs	4,982	5,064
Other pension costs	90,000	30,000
	_______	_______
	140,182	80,264
	_______	_______

8. Directors remuneration

The director's aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	45,200	45,200
	_______	_______

9. Other interest receivable and similar income

	2024	2023
	£	£
Bank deposits	25,436	14,086
	_______	_______

10. Interest payable and similar expenses

	2024	2023
	£	£
Other interest payable and similar expenses	-	1
	_______	_______

11. Tax on profit

Major components of tax expense

	2024	2023
	£	£
Current tax:
UK current tax expense	22,537	45,101
	_______	_______

Deferred tax:
Origination and reversal of timing differences	( 64)	( 26)
	_______	_______
Tax on profit	22,473	45,075
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25.00 % (2023: 23.50%).

	2024	2023
	£	£
Profit before taxation	91,866	191,375
	_______	_______

Profit multiplied by rate of tax	22,967	44,973
Effect of capital allowances and depreciation	64	94
	_______	_______
Tax on profit	23,031	45,067
	_______	_______

12. Earnings per share

Basic earnings/(loss) per share

The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:

	2024	2023
	£	£
Profit for the year attributable to the owners of the company	69,393	146,300
	_______	_______

Diluted earnings/(loss) per share

The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:

	2024	2023
	£	£
Earnings/(loss) used in calculation of basic earnings/(loss) per share	69,393	146,300
	_______	_______

13. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	7,111	7,111
	_______	_______
Depreciation
At 1 January 2024	6,345	6,345
Charge for the year	254	254
	_______	_______
At 31 December 2024	6,599	6,599
	_______	_______
Carrying amount
At 31 December 2024	512	512
	_______	_______
At 31 December 2023	766	766
	_______	_______

14. Debtors

	2024	2023
	£	£
Trade debtors	5,598,206	6,114,654
Other debtors	9,107	9,107
	_______	_______
	5,607,313	6,123,761
	_______	_______

15. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	-	54,990
Amounts owed to group undertakings	4,968,471	6,054,542
Accruals and deferred income	19,794	10,250
Corporation tax	22,537	45,101
Social security and other taxes	834,361	481,779
Director loan accounts	7,763	23,368
	_______	_______
	5,852,926	6,670,030
	_______	_______

16. Provisions

	Deferred tax (note 17)	Total
	£	£
At 1 January 2024	192	192
Charges against provisions	( 64)	( 64)
	_______	_______
At 31 December 2024	128	128
	_______	_______

17. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 16)	128	192
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	128	192
	_______	_______

18. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 90,000 (2023: £ 30,000 ).

19. Called up share capital

Issued, called up and fully paid

	2024		2023
	No	£	No	£
Ordinary shares of £ 1.00 each	100	100	100	100
Ordinary A shares of £ 1.00 each	40	40	40	40
Ordinary B shares of £ 1.00 each	40	40	40	40
Ordinary C shares of £ 1.00 each	20	20	20	20
	_______	_______	_______	_______
	200	200	200	200
	_______	_______	_______	_______

20. Analysis of changes in net debt

	At 1 January 2024	Cash flows	At 31 December 2024
	£	£	£
Cash and cash equivalents	2,484,705	(231,072)	2,253,633
Debt due within one year	(6,077,910)	1,101,676	(4,976,234)
	_______	_______	_______
	( 3,593,205)	870,604	( 2,722,601)
	_______	_______	_______

21. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Ms W. Zhou	( 23,368)	15,605	( 7,763)
		_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Ms W. Zhou	( 2,581)	( 20,787)	( 23,368)
		_______	_______	_______

22. Controlling party

The company is controlled by the ultimate parent company, Forward Heating Technologies Co Ltd, a company incorporated in China.