GLOBAL WIN CO., LTD 31/12/2024 iXBRL

Company registration number: 10857415

GLOBAL WIN CO., LTD

Financial statements

31 December 2024

GLOBAL WIN CO., LTD

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Notes to the financial statements

GLOBAL WIN CO., LTD

Directors and other information


	Directors	Ms Ying CHE
		Mr Xingfu LIU
		Mr Yun XU


	Company number	10857415


	Registered office	Chase Business Centre
		39-41 Chase Side
		London
		N14 5BP


	Auditor	Ashford Louis
		Chartered Certified Accountants
		& Statutory Auditors
		187 High Road Leyton
		London
		E15 2BY




	Bankers	Barclays Bank Plc
		75 High Street
		Brentwood
		Essex
		CM14 4RP

GLOBAL WIN CO., LTD

Strategic report

Year ended 31 December 2024

Fair review of the business

Global Win Co., Ltd is an investment company. It does not engage in any business activities producing goods and services.

Income from subsidiaries is received in the form of interest from the loans provided and dividends. The company received no other form of income.

As of 31 December 2024, the company is a wholly owned subsidiary of Zhejiang Shanying Paper Co. Ltd. The ultimate holding company is Shanying International Holdings Co Ltd.

The company's statement of comprehensive income is set out on page 10 and shows dividend income and interest income of $Nil (2023: $9,370,070) and $2,692,966 (2023: $1,096,686) respectively.

No interim dividend was paid during the year and the directors do not recommend a final dividend for the year.

The statement of financial position as of 31 December 2024 shows total assets less current liabilities of $474,247,039 (2023: $500,818,623). The gross asset value of the company as of 31 December 2024 was $474,847,589 (2023: $501,142,869).

Global Win Co., Ltd was set up in the United Kingdom to take advantage of the country's position as a global financial centre. The company has the ultimate aim to serve as a holding company to expand in the paper industry and to invest further with new merger and acquisition projects.

The company is reliant on its parent company, Zhejiang Shanying Paper Co. Ltd, which has confirmed its intention to provide necessary financial support to the company for the foreseeable future.

The financial statements have been prepared on the going concern basis.

Principal risks and uncertainties

There are a number of potential risks and uncertainties which could have an impact on the company's financial performance.

The principal financial risks to which the company is exposed are those of Business risks including global, political and regulatory, foreign currency, interest rate and liquidity.

Each of these risks is managed in accordance with board approved policies which are set out below. This list is in no particular order and is not an exhaustive list of all potential risks. Some risks may be unknown and it may transpire while others that are currently considered immaterial become material.

Business risks including global, political and regulatory risk

The company's subsidiaries are operating globally with the current focus on the North American and Scandinavian regions. For these conditions, the directors monitor risks such as stability of the political systems, legal aspects, contract and compliance risks. The directors also amend any business procedures as appropriate to attempt to mitigate any exposures whilst remaining in compliance with local and group requirements.

Foreign currency risk

The company has transactional currency exposure arising from receiving dividends, interests and loan repayments from its subsidiaries. In order to minimise exchange fluctuation distorting the financial results of the company it reports its financial statements in US Dollar, partly due to its stability, which is its main trading currency.

Interest rate

The company finances its subsidiaries through loans and capital injections. The fair value of the provided loans may fluctuate due to any changes interest rate. The directors constantly monitor this aspect of the company's operation in order to optimise the interest rate costs in the event of any interest rate changes.

Liquidity risk

The company manages liquidity risk by access to loans from group and related undertakings and documentary finance arrangements which are expected to be sufficient to meet anticipated liquidity requirements. The directors review the company's on-going liquidity risks regularly and constantly monitor debtors receivable and creditors payable.

Section 172(1) Statement

This section serves as our S172 statement and should be read in conjunction with the whole Strategic Report. S172 of the Companies Act 2006 requires the directors to take into consideration the interests of stakeholders in their decision making. The directors consider its shareholder i.e. the parent company and the company's own subsidiaries to be key stakeholders.

The directors act in good faith and fairly between the stakeholders and consider what is the best business options to promote the success in the long term for all of its stakeholders. Our stakeholders are engaged with on regular basis via management meetings and dialogue.

Environmental liabilities

The company subsidiaries conduct their operations in such a manner as to ensure compliance with environmental laws and regulations. The impact of their activities on the environment and the company's reputation when making decisions will be considered. If events occur where actions are necessary to maintain compliance, the company will devote suitable resources to the issue in order to remedy the situation.

Key performance indicators

The company uses the following Key Performance Indicators to ensure it has the ability to successfully grow and expand in the long term:

Income from shares in group undertakings $Nil (2023: $9,370,070)

Other interest receivable and similar income $2,692,966 (2023: $1,096,686)

Loss for the financial year $26,571,584 (2023: $44,500,852)

Future developments

Within the existing portfolio of subsidiaries that are operating in the paper industry, The nature of the business is considered to be predictable and not subject to material changes.

The company continue to aspire to expand in the paper industry and to invest further with new merger and projects.

This report was approved by the board of directors on 31 December 2025 and signed on behalf of the board by:

Mr Yun XU

Director

GLOBAL WIN CO., LTD

Directors report

Year ended 31 December 2024

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

Directors

The directors who served the company during the year were as follows:

Ms Ying CHE

Mr Xingfu LIU

Mr Yun XU

Dividends

The directors do not recommend the payment of a dividend.

Events after the end of the reporting period

Particulars of events after the reporting period are detailed in note 14 to the financial statements.

Other matters

The financial statements have been prepared on a going concern basis since the directors, having reviewed the company's current position the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements.

At the time of approving the financial statements, the loan investments from one of the subsidiaries which expired during the year have not been renewed as the company is in the process of converting these loans into equity. These funds were originated from parent company itself. The parent company has given its guarantee that it will not recall these loans.

The company is reliant on its parent company, Zhejiang Shanying Paper Co. Ltd, which has confirmed its intention to provide necessary financial support to the company for the foreseeable future.

Therefore, the directors continue to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2024.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, directors report 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 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; and

- make judgments and accounting estimates that are reasonable and prudent.

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.

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 31 December 2025 and signed on behalf of the board by:

Mr Yun XU

Director

GLOBAL WIN CO., LTD

Independent auditor's report to the members of

GLOBAL WIN CO., LTD

Year ended 31 December 2024

Opinion

We have audited the financial statements of GLOBAL WIN CO., LTD (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, 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 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 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 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 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.

Emphasis of matter

In forming our opinion, we have considered the adequacy of the disclosure made in note 3 of the financial statements concerning the recoverability of the loan investments but our opinion is not qualified in this respect.

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 directors are 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' 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 directors' 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 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 directors' responsibilities statement, 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 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 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.

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: - We obtained an understanding of the legal and regulatory requirements applicable to the company.- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.- We inquired from management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. We designed our audit procedures to identify instances of non-compliance throughout the audit and remained alert to instances of non-compliance throughout the audit.- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. However, the primary responsibility for prevention and detection of fraud rests with both management and those charged with governance of the company. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 an auditors report 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.

Eric Ashong FCCA (Senior Statutory Auditor)

For and on behalf of

Ashford Louis

Chartered Certified Accountants and Statutory Auditors

187 High Road Leyton

London

E15 2BY

31 December 2025

GLOBAL WIN CO., LTD

Statement of comprehensive income

Year ended 31 December 2024

		2024	2023
	Note	$	$


Turnover		-	-
Depreciation and other amounts written off tangible and intangible fixed assets		( 28,274,460)	( 54,615,815)
Other operating expenses		( 422,465)	( 76,855)
		_______	_______
Operating loss	4	( 28,696,925)	( 54,692,670)

Income from shares in group undertakings	5	-	9,370,070
Other interest receivable and similar income	6	2,692,966	1,096,686
Interest payable and similar expenses	7	-	( 26,640)
		_______	_______
Loss before taxation		( 26,003,959)	( 44,252,554)

Tax on loss	8	( 567,625)	( 248,298)
		_______	_______
Loss for the financial year and total comprehensive income		( 26,571,584)	( 44,500,852)
		_______	_______

All the activities of the company are from continuing operations.

GLOBAL WIN CO., LTD

Statement of financial position

31 December 2024

		2024		2023
	Note	$	$	$	$

Fixed assets
Investments	10	471,256,694		500,231,225
		_______		_______
			471,256,694		500,231,225

Current assets
Debtors	11	3,578,457		885,490
Cash at bank and in hand		12,438		26,154
		_______		_______
		3,590,895		911,644
Creditors: amounts falling due
within one year	12	( 600,550)		( 324,246)
		_______		_______
Net current assets			2,990,345		587,398
			_______		_______
Total assets less current liabilities			474,247,039		500,818,623

			_______		_______
Net assets			474,247,039		500,818,623
			_______		_______

Capital and reserves
Called up share capital	13		129		129
Share premium account			378,861,385		378,861,385
Profit and loss account			95,385,525		121,957,109
			_______		_______
Shareholders funds			474,247,039		500,818,623
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 31 December 2025 , and are signed on behalf of the board by:

Mr Yun XU

Director

Company registration number: 10857415

GLOBAL WIN CO., LTD

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Share premium account	Profit and loss account	Total
	$	$	$	$


At 1 January 2022	129	378,861,385	166,457,961	545,319,475

Loss for the year			( 44,500,852)	( 44,500,852)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 44,500,852)	( 44,500,852)

	_______	_______	_______	_______
At 31 December 2023 and 1 January 2024	129	378,861,385	121,957,109	500,818,623

Loss for the year			( 26,571,584)	( 26,571,584)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 26,571,584)	( 26,571,584)

	_______	_______	_______	_______
At 31 December 2024	129	378,861,385	95,385,525	474,247,039
	_______	_______	_______	_______

GLOBAL WIN CO., LTD

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in UK. The address of the registered office is Chase Business Centre, 39-41 Chase Side, London, N14 5BP.

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 historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured as fair values through profit and loss. The financial statements are prepared in US Dollars, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis since the director, having reviewed the company's current position the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements. At the time of approving the financial statements, the loan investments from one of the subsidiaries which expired during the year have not been renewed as the company is in the process of converting these loans into equity. These funds were originated from parent company itself. The parent company has given its guarantee that it will not recall these loans. The company is reliant on its parent company, Zhejiang Shanying Paper Co. Ltd, which has confirmed its intention to provide necessary financial support to the company for the foreseeable future.Therefore, the directors continue to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2024.

Disclosure exemptions

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and comprehensive income of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;- Section 26 'Share based Payment': Share-based payment expense charged to the statement ofcomprehensive income, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;- Section 33 'Related Party Disclosures': Compensation for key management personnel.The financial statements of the company are included in the consolidated financial statements of Shanying International Holdings Co Ltd. The consolidated financial statements will be available by writing to the company secretary at No 3 Qinjian Road, Ma'anshan City, Anhui Province, China.

Consolidation

The financial statements contain information about Global Win Co., Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of Shanying International Holdings Co Ltd, No 3 Qinjian Road, Ma'anshan City, Anhui Province, China.

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 liabilities 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.Critical judgementsThe following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:Impairment of investmentsDetermine whether there are indicators of impairment of the company's investments in subsidiary undertakings. Factors taken into consideration include the stage of the subsidiary undertaking's operating life cycle, current period of profits or losses, the net asset or liability position at the year end and future expected performance of the undertaking. Deferred tax assetsManagement judgement is required to determine the amount deferred tax assets can be recognised, based on the likely timing and level of future taxable profit. The company did not recognise deferred tax on losses carried forward based on uncertainty around the amount, timing and computations of tax against future profits.

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

Transactions in currencies other than US Dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at the reporting date. Gains and losses arising on translation are included in the statement of comprehensive income for the year.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Interest expenses

Interest expense is recognised in the Statement of Comprehensive Income using the effective interest method.

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

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

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. 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. 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.

4. Operating loss

Operating loss is stated after charging/(crediting):

	2024	2023
	$	$
Impairment of tangible assets recognised in depreciation and other amounts written off tangible and intangible fixed assets	28,274,460	54,615,815
Foreign exchange differences	399,032	( 2,670)
Fees payable for the audit of the financial statements	9,207	8,951
	_______	_______

5. Income from shares in group undertakings

	2024	2023
	$	$
Dividends from shares in group undertakings	(-)	9,370,070
	_______	_______

6. Other interest receivable and similar income

	2024	2023
	$	$
Loans to group undertakings	2,692,966	1,096,686
	_______	_______

7. Interest payable and similar expenses

	2024	2023
	$	$
Loans from group undertakings	-	26,640
	_______	_______

8. Tax on loss

Major components of tax expense

	2024	2023
	$	$
Current tax:
UK current tax expense	567,625	248,298
	_______	_______
Tax on loss	567,625	248,298
	_______	_______

Reconciliation of tax expense

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

	2024	2023
	$	$
Loss before taxation	( 26,003,959)	( 44,252,554)
	_______	_______

Loss multiplied by rate of tax	( 6,500,990)	( 11,063,139)
Effect of revenue exempt from tax	-	( 2,342,518)
Others - Loss in the year	7,068,615	13,653,955
	_______	_______
Tax on loss	567,625	248,298
	_______	_______

9. 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
	$	$
Loss for the year attributable to the owners of the company	( 26,571,584)	( 44,500,852)
	_______	_______

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	( 26,571,584)	( 44,500,852)
	_______	_______

10. Investments

	Shares in group undertakings	Loans to group undertakings	Other investments other than loans	Total
	$	$	$	$
Cost
At 1 January 2024	5,716	252,667,282	302,174,042	554,847,040
Additions	-	124,294,610	790,000	125,084,610
Disposals	-	( 2,104,607)	( 123,680,074)	( 125,784,681)
	_______	_______	_______	_______
At 31 December 2024	5,716	374,857,285	179,283,968	554,146,969
	_______	_______	_______	_______
Impairment
Impairment loss	-	-	28,274,460	28,274,460
At 1 January 2024 and 31 December 2024	-	-	82,890,275	82,890,275
	_______	_______	_______	_______
Carrying amount
At 31 December 2024	5,716	374,857,285	96,393,693	471,256,694
	_______	_______	_______	_______
At 31 December 2023	5,716	252,667,282	247,558,227	500,231,225
	_______	_______	_______	_______

Total contribution during the year of $96,393,693 (2023: $247,558,227) represents total amounts injected into the company's wholly owned subsidiaries. These amounts are irrecoverable. These sums were injected into the company by the parent company. These amounts are also not repayable by the company to the parent company. During the year, there are two revolving loans, each with two separate related parties. Under the term of one of these loans, the company may draw on these facilities until 28 October 2025. The outstanding loan bears interest at 0.5%. As of 31 December 2024, the outstanding loan balance was $232,385,581. At the time of approving the financial statements, the loan investments from one of the subsidiaries which expired during the year have not been renewed as the company is in the process of converting these loans into equity. These funds were originated from parent company itself. The parent company has given its guarantee that it will not recall these loans. Under the term of the other loan, the company may draw on these facilities until 28 October 2028. Draws and accrued interests are due on demand or maturity on 28 October 2028. The outstanding loan bears interest at 4.71%. As of 31 December 2024, the outstanding loan balance was $24,691,701.

Investments in group undertakings
	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Sutriv Holding AB	Box 70396, 107 24 Stockholm, Sweden	Ordinary	100

Global Win Capital Corporation	1721 FT Jefferson Hill Road, Wickliffe, KY 42087, USA	Ordinary	100

Virtus International Corporation	251 Little Fails Drive, Wilmington, Newcastle, 19808, USA	Ordinary	100

The results and capital and reserves for the period of the trading companies are as follows:


		Capital and		Profit/(loss)
		reserves		for the
				period
	2024	2023	2024	2023
	$	$	$	$
Subsidiary undertakings
Sutriv Holding AB	47,155,653	126,842,649	47,142,108	18,204,175
Global Win Capital Corporation	41,725,840	47,688,707	( 5,962,866)	( 4,366,566)
Virtus International Corporation	29,311,800	30,399,986	-	-

11. Debtors

	2024	2023
	$	$
Amounts owed by group undertakings	3,401,852	885,490
Amounts owed by undertakings in which the company has a participating interest	176,605	-
	_______	_______
	3,578,457	885,490
	_______	_______

12. Creditors: amounts falling due within one year

	2024	2023
	$	$
Accruals and deferred income	52,740	75,948
Corporation tax	547,810	248,298
	_______	_______
	600,550	324,246
	_______	_______

13. Called up share capital

Issued, called up and fully paid

	2024		2023
	No	$	No	$
Ordinary shares of $ 1.00 each	129	129	129	129
	_______	_______	_______	_______

14. Events after the end of the reporting period

There were no material subsequent events that require disclosure in the accounts.

15. Related party transactions

The company has taken advantage of the exemption not to disclose balances or transactions with wholly owned members within the group.

16. Controlling party

The immediate parent company is Zhejiang Shanying Paper Co Ltd, a company incorporated in the Republic of China and the ultimate controlling party is Shanying International Holdings Co Ltd.The largest and smallest groups in which the results of the company are consolidated are headed by Shanying International Holdings Co Ltd. The financial statements are publicly available by writing to the company secretary at No 3 Qinjian Road, Ma'anshan City, Anhui Province, China.