IRIS Accounts Production v25.4.12.37 02487941 Board of Directors 1.6.24 31.5.25 31.5.25 Medium entities the wholesale and retail of food distribution. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 02487941 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 May 2025

for

Chi Yip Group Limited

Chi Yip Group Limited (Registered number: 02487941)

Contents of the Financial Statements

for the Year Ended 31 May 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 5 |

Statement of Income and Retained Earnings | 9 |

Balance Sheet | 10 |

Notes to the Financial Statements | 11 |

Chi Yip Group Limited

Company Information

for the Year Ended 31 May 2025

| DIRECTORS: | J Yip

| Mrs FC Yip

| SECRETARY: | Mrs FC Yip

| REGISTERED OFFICE: | Treasure House

| Greenside Way

| Greengate Industrial Park

| Middleton

| Greater Manchester

| M24 1SW

| REGISTERED NUMBER: | 02487941 (England and Wales)

| AUDITORS: | Lucas Reis Ltd

| Chartered Accountants

| Lansdowne House

| 85 Buxton Road

| Stockport

| Cheshire

| SK2 6LR

Chi Yip Group Limited (Registered number: 02487941)

Strategic Report

for the Year Ended 31 May 2025

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

REVIEW OF BUSINESS

The results for the year and financial position of the company are shown in the annexed financial statements.

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

During the year the turnover decreased from £23.3m to £22.3m and the gross profit margin decreased from 16.2% to 15.0%. The drop in gross margin is due to the challenging trading conditions in the UK which have meant that the company has found it difficult to pass on increases in costs of purchases to its customers.

The company made an operating loss of £802,645 as compared to an operating profit in 2024 of £761,265. This is mainly due to significant impairment provisions made in respect of loans made by the company to other group and associated companies in previous years.

The directors consider the main risks for the following year to be the continuing recessionary and inflationary market pressures in the UK economy and, in particular, in the retail trade, together with increased competition from multiple retail and wholesale chains.

The directors remain satisfied that the company has sufficient resources, both financial and non-financial to exploit growth potential as it arises and deal with any uncertainty in the market.

ON BEHALF OF THE BOARD:

Mrs FC Yip - Director

24 February 2026

Chi Yip Group Limited (Registered number: 02487941)

Report of the Directors

for the Year Ended 31 May 2025

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

DIVIDENDS

Interim dividends per share were paid as follows:

£0.12 |  | - 30 June 2024

£0.12 |  | - 31 July 2024

£0.12 |  | - 31 August 2024

£0.12 |  | - 30 September 2024

£0.12 |  | - 31 October 2024

£0.12 |  | - 30 November 2024

£0.12 |  | - 31 December 2024

£0.12 |  | - 31 January 2025

£0.12 |  | - 28 February 2025

£0.12 |  | - 31 March 2025

£0.12 |  | - 30 April 2025

£0.12 |  | - 31 May 2025

£1.44 |

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2025 will be £ 36,000 .

DIRECTORS

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

J Yip

Mrs FC Yip

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

Chi Yip Group Limited (Registered number: 02487941)

Report of the Directors

for the Year Ended 31 May 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Lucas Reis Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs FC Yip - Director

24 February 2026

Report of the Independent Auditors to the Members of

Chi Yip Group Limited

Opinion

We have audited the financial statements of Chi Yip Group Limited (the 'company') for the year ended 31 May 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 May 2025 and of its loss for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of

Chi Yip Group Limited

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Chi Yip Group Limited

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company's industry and its control environment, and reviewed the company's policies and procedures relating to fraud and compliance with laws and regulations and enquired with management. We obtained an understanding of the legal and regulatory frameworks that the company operates in and identified key laws and regulations.

As a result of performing the above, we identified the greatest potential for fraud would result from the loss of stock or cash sales income and instances of non-compliance with health and safety regulations. Our procedures to address this are described below.

We obtained an understanding of the relevant controls the company has established for stock and cash, held discussions with management, undertook analytical procedures and performed substantive testing on sales income.

Because of 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.

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.

Report of the Independent Auditors to the Members of

Chi Yip Group Limited

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.

Sarah Reis FCA, ATII (Senior Statutory Auditor)

for and on behalf of Lucas Reis Ltd

Chartered Accountants

Lansdowne House

85 Buxton Road

Stockport

Cheshire

SK2 6LR

24 February 2026

Chi Yip Group Limited (Registered number: 02487941)

Statement of Income and Retained Earnings

for the Year Ended 31 May 2025

| 31.5.25 | 31.5.24 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 22,327,936 |  | 23,273,397 |  |

Cost of sales | 18,980,880 |  | 19,491,747 |  |

GROSS PROFIT | 3,347,056 |  | 3,781,650 |  |

Distribution costs | 10,227 |  | 10,411 |  |

Administrative expenses | 4,203,495 |  | 3,170,699 |  |

|  |  | 4,213,722 |  |  |  |  | 3,181,110 |  |

(866,666 | ) | 600,540 |  |

Other operating income | 64,021 |  | 160,725 |  |

OPERATING (LOSS)/PROFIT | 5 | (802,645 | ) | 761,265 |  |

Interest payable and similar expenses | 6 | 59,295 |  | 54,722 |  |

(LOSS)/PROFIT BEFORE TAXATION | (861,940 | ) | 706,543 |  |

Tax on (loss)/profit | 7 | (73,301 | ) | 219,247 |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (788,639 | ) | 487,296 |  |

Retained earnings at beginning of year | 3,176,027 |  | 2,724,731 |  |

Dividends | 8 | (36,000 | ) | (36,000 | ) |

RETAINED EARNINGS AT END OF YEAR | 2,351,388 |  | 3,176,027 |  |

Chi Yip Group Limited (Registered number: 02487941)

Balance Sheet

31 May 2025

| 31.5.25 | 31.5.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 582,865 |  | 830,648 |  |

CURRENT ASSETS

Stocks | 10 | 2,506,424 |  | 2,330,434 |  |

Debtors | 11 | 3,875,171 |  | 5,285,066 |  |

Cash at bank and in hand | 26,525 |  | 8,139 |  |

6,408,120 |  | 7,623,639 |  |

CREDITORS

Amounts falling due within one year | 12 | 4,214,401 |  | 4,688,611 |  |

NET CURRENT ASSETS | 2,193,719 |  | 2,935,028 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,776,584 |  | 3,765,676 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (265,845 | ) | (356,997 | ) |

PROVISIONS FOR LIABILITIES | 17 | (134,351 | ) | (207,652 | ) |

NET ASSETS | 2,376,388 |  | 3,201,027 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 25,000 |  | 25,000 |  |

Retained earnings | 19 | 2,351,388 |  | 3,176,027 |  |

SHAREHOLDERS' FUNDS | 2,376,388 |  | 3,201,027 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2026 and were signed on its behalf by:

Mrs FC Yip - Director

Chi Yip Group Limited (Registered number: 02487941)

Notes to the Financial Statements

for the Year Ended 31 May 2025

1. | STATUTORY INFORMATION

| Chi Yip Group 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.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Financial Reporting Standard 102 - reduced disclosure exemptions

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

| • | the requirements of Section 7 Statement of Cash Flows.

| Related party exemption

| 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 with wholly owned subsidiaries within the group.

Chi Yip Group Limited (Registered number: 02487941)

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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

| Key sources of estimation and uncertainty

| The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

| Assessing indicators of impairment

| In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

| Tangible fixed assets

| Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

| Turnover

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

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant and machinery | - | 20% on reducing balance

| Fixtures and fittings | - | 20% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Stocks

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

Chi Yip Group Limited (Registered number: 02487941)

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Hire purchase and leasing commitments

| Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful economic lives. The finance charges are allocated over the primary period of the lease in proportion to the capital element outstanding.

| Amounts payable under operating leases are charged to the profit and loss account in the period in which they are incurred.

| Pension costs and other post-retirement benefits

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

| Grants received

| Grants received relating to tangible fixed assets are treated as a deferred credit and are released to the profit and loss account in equal instalments over the estimated useful economic life of the assets concerned. Other grants are credited to the profit and loss account as the related expenditure is incurred.

| Going concern

| The company's financial statements for the year ended 31 May 2025 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Chi Yip Group Limited (Registered number: 02487941)

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

3. | TURNOVER

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

| An analysis of turnover by geographical market is given below:

| 31.5.25 |  | 31.5.24

£ | £ |

| United Kingdom | 22,327,936 |  | 23,273,397 |  |

22,327,936 |  | 23,273,397 |  |

4. | EMPLOYEES AND DIRECTORS

| 31.5.25 |  | 31.5.24

£ | £ |

| Wages and salaries | 2,100,594 |  | 1,997,876 |  |

| Social security costs | 200,274 |  | 176,108 |  |

| Other pension costs | 58,556 |  | 58,366 |  |

2,359,424 |  | 2,232,350 |  |

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

| 31.5.25 |  | 31.5.24

| Selling and administrative | 80 |  | 75 |  |

| 31.5.25 |  | 31.5.24

£ | £ |

| Directors' remuneration | 88,038 |  | 87,600 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

5. | OPERATING (LOSS)/PROFIT

| The operating loss (2024 - operating profit) is stated after charging/(crediting):

| 31.5.25 |  | 31.5.24

£ | £ |

| Hire of plant and machinery | 21,755 |  | 26,274 |  |

| Depreciation - owned assets | 72,555 |  | 99,236 |  |

| Depreciation - assets on hire purchase contracts | 118,632 |  | 31,635 |  |

| Loss/(profit) on disposal of fixed assets | 36,596 |  | (5,000 | ) |

| Auditors' remuneration | 29,000 |  | 27,955 |  |

Chi Yip Group Limited (Registered number: 02487941)

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.5.25 |  | 31.5.24

£ | £ |

| Bank interest | 42,932 |  | 35,943 |  |

| Bank loan interest | 1,927 |  | 17,576 |  |

| Hire purchase | 14,436 |  | 1,203 |  |

59,295 |  | 54,722 |  |

7. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

| 31.5.25 |  | 31.5.24

£ | £ |

| Current tax:

| UK corporation tax | - |  | 70,331 |  |

| Deferred tax | (73,301 | ) | 148,916 |  |

| Tax on (loss)/profit | (73,301 | ) | 219,247 |  |

8. | DIVIDENDS

| 31.5.25 |  | 31.5.24

£ | £ |

| Ordinary shares of £1 each

| Interim | 36,000 |  | 36,000 |  |

Chi Yip Group Limited (Registered number: 02487941)

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 June 2024 | 789,829 |  | 1,086,447 |  | 917,694 |  | 2,793,970 |  |

| Disposals | - |  | - |  | (106,075 | ) | (106,075 | ) |

| At 31 May 2025 | 789,829 |  | 1,086,447 |  | 811,619 |  | 2,687,895 |  |

| DEPRECIATION

| At 1 June 2024 | 759,056 |  | 1,038,018 |  | 166,248 |  | 1,963,322 |  |

| Charge for year | 6,155 |  | 9,686 |  | 175,346 |  | 191,187 |  |

| Eliminated on disposal | - |  | - |  | (49,479 | ) | (49,479 | ) |

| At 31 May 2025 | 765,211 |  | 1,047,704 |  | 292,115 |  | 2,105,030 |  |

| NET BOOK VALUE

| At 31 May 2025 | 24,618 |  | 38,743 |  | 519,504 |  | 582,865 |  |

| At 31 May 2024 | 30,773 |  | 48,429 |  | 751,446 |  | 830,648 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 June 2024

| and 31 May 2025 | 506,162 |  |

| DEPRECIATION

| At 1 June 2024 | 31,635 |  |

| Charge for year | 118,632 |  |

| At 31 May 2025 | 150,267 |  |

| NET BOOK VALUE

| At 31 May 2025 | 355,895 |  |

| At 31 May 2024 | 474,527 |  |

10. | STOCKS

| 31.5.25 |  | 31.5.24

£ | £ |

| Finished goods | 2,506,424 |  | 2,330,434 |  |

Chi Yip Group Limited (Registered number: 02487941)

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

11. | DEBTORS

| 31.5.25 |  | 31.5.24

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 972,213 |  | 1,177,704 |  |

| VAT | 16,075 |  | 68,493 |  |

| Prepayments and accrued income | 100,647 |  | 97,687 |  |

1,088,935 |  | 1,343,884 |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | 1,890,336 |  | 1,896,782 |  |

| Other debtors | 895,900 |  | 2,044,400 |  |

2,786,236 |  | 3,941,182 |  |

| Aggregate amounts | 3,875,171 |  | 5,285,066 |  |

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.5.25 |  | 31.5.24

£ | £ |

| Bank loans and overdrafts (see note 14) | 934,931 |  | 1,051,909 |  |

| Hire purchase contracts (see note 15) | 91,152 |  | 91,152 |  |

| Trade creditors | 2,283,904 |  | 1,975,424 |  |

| Amounts owed to group undertakings | 510,174 |  | 827,174 |  |

| Tax | - |  | 70,331 |  |

| Social security and other taxes | 46,659 |  | 43,282 |  |

| Other creditors | 19,010 |  | 243,913 |  |

| Directors' current accounts | 245,827 |  | 308,250 |  |

| Accruals and deferred income | 82,744 |  | 77,176 |  |

4,214,401 |  | 4,688,611 |  |

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.5.25 |  | 31.5.24

£ | £ |

| Hire purchase contracts (see note 15) | 265,845 |  | 356,997 |  |

Chi Yip Group Limited (Registered number: 02487941)

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

14. | LOANS

| An analysis of the maturity of loans is given below:

| 31.5.25 |  | 31.5.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 934,931 |  | 968,576 |  |

| Bank loans | - less than 1 yr | - |  | 83,333 |  |

934,931 |  | 1,051,909 |  |

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 31.5.25 |  | 31.5.24 |

£ | £ |

| Gross obligations repayable:

| Within one year | 105,588 |  | 105,588 |  |

| Between one and five years | 307,965 |  | 413,553 |  |

413,553 |  | 519,141 |  |

| Finance charges repayable:

| Within one year | 14,436 |  | 14,436 |  |

| Between one and five years | 42,120 |  | 56,556 |  |

56,556 |  | 70,992 |  |

| Net obligations repayable:

| Within one year | 91,152 |  | 91,152 |  |

| Between one and five years | 265,845 |  | 356,997 |  |

356,997 |  | 448,149 |  |

| Non-cancellable |

| operating leases |

| 31.5.25 |  | 31.5.24

£ | £ |

| Within one year | 24,414 |  | 30,472 |  |

| Between one and five years | 38,343 |  | 62,756 |  |

62,757 |  | 93,228 |  |

Chi Yip Group Limited (Registered number: 02487941)

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

16. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.5.25 |  | 31.5.24

£ | £ |

| Bank overdrafts | 934,931 |  | 968,576 |  |

| Bank loans | - |  | 83,333 |  |

934,931 |  | 1,051,909 |  |

| The bank overdraft and loan is secured by a mortgage debenture and a legal mortgage over the land and buildings owned by the immediate parent undertaking.

| Bank loans and overdrafts are secured by fixed and floating charges over the company's assets.

17. | PROVISIONS FOR LIABILITIES

| 31.5.25 |  | 31.5.24

£ | £ |

| Deferred tax | 134,351 |  | 207,652 |  |

| Deferred |

| tax |

£ |

| Balance at 1 June 2024 | 207,652 |  |

| Credit to Income Statement during year | (73,301 | ) |

| Balance at 31 May 2025 | 134,351 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.5.25 |  | 31.5.24

| value: | £ | £ |

| 25,000 | Ordinary | £1 | 25,000 |  | 25,000 |  |

19. | RESERVES

| Retained

| earnings

£ |

| At 1 June 2024 | 3,176,027 |  |

| Deficit for the year | (788,639 | ) |

| Dividends | (36,000 | ) |

| At 31 May 2025 | 2,351,388 |  |

Chi Yip Group Limited (Registered number: 02487941)

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

20. | ULTIMATE PARENT COMPANY

| The company's ultimate parent undertaking at the balance sheet date was Yip & Sons Limited, a company incorporated and registered in England and Wales. Copies of the financial statements of Yip and Sons Limited can be obtained from Treasure House Greengate Industrial Park, Greenside Way, Middleton, Manchester, M24 1SW.

| The company's parent undertaking at the balance sheet date was Chi Yip Holdings Limited, a company incorporated and registered in England and Wales. Copies of the financial statements of Chi Yip Holdings Limited can be obtained from Treasure House Greengate Industrial Park, Greenside Way, Middleton, Manchester, M24 1SW.

21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 May 2025 and 31 May 2024:

| 31.5.25 |  | 31.5.24

£ | £ |

| Mrs FC Yip

| Balance outstanding at start of year | (308,251 | ) | (457,952 | ) |

| Amounts advanced | 62,424 |  | 149,701 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | (245,827 | ) | (308,251 | ) |

| J Yip

| Balance outstanding at start of year | - |  | (1 | ) |

| Amounts advanced | - |  | 1 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | - |  |

Chi Yip Group Limited (Registered number: 02487941)

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

22. | RELATED PARTY DISCLOSURES

| Chi Land Limited

| A company in which the holding company has an 80% interest.

| The company has advanced loans of £1,245,336 (2024 £1,363,836) to Chi Land Limited. These loans are repayable on demand and are included in amounts owed by group undertakings.

| Hello Oriental (Oxford Road) Limited

| A company in which the holding company has a 50% interest.

| The company has advanced loans of £1,400,000 (2024 £1,400,000) to Hello Oriental (Oxford Road) Limited . This loan is repayable on demand and is included in other debtors.

| OT Restaurant Limited

| A company which is owned by Mrs DFC Yip's son.

| The company has received loans of £nil (2024 £234,676) from OT Restaurant Limited. This loan is repayable on demand and is included in other creditors.

| Chi Yip (Altrincham) Limited

| A company which is owned by Mrs DFC Yip's son.

| The company has advanced loans of £550,000 (2024 £600,000) to Chi Yip (Altrincham) Limited. This loan is repayable on demand and is included in other debtors.

| K2 Karaoke Limited

| A company which is owned by Mrs DFC Yip's daughter.

| The company has received loans of £180,000 (2024 £nil) from K2 Karaoke Limited. This loan is repayable on demand and is included in other creditors.