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Registered number: 01372042 HOO HING HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
HOO HING HOLDINGS LIMITED COMPANY INFORMATION
Directors | C Poon
| K Poon
| T F Poon
Company secretary | C Poon
Registered number | 01372042
Registered office | Hoo Hing House
| Freshwater Road
| Dagenham
| Essex
| RM8 1RX
Independent auditor | Taylor Associates
| Statutory Auditor Chartered Accountants
| 1st Floor, Gallery Court
| 28 Arcardia Court
| London
| N3 2FG
HOO HING HOLDINGS LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditor's report | 5 - 9
Consolidated statement of comprehensive income | 10
Consolidated balance sheet | 11
Company balance sheet | 12
Consolidated statement of changes in equity | 13
Company statement of changes in equity | 14
Consolidated statement of cash flows | 15
Notes to the financial statements | 16 - 30
HOO HING HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2025
Introduction
The directors are satisfied with the results for the year.
Business review
Turnover reduced by 1% during the year, however the margin was maintained despite the continuing impact of a weak sterling currency impact on raw materials for the year under review. The directors continue to review the ongoing activities of the Company on a regular basis although trading conditions remain difficult and challenging.
Principal risks and uncertainties
The directors recognise that the grocery market place is very competitive and price sensitive and that the group must consistently adapt and improve its supply chain and internal processes to meet the needs of customers to maintain presence and a broad market space. The Group uses various financial instruments. These include cash and other items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to finance the group's operations. The existence of these financial instruments exposes the Group to a number of financial risks, which are described in more detail below. The main risks arising from the Group's financial instruments are cash flow, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below. Liquidity risk The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved through an overdraft facility. Credit risk The Group's principal financial assets are cash and trade debtors. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of payment history and reputation. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.
Financial key performance indicators
The directors monitor the success of the Group by its ability to achieve a controlled increase in sales that delivers sufficient gross profit to cover operating costs and generates cash flow from managing working capital. The Group’s KPIs are Turnover, Gross Profit, Net Profit. Page 1
HOO HING HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Other key performance indicators
The 3 key resources of the business are its customers, its suppliers and its staff. The directors review statistics to measure customer satisfaction, volume of activity with suppliers and measures to ensure long term retention of its skilled and trained workforce.
Directors' statement of compliance with duty to promote the success of the Group
The directors set out their statement of compliance with s172 (1) of the Companies Act 2006 which should be read in conjunction with the rest of the annual report. The directors of the Group have a duty to promote the success of the Group. A director of the Group must act in the way they consider, in good faith, to promote the success of the Group for the benefit of its members, and in doing so have regard (amongst other matters) to: This report was approved by the board on 13 April 2026 and signed on its behalf.
................................................ K Poon Director
Page 2
HOO HING HOLDINGS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The directors present their report and the financial statements for the year ended 30 June 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £89,589 (2024 - loss £307,580). The directors do not recommend the payment of a final dividend.
Directors
The directors who served during the year were:
C Poon
K Poon
T F Poon
Page 3
HOO HING HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
The Group's greenhouse gas emissions and energy consumption are as follows:
|  |  |  | 2025 | 2024
Emissions resulting from activities for which the Group is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent) | 649 | 680
Emissions resulting from the purchase of the electricity by the Group for its own use, including the purposes of transport (in tonnes of CO2 equivalent) | 489 | 599
Energy consumed from activities for which the Group is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Group for its own use, including for the purposes of transport, in kWh | 5.36 million | 5.67 million
During the year, the Group emitted an intensity ratio of 0.0159 KgCO2e per £ turnover (2024 - 0.0177 kgCO2e per £ turnover). Emissions have been calculated using GHG Protocol Corporate Accounting and Reporting Standard. No actions have been taken during the year to improve the Group's energy efficiency.
Matters covered in the Group Strategic Report
Matters related to the S172(1) statement including engagement with employees, suppliers, customers and others are included within the Strategic Report.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company and the Group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditor is aware of that information.
Auditor
The auditor, Taylor Associates, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 13 April 2026 and signed on its behalf.
................................................ K Poon Director
Page 4
HOO HING HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOO HING HOLDINGS LIMITED
Opinion
We have audited the financial statements of Hoo Hing Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 30 June 2025, which comprise the Group Statement of comprehensive income, the Group and company Balance sheets, the Group Statement of cash flows, the Group and company Statement of changes in equity and the related notes, 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 Group's and of the parent company's affairs as at 30 June 2025 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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. Page 5
HOO HING HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOO HING HOLDINGS LIMITED (CONTINUED)
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 contained within the Annual Report. 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. 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 course of 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.
Opinion 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 Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements. Page 6
HOO HING HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOO HING HOLDINGS LIMITED (CONTINUED)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent company 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 Directors' responsibilities statement set out on page 3, 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 Group's and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so. Page 7
HOO HING HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOO HING HOLDINGS LIMITED (CONTINUED)
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 Group 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: Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities we considered the following: ∙the nature of the industry, sector and control environment including the procedures for stock; results of our enquiries with management about their own identification and assessment of the risks of irregularities; ∙any matters we identified having made enquiries of management about their policies and procedures relating to: °identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; °detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; °the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations, and; °the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered opportunities and incentives that may exist within the organisation for fraud. In common with audits under ISAs (UK), we are also required to perform specific procedures to respond to risk of management override. We also obtained an understanding of the legal and regulatory frameworks the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context includes the UK Companies Act and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate. Page 8
HOO HING HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOO HING HOLDINGS LIMITED (CONTINUED) Audit response to risks identified As a result of performing the above, our procedures to respond to the risks identified including the following: ∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; ∙enquiring of management about actual and potential litigation and claims; ∙performing analytical procedures and substantive testing to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and ∙in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the 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 Auditor's report.
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 Auditor's 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. Paul Winter (Senior statutory auditor) for and on behalf of Taylor Associates Chartered Accountants Statutory Auditor 1st Floor, Gallery Court 28 Arcardia Court London N3 2FG Date: 13 April 2026 Page 9
HOO HING HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 71,588,988 | 72,400,871
Cost of sales |  | (58,173,075) | (58,994,414)
Gross profit |  | 13,415,913 | 13,406,457
Distribution costs |  | (7,964,535) | (7,948,252)
Administrative expenses |  | (5,467,393) | (5,851,438)
Other operating income |  | - | 12,000
Operating loss | 5 | (16,015) | (381,233)
Interest receivable and similar income | 9 | 183,574 | 78,207
Interest payable and similar expenses | 10 | - | (4,554)
Profit/(loss) before taxation |  | 167,559 | (307,580)
Tax on profit/(loss) | 11 | (77,970) | -
Profit/(loss) for the financial year |  | 89,589 | (307,580)
Profit/(loss) for the year attributable to: |  |  |
Owners of the parent company |  | 89,589 | (307,580)
There was no other comprehensive income for 2025 (2024: £NIL).
The notes on pages 16 to 30 form part of these financial statements.
Page 10
HOO HING HOLDINGS LIMITED REGISTERED NUMBER: 01372042 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 40,838,095 |  | 41,187,436
Investments | 14 |  | 200 |  | 200
|  |  | 40,838,295 |  | 41,187,636
Current assets |  |  |  |  |
Stocks | 15 | 6,616,285 |  | 6,644,737 |
Debtors: amounts falling due within one year | 16 | 3,692,396 |  | 3,422,384 |
Cash at bank and in hand | 17 | 7,153,861 |  | 5,239,191 |
|  | 17,462,542 |  | 15,306,312 |
Creditors: amounts falling due within one year | 18 | (8,447,670) |  | (6,730,370) |
Net current assets |  |  | 9,014,872 |  | 8,575,942
Total assets less current liabilities |  |  | 49,853,167 |  | 49,763,578
Provisions for liabilities |  |  |  |  |
Net assets excluding pension asset |  |  | 49,853,167 |  | 49,763,578
Net assets |  |  | 49,853,167 |  | 49,763,578
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 71,500 |  | 71,500
Revaluation reserve | 20 |  | 34,543,012 |  | 34,543,012
Profit and loss account | 20 |  | 15,238,655 |  | 15,149,066
Equity attributable to owners of the parent company |  |  | 49,853,167 |  | 49,763,578
|  |  | 49,853,167 |  | 49,763,578
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 April 2026.
................................................ K Poon
Director
The notes on pages 16 to 30 form part of these financial statements. Page 11
HOO HING HOLDINGS LIMITED REGISTERED NUMBER: 01372042 COMPANY BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 37,374,400 |  | 37,448,300
Investments | 14 |  | 10,200 |  | 10,200
|  |  | 37,384,600 |  | 37,458,500
Current assets |  |  |  |  |
Cash at bank and in hand | 17 | 3 |  | 3 |
Creditors: amounts falling due within one year | 18 | (205,457) |  | (205,457) |
Net current liabilities |  |  | (205,454) |  | (205,454)
Net assets |  |  | 37,179,146 |  | 37,253,046
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 71,500 |  | 71,500
Revaluation reserve | 20 |  | 28,267,198 |  | 28,267,198
Profit and loss account | 20 |  | 8,840,448 |  | 8,914,348
|  |  | 37,179,146 |  | 37,253,046
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 April 2026.
................................................ K Poon
Director
The notes on pages 16 to 30 form part of these financial statements. Page 12
HOO HING HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 July 2023 | 71,500 | 34,543,012 | 15,456,646 | 50,071,158
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (307,580) | (307,580)
At 1 July 2024 | 71,500 | 34,543,012 | 15,149,066 | 49,763,578
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 89,589 | 89,589
At 30 June 2025 | 71,500 | 34,543,012 | 15,238,655 | 49,853,167
| The notes on pages 16 to 30 form part of these financial statements.
Page 13
HOO HING HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 July 2023 | 71,500 | 28,267,198 | 8,988,248 | 37,326,946
Loss for the year | - | - | (73,900) | (73,900)
At 1 July 2024 | 71,500 | 28,267,198 | 8,914,348 | 37,253,046
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (73,900) | (73,900)
At 30 June 2025 | 71,500 | 28,267,198 | 8,840,448 | 37,179,146
| The notes on pages 16 to 30 form part of these financial statements.
Page 14
HOO HING HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | 89,589 | (307,580)
Adjustments for: |  |
Depreciation of tangible assets | 448,682 | 503,833
Loss on disposal of tangible assets | - | 13,614
Interest paid | - | 4,554
Interest received | (183,574) | (78,207)
Taxation charge | 77,970 | -
Decrease/(increase) in stocks | 28,452 | (868,809)
(Increase) in debtors | (270,012) | (325,012)
Increase/(decrease) in creditors | 1,639,330 | (649,422)
Corporation tax received/(paid) | - | (81,450)
Net cash generated from operating activities | 1,830,437 | (1,788,479)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (99,341) | (552,261)
Sale of tangible fixed assets | - | 38,542
Interest received | 183,574 | 78,207
HP interest paid | - | (4,554)
Net cash from investing activities | 84,233 | (440,066)
Cash flows from financing activities |  |
Repayment of/new finance leases | - | (67,110)
Net cash used in financing activities | - | (67,110)
Net increase/(decrease) in cash and cash equivalents | 1,914,670 | (2,295,655)
Cash and cash equivalents at beginning of year | 5,239,191 | 7,534,846
Cash and cash equivalents at the end of year | 7,153,861 | 5,239,191
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 7,153,861 | 5,239,191
| 7,153,861 | 5,239,191
The notes on pages 16 to 30 form part of these financial statements.
Page 15
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Hoo Hing Holdings Limited (the "Company") is a private company limited by shares, incorporated in England and Wales. The business address is Hoo Hing House, Freshwater Road, Dagenham, Essex, RM8 1RX, United Kingdom. The principal activity of the Company, which remained unchanged from last year, was that of investment holding. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2015. Page 16
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue shown in the profit and loss account represents amounts receivable for goods and management income provided during the year in the normal course of business, net of discounts, VAT and other sales and related taxes. Sale of goods i) Revenue on cash sales can be defined as over the counter sales which are recognised when customers purchase the products and the invoice is issued on the same day. Hence, the group transfers the significant risks and rewards of ownership to the customer on the date of the transaction. ii) Revenue on credit sales of goods is recognised the day the order is despatched. When an order from a customer is received, the group prepares the order and once the order is ready it is transferred to the loading bay within the warehouse until delivery. Once the order is loaded on the delivery vehicles and ready to be despatched the sales invoice is raised and the stock is removed from the stock listing. Hence, the group transfers the significant risks and rewards of ownership to the customer on the date the goods are despatched.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. .
| 2.7 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds. Page 17
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.8 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.
| 2.9 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following annual bases:.
|  |  |  | Freehold property | - | 2% on Straight Line Basis
|  |  |  | Plant and machinery | - | 15% on a Reducing Balance Basis
|  |  |  | Motor vehicles | - | 25% on a Reducing Balance Basis
|  |  |  | Fixtures and fittings | - | 15% on a Reducing Balance Basis
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 18
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.11 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 19
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 20
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The depreciation charge recognised on the fixed assets is based on management judgment. The management apply depreciation based on their knowledge of the useful economic life of each fixed asset category. No further judgments are recognised which could materially affect the Group's financial position.
4. | Turnover
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 71,588,988 | 72,400,871
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 448,682 | 501,716
| Defined contribution pension cost | 348,425 | 348,391
| (Profit)/loss on disposal of tangible fixed assets | - | 13,610
6. | Auditor's remuneration
| During the year, the Group obtained the following services from the company's auditor and its associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the company's auditor and its associates for the audit of the consolidated and parent company's financial statements | 18,000 | 18,000
Page 21
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 6,407,067 | 6,251,290
| Social security costs | 670,069 | 592,333
| Cost of defined contribution scheme | 348,425 | 348,391
|  | 7,425,561 | 7,192,014
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Office & Management | 47 | 46
|  | Production & Sales | 138 | 158
|  |  | 185 | 204
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 333,494 | 350,000
| Group contributions to defined contribution pension schemes | 108,480 | 480
|  | 441,974 | 350,480
| During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £126,321 (2024 - £126,442).
9. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest | 183,574 | 78,207
Page 22
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
10. | Interest payable and similar charges
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finance leases and hire purchase contracts | - | 4,554
11. | Taxation
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 167,559 | (307,580)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 41,900 | (76,895)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 3,519 | 560
| Capital allowances for year in excess of depreciation | 78,704 | 27,512
| Utilisation of tax losses | (46,153) | -
| Unrelieved tax losses carried forward | - | 48,823
| Total tax charge for the year | 77,970 | -
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 23
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
12. | Intangible assets
| Group and Company
|  | Goodwill
|  | £
| Cost |
| At 1 July 2024 | 35,000
| At 30 June 2025 | 35,000
| Amortisation |
| At 1 July 2024 | 35,000
| At 30 June 2025 | 35,000
| Net book value |
| At 30 June 2025 | -
| At 30 June 2024 | -
Page 24
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
13. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 July 2024 | 39,970,000 | 2,881,890 | 3,526,165 | 2,131,270 | 48,509,325
| Additions | - | 99,341 | - | - | 99,341
| At 30 June 2025 | 39,970,000 | 2,981,231 | 3,526,165 | 2,131,270 | 48,608,666
| Depreciation |  |  |  |  |
| At 1 July 2024 | 451,000 | 2,411,654 | 2,597,674 | 1,861,561 | 7,321,889
| Charge for the year on owned assets | 99,450 | 76,535 | 232,239 | 40,458 | 448,682
| At 30 June 2025 | 550,450 | 2,488,189 | 2,829,913 | 1,902,019 | 7,770,571
| Net book value |  |  |  |  |
| At 30 June 2025 | 39,419,550 | 493,042 | 696,252 | 229,251 | 40,838,095
| At 30 June 2024 | 39,519,000 | 470,236 | 928,491 | 269,709 | 41,187,436
Cost or valuation at 30 June 2025 is as follows:
|  |  | Land and buildings
|  |  | £
|  | At cost | 10,868,618
|  | At valuation: |
|  | Revaluation - 30 June 2021 | 29,101,382
|  |  | 39,970,000
Page 25
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 13.Tangible fixed assets (continued)
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Group |  |
| Cost | 10,868,618 | 10,868,618
| Accumulated depreciation | (2,439,798) | (2,340,348)
| Net book value | 8,428,820 | 8,528,270
Page 26
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 13.Tangible fixed assets (continued)
| Company
|  | Freehold property
|  | £
| Cost or valuation |
| At 1 July 2024 | 37,670,000
| At 30 June 2025 | 37,670,000
| Depreciation |
| At 1 July 2024 | 221,700
| Charge for the year on owned assets | 73,900
| At 30 June 2025 | 295,600
| Net book value |
| At 30 June 2025 | 37,374,400
| At 30 June 2024 | 37,448,300
Cost or valuation at 30 June 2025 is as follows:
|  |  | Land and buildings
|  |  | £
|  | At cost | 9,441,800
|  | At valuation: |
|  | As at 30 June 2021 | 28,228,200
|  |  | £37,670,000
Page 27
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
14. | Fixed asset investments
| Group
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 July 2024 | 200
| At 30 June 2025 | 200
| The results of these investments have not been included with these consolidated accounts on the basis that the companies are dormant, and therefore their inclusion is immaterial for the purpose of giving a true and fair view in accordance with the Companies Act 2006.
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 July 2024 | 10,200
| At 30 June 2025 | 10,200
| Subsidiary undertakings
| The following were subsidiary undertakings of the company:
| Name | Class of shares | Holding
| Hoo Hing Limited | Ordinary | 100%
| Golden Elephant Limited | Ordinary | 100%
| Double Happiness Wholesale Limited | Ordinary | 50%
| Top Oil Products Limited * | Ordinary | 100%
Page 28
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
15. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Finished goods and goods for resale | 6,616,285 | 6,644,737
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
16. | Debtors
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Trade debtors | 2,909,896 | 2,909,413
| Other debtors | 509,157 | 107,926
| Prepayments | 273,343 | 405,045
|  | 3,692,396 | 3,422,384
17. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 7,153,861 | 5,239,191 | 3 | 3
|  | 7,153,861 | 5,239,191 | 3 | 3
18. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 5,188,088 | 3,696,837 | - | -
| Corporation tax | 283,004 | 205,034 | 205,034 | 205,034
| Other taxation and social security | 198,175 | 199,370 | - | -
| Other creditors | 2,370,804 | 2,374,655 | 423 | 423
| Accruals | 407,599 | 254,474 | - | -
|  | 8,447,670 | 6,730,370 | 205,457 | 205,457
Page 29
HOO HING HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 71,500 (2024 - 71,500) Ordinary shares of £1.00 each | 71,500 | 71,500
| All shares rank equally in all respects.
20. | Reserves
Revaluation reserve The Revaluation reserve consists of non-distributable reserves arising from cumulative historical revaluation profits and losses in respect of the investment properties. Profit and loss account The profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.
21. | Pension commitments
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £348,425 (2023 - £348,391).
22. | Commitments under operating leases
| The Group and the company had no commitments under non-cancellable operating leases at the balance sheet date.
23. | Transaction with directors
Included within other creditors are amounts owed to directors of £2,331,631 (2024 - £2,346,780 due from directors within other debtors).
24. | Related party transactions
| The Company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions with group entities which are wholly owned.
Page 30