REGISTERED NUMBER: 12541584 (England and Wales)

Financial Statements for the Year Ended 31 December 2025

for

Austar UK Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P N Hudson

X Tang

B Ce

REGISTERED OFFICE:

Unit 6

St. Andrews Court

Leeds Road

Huddersfield

West Yorkshire

HD1 6QB

REGISTERED NUMBER:

12541584 (England and Wales)

AUDITORS:

S&W Audit

Statutory Auditor

Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

West Yorkshire

LS1 2EE

FIXED ASSETS

Tangible assets

5

107,834

148,207

CURRENT ASSETS

Stocks

138,334

220,991

Debtors

6

393,192

556,601

Cash at bank

405,515

147,128

937,041

924,720

CREDITORS

Amounts falling due within one year

7

1,339,630

1,153,127

NET CURRENT LIABILITIES

(402,589

)

(228,407

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(294,755

)

(80,200

)

CREDITORS

Amounts falling due after more than one year

8

4,437,000

4,137,000

NET LIABILITIES

(4,731,755

)

(4,217,200

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(4,731,855

)

(4,217,300

)

(4,731,755

)

(4,217,200

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2026 and were signed on its behalf by:

P N Hudson - Director

1.	STATUTORY INFORMATION

Austar UK 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.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going Concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The directors consider this basis to be appropriate as the company has sufficient facilities available from Austar group to fund it's working capital requirements for a period of at least twelve months from the date these financial statements were approved.

Currently, the company is in the start-up phase, with a time-lag between winning orders, producing goods, and eventually recognising revenue. At present, the company is reliant on support from it's immediate parent company by way of a series of loans. A letter of support has also been obtained from Austar Lifesciences Limited, an intermediate parent undertaking listed on the Hong Kong Stock Exchange, confirming that it will continue to support the company for at least 12 months from the signing of the financial statements.

Accordingly, the directors have adopted the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised to the extent that is is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, The following criteria must also be met before turnover is recognised.

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with the ownership nor effective control over the goods sold;

- the amount of turnover can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Long-term contracts

Contracts specifically negotiated for the construction of equipment are amounted for as long-term contracts.

When the outcome of a long-term contract can be estimated reliably, the company recognises contract revenue and contract costs associated with the long-term contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period.

Long-term contracts (continued)

Where the outcome of a long-term contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable. Contract costs are recognised as expenses in that period in which they are incurred.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

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 be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short-term leasehold property

Over the term of the lease

Plant and machinery

18% reducing balance

FIxtures and fittings

20% straight line

Computer equipment

20% straight line

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.

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 and loss.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Pensions

Defined contribution plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company in independently administered funds.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

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.

Creditors

Short term creditors are measured at the transaction price.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2024 - 13 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2025

94,750

79,800

2,866

101,388

278,804

Additions

1,958

5,947

-

1,025

8,930

At 31 December 2025

96,708

85,747

2,866

102,413

287,734

DEPRECIATION

At 1 January 2025

65,623

31,965

1,911

31,098

130,597

Charge for year

18,619

10,169

537

19,978

49,303

At 31 December 2025

84,242

42,134

2,448

51,076

179,900

NET BOOK VALUE

At 31 December 2025

12,466

43,613

418

51,337

107,834

At 31 December 2024

29,127

47,835

955

70,290

148,207

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

20,556

321,724

Amounts owed by group undertakings

176,475

-

Amounts recoverable on long

term contracts

62,251

149,178

VAT

38,754

38,446

Prepayments and accrued income

95,156

47,253

393,192

556,601

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Payments on account

334,387

82,119

Trade creditors

151,261

374,685

Amounts owed to group undertakings

666,082

337,332

Social security and other taxes

121,169

229,822

Other creditors

28,649

36,561

Accruals and deferred income

38,082

92,608

1,339,630

1,153,127

Amounts owed to group undertakings includes £415,300 (2024: £283,500 in respect of an intercompany loan. The loan attracts interest at 3% per annum.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

4,437,000

4,137,000

Amounts owed to group undertakings includes £4,437,000 (2024: £4,137,000) in respect of intercompany loans. The loans attract interest of 3% per annum. The Parent Company has confirmed it will not reclaim the loan within the next 12 months, all repayment dates falling within that period have been pushed back accordingly.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

59,985

54,175

Between one and five years

62,620

105,175

122,605

159,350

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Barton BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of S&W Audit

The audit report was signed on 26 June 2026.

11.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £26,634 (2024:£32,174). Contributions totalling £2,966 (2024: £3,910) were payable to the fund at the balance sheet date and are included in creditors.

12.	RELATED PARTY DISCLOSURES

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.

13.	PARENT UNDERTAKING

The parent undertaking of the smallest group of undertakings for which publicly available consolidated financial statements are prepared, is Austar Lifesciences Limited, whose registered office is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands.