REGISTERED NUMBER: 13781762 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2025

for

Starlight U.K. Corporation Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Statement of Director's Responsibilities

5

Report of the Independent Auditors

6

Income Statement

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTOR:

Ms R Zhu

REGISTERED OFFICE:

5th Floor, Arthur Stanley House,

40-50 Tottenham Street,

London

W1T 4RN

REGISTERED NUMBER:

13781762 (England and Wales)

AUDITORS:

Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

The director presents the strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

During the year ended 31 December 2025, the Company achieved turnover of £24.8m (2024: £15.5m), an increase of approximately 60%. Gross margin improved to 12.82% (2024: 12.38%), and net margin improved to 2.97% (2024: negative 2.51%).

Turnover growth was driven principally by higher order volumes from the Company's core customers. The Company's design capability, the strength of its strategic relationships with these customers, and its ability to meet their requirements for product design, quality and delivery supported an increase in the volume of business placed with it during the year. The Company's continued investment in sustainable materials, products and supply chain initiatives further supported this growth, enabling it to meet the increasingly demanding sourcing requirements of its key customers. The Company continues to deepen its strategic relationships with existing core customers while actively developing new customer opportunities.

The improvement in gross margin reflected more effective cost management and closer coordination across the supply chain. The Company also maintained tight control over its operating expenses, which grew at a significantly slower rate than turnover. The combination of higher turnover improved gross margin and disciplined cost control enabled the Company to return to profitability during the year. Inventory turnover also improved compared with the prior year. As the business expanded, the Company maintained a strong focus on optimising inventory and supply chain management. Through close collaboration with suppliers and the effective use of global supply chain resources, the Company has been able to allocate resources more flexibly and to improve the alignment between inventory levels and customer demand, contributing to improved inventory turnover and greater overall operational efficiency.

KEY PERFORMANCE INDICATORS

The director uses a range of financial and operational key performance indicators to monitor and evaluate the performance of the business. These include:

31 December 2025

31 December 2024

Change

£'000

£'000

Turnover

24,780

15,522

59.64%

Gross profit

3,176

1,922

65.24%

Operating profit

425

(402

)

205.72%

As at 31 December 2025, the Company had net current assets of £3.03 million (2024: £2.53 million) and net assets of £3.28 million (2024: £2.84 million).

These indicators are reviewed regularly to ensure that performance remains aligned with the Company's strategic objectives.

PRINCIPAL RISKS AND UNCERTAINTIES

The director considers the following to be the principal risks and uncertainties facing the Company:

Currency risk

Revenue and expenses of the Company are mainly denominated in USD and GBP. As a result, the company is subject to risk of foreign currency movements. It is the company's policy to monitor this risk and to take necessary steps to minimise any adverse effects.

Market risk

As the competition amongst value retailers is increasing, profit margins are under constant pressure. However, the company mitigates this risk through strengthening strategic partnerships with core customers, broadening its customer base, and diversifying into higher-value-added products.

Inflationary Pressure

Continued rise of global material cost and increased cost of logistics services are exerting significant pressure on fashion garment industry. The company is working along with its suppliers and customers towards providing possible solutions and improving efficiency in supply chain to mitigate its impact.

Market and consumer demand

This refers to the uncertainty in forecasting customer demand and market conditions. Economic shifts, emerging trends and evolving consumer preferences create uncertainty in forward planning.

FUTURE DEVELOPMENTS

Looking ahead, the Company will continue to build on its position at the forefront of its markets, its ability to respond quickly and flexibly to changes in consumer trends and market conditions, and its design and product development capabilities. Through deeper strategic collaboration with its core customers, the Company intends to broaden its product offering. It will also continue to draw on the diversified, vertically integrated global supply chain network of its parent company to improve overall supply chain efficiency. Together, these initiatives are intended to strengthen the Company's overall capabilities and to support its continued sustainable development.

ON BEHALF OF THE BOARD:

Ms R Zhu - Director

31 August 2026

The director presents her report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Starlight U.K. Corporation Limited is a global design and manufacturing business specialising in apparel, accessories and home products. The Company acts as a key operating base for its parent company in the UK and European markets, providing innovative design, comprehensive product development, and reliable sourcing and production services to leading fashion retailers in the UK, the EU and other major international markets.

The Company's business model spans the full value chain, from initial design and product development through raw material procurement and manufacturing to final delivery. This integrated approach enables the Company to respond efficiently and flexibly to changes in consumer trends and market conditions.

Sustainability is embedded throughout the Company's operations, including the application of circular design principles, the sourcing of renewable and sustainable materials, and the implementation of measures to reduce environmental impact. As the Company's customers are subject to increasingly stringent environmental and product sustainability regulation, their sourcing requirements have evolved accordingly. These capabilities enable the Company to supply products that meet those requirements, while enhancing the long-term resilience, efficiency and sustainability of its supply chain.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTOR

Ms R Zhu held office during the whole of the period from 1 January 2025 to the date of this report.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is 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 she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Shinewing Wilson Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms R Zhu - Director

31 August 2026

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

-	make 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.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is 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.

Opinion

We have audited the financial statements of Starlight U.K. Corporation Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Director and the Statement of Director's Responsibilities, 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.

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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, and Tax.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include General Data Protection Regulation (GDPR), Health and Safety at Work Act 1974, Import & Export Regulations and the Textile Products (Labelling and Fibre Composition) Regulations 2012.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.

Nijendra Dhungana FCCA (Senior Statutory Auditor)

for and on behalf of Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

1 September 2026

TURNOVER

4

24,779,909

15,521,620

Cost of sales

21,603,917

13,599,287

GROSS PROFIT

3,175,992

1,922,333

Administrative expenses

2,750,961

2,401,421

425,031

(479,088

)

Other operating income

-

76,874

OPERATING PROFIT/(LOSS)

6

425,031

(402,214

)

Interest receivable and similar income

11,111

13,071

PROFIT/(LOSS) BEFORE TAXATION

436,142

(389,143

)

Tax on profit/(loss)

7

-

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

436,142

(389,143

)

FIXED ASSETS

Tangible assets

8

246,032

308,965

Investments

9

112

117

246,144

309,082

CURRENT ASSETS

Stocks

10

289,087

454,616

Debtors

11

6,487,575

5,728,645

Cash at bank

1,550,097

2,074,319

8,326,759

8,257,580

CREDITORS

Amounts falling due within one year

12

5,293,016

5,722,917

NET CURRENT ASSETS

3,033,743

2,534,663

TOTAL ASSETS LESS CURRENT LIABILITIES

3,279,887

2,843,745

CAPITAL AND RESERVES

Called up share capital

14

5,000,000

5,000,000

Retained earnings

(1,720,113

)

(2,156,255

)

SHAREHOLDERS' FUNDS

3,279,887

2,843,745

The financial statements were approved by the director and authorised for issue on 31 August 2026 and were signed by:

Ms R Zhu - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

5,000,000

(1,767,112

)

3,232,888

Changes in equity

Total comprehensive income

-

(389,143

)

(389,143

)

Balance at 31 December 2024

5,000,000

(2,156,255

)

2,843,745

Changes in equity

Total comprehensive income

-

436,142

436,142

Balance at 31 December 2025

5,000,000

(1,720,113

)

3,279,887

1.	STATUTORY INFORMATION

Starlight U.K. Corporation 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The company meets its day to day working capital requirements through its bank reserve and financial support from its immediate parent company, who confirmed to support the company for at least 12 months from the date of signing the financial statements. Based on this, the director has concluded that the company has adequate resources to continue in its operational existence. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions 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;

•

the requirement of paragraph 33.7.

Turnover

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

The company’s turnover is derived from the sale of clothing and footwear. Revenue is recognised at the point in time when the customer obtains control of the goods, which occurs upon delivery.

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.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Computer equipment - 20% straight line with residual value rate of 5%

Fixtures and fittings - 33% straight line with residual value rate of 3%

Leasehold improvement - 20% straight line

Stocks

Stocks are valued on a weighted average cost basis. Cost includes all direct expenditure and other attributable costs incurred in bringing inventories to their present location and condition.

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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' to all of its financial instruments.

Financial instruments are recognised when the company 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 receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, and loans from group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Share capital

Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company's ordinary shares are classified as equity instruments.

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.

Leasing commitments - company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and reported amounts of assets and liabilities, revenue and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the year in which the estimates are revised and in any future years affected.

The director considers no critical judgements or key sources of estimation uncertainty applied in the preparation of these financial statements.

4.

TURNOVER

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

An analysis of turnover by class of business is given below:

31.12.25

31.12.24

£

£

Sales of goods

24,779,909

15,521,620

24,779,909

15,521,620

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United Kingdom

8,915,433

9,923,609

Europe

12,110,773

2,163,476

Others

3,753,703

3,434,535

24,779,909

15,521,620

5.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

1,125,837

1,099,645

Social security costs

124,031

116,523

Other pension costs

31,168

26,957

1,281,036

1,243,125

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

31.12.25

31.12.24

Sales & Marketing

22

23

Administration

2

2

24

25

31.12.25

31.12.24

£

£

Director's remuneration

74,000

37,000

6.	OPERATING PROFIT/(LOSS)

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

31.12.25

31.12.24

£

£

Other operating leases

424,122

321,717

Depreciation - owned assets

75,367

40,681

Auditors' remuneration

18,500

15,000

Foreign exchange differences

(27,326

)

45,055

7.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

£

£

Profit/(loss) before tax

436,142

(389,143

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

109,036

(97,286

)

Effects of:

Expenses not deductible for tax purposes

19,423

10,895

Income not taxable for tax purposes

(3,663

)

(12,304

)

Utilisation of tax losses

(124,796

)

-

Unrecognised tax losses

-

98,695

Total tax charge

-

-

OECD Pillar Two model rules

The company is within the scope of the OECD Pillar Two model rules. Pillar Two legislation has been enacted in the UK, the jurisdiction in which the entity is incorporated, and is effective in 2024.

Under the legislation, the company is liable to pay a top-up tax in the UK for the difference between the Globe effective tax rate for each jurisdiction and the 15% minimum rate. In addition, top-up taxes are payable locally where qualifying domestic minimum top-up taxes have been legislated and are in effect.

The company applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.

8.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

and

Computer

improvement

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2025

301,391

25,050

23,705

350,146

Additions

4,483

-

7,951

12,434

At 31 December 2025

305,874

25,050

31,656

362,580

DEPRECIATION

At 1 January 2025

35,162

5,519

500

41,181

Charge for year

61,698

8,099

5,570

75,367

Reclassification/transfer

-

(3,577

)

3,577

-

At 31 December 2025

96,860

10,041

9,647

116,548

NET BOOK VALUE

At 31 December 2025

209,014

15,009

22,009

246,032

At 31 December 2024

266,229

19,531

23,205

308,965

9.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2025

117

Exchange differences

(5

)

At 31 December 2025

112

NET BOOK VALUE

At 31 December 2025

112

At 31 December 2024

117

United Spinning and Dyeing Limited

The company owns 0.1% (2024: 0.1%) of the equity share capital of United Spinning and Dyeing Limited (2024: £117). The address of the registered office of United Spinning and Dyeing Limited is Plot# 15-17, 24-26, 32-36, Sector#4, Uttara EPZ, Nilphamari, Bangladesh.

10.

STOCKS

31.12.25

31.12.24

£

£

Stocks

289,087

454,616

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

3,405,919

2,776,268

Other debtors

372,162

372,162

Unpaid share capital

2,500,000

2,500,000

VAT

7,725

78,618

Prepayments and accrued income

201,769

1,597

6,487,575

5,728,645

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

426,587

136,751

Amounts owed to group undertakings

3,353,007

4,829,106

Social security and other taxes

28,870

50,673

Other creditors

417,233

232,714

Accruals and deferred income

775,472

457,173

Accrued expenses

291,847

16,500

5,293,016

5,722,917

Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.

13.	LEASING AGREEMENTS

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

31.12.25

31.12.24

£

£

Within one year

516,600

239,714

Between one and five years

1,365,460

1,882,060

1,882,060

2,121,774

14.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

5,000,000

Ordinary share

£1

5,000,000

5,000,000

Unpaid share capital of £2.50 million for the year ended 31 December 2025 (2024: £2.50 million) is included in debtors in Note 11.

15.	OTHER FINANCIAL COMMITMENTS

A charge has been registered at Companies House as security for the obligations of Starlight U.K. Corporation Limited under the Cash Collateral Deed dated 7 September 2023, with Bank of China (UK) Limited. This charge secures the Company's obligations relating to the facility agreement with the Bank.

16.	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.

17.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Excite Holding Limited, a company incorporated and registered in Hong Kong, China.

The ultimate parent company is Jiangsu Guotai International Group Co. Limited, a company incorporated and registered in China.

The smallest undertaking for which the company is a member and for which group financial statements are prepared is Jiangsu Guotai Huasheng Industrial Co., Ltd. Copies of the consolidated financial statements can be obtained from the registered office of the company at Guotai New Century Plaza, No.125 Middle Renmin Rd., Zhangjiagang, Jiangsu, China.

There is no one ultimate controlling party.