Company: FEBO
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001641172-25-010075
Chunk: 166

Company: Fenbo Holdings Ltd
Filing Date: 2025-05-14
Form: 20-F
Item: Item 18
Chunk 166
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 not for the purpose of expressing
an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.

  /s/ SR CPA & Co                  
  SR CPA & Co.                     
  Hong Kong                        
  May 13, 2025                     
  We have served as the Company’s  
  PCAOB ID No. 7249                

  F-1  

FENBO
HOLDINGS LIMITED

CONSOLIDATED
BALANCE SHEETS

(Amount
in thousands, except for share and per share data, or otherwise noted)

                                                                                                                                                                                 Note      2023                              2024                      2024                 
                                                                                                                                                                                           As                                                                               
                                                                                                                                                                                           of December 31,                                                                  
                                                                                                                                                                                 Note      2023                              2024                      2024                 
                                                                                                                                                                                           HK$’000                           HK$’000                   US$’000              
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Assets                                                                                                                                                                                                                                                                    
  Current assets:                                                                                                                                                                                                                                                           
  Cash                                                                                                                                                                                                           46,342                    27,476                    3,537  
  Accounts receivable, net                                                                                                                                                          3                            31,486                    37,342                    4,807  
  Inventories                                                                                                                                                                       4                            14,088                    11,502                    1,481  
  Prepaid expenses and other                                                                                                                                                        5                             6,017                     3,679                      474  
  Total                                                                                                                                                                                                          97,933                    79,999                   10,299  
  Property, plant and equipment, net                                                                                                                                                6                             1,244                     1,118                      144  
  Right-of-use assets                                                                                                                                                               7                             3,801                    15,295                    1,969  
  Total                                                                                                                                                                                                           5,045                    16,