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REGISTERED NUMBER: 00956213 (England and Wales)











Directors' Report and

Audited Financial Statements

for the Year Ended 31 December 2024

for

Wychem Limited

Wychem Limited (Registered number: 00956213)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Directors' Report 2 to 3

Independent Auditors' Report 4 to 7

Income Statement 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11 to 20


Wychem Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mr M R Sandoval
M Huff
Mr P C Burlingame



REGISTERED OFFICE: Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR



REGISTERED NUMBER: 00956213 (England and Wales)



SENIOR STATUTORY AUDITOR: J Knights ACA BSc



INDEPENDENT AUDITORS: Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Wychem Limited (Registered number: 00956213)

Directors' Report
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principle activity of the company in the year under review was the manufacture of chemicals.

DIVIDENDS
During the year, no dividends have been paid and the directors recommend that no final dividend is paid.

RESEARCH AND DEVELOPMENT
The company undertakes, and will continue to undertake various forms of research and development of chemical processes.

FUTURE DEVELOPMENTS
The directors expect the company continue to trade in its current form for the foreseeable future.

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

Mr M R Sandoval
M Huff

Other changes in directors holding office are as follows:

Mr W Keller - resigned 25 September 2024
Mr P C Burlingame - appointed 8 January 2024

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Wychem Limited (Registered number: 00956213)

Directors' Report
for the Year Ended 31 December 2024


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

ON BEHALF OF THE BOARD:





Mr M Garcia-Chico - Director


14 April 2025

Independent Auditors' Report to the Members of
Wychem Limited (Registered number: 00956213)

Opinion
We have audited the financial statements of Wychem Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, 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 2024 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 the provisions available for small entities, in the circumstances set out in note twenty one to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors' Report has been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Wychem Limited (Registered number: 00956213)


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 Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

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

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

Independent Auditors' Report to the Members of
Wychem Limited (Registered number: 00956213)


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 an Auditors' 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 financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the companies operating sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC, relevant regulators including the Environment Agency and the company's legal advisors;


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


Independent Auditors' Report to the Members of
Wychem Limited (Registered number: 00956213)

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 Auditors' 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 Auditors' 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.




J Knights ACA BSc (Senior Statutory Auditor)
for and on behalf of Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

14 April 2025

Wychem Limited (Registered number: 00956213)

Income Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £    £   

TURNOVER 3 7,717,005 6,940,118

Cost of sales 5,307,361 5,286,868
GROSS PROFIT 2,409,644 1,653,250

Distribution costs 165,436 178,575
Administrative expenses 349,668 386,313
515,104 564,888
1,894,540 1,088,362

Other operating income 50,587 49,384
OPERATING PROFIT 5 1,945,127 1,137,746

Interest receivable and similar income 179,114 52,711
2,124,241 1,190,457

Interest payable and similar expenses 6 3,611 11,421
PROFIT BEFORE TAXATION 2,120,630 1,179,036

Tax on profit 7 211,544 257,189
PROFIT FOR THE FINANCIAL YEAR 1,909,086 921,847

Wychem Limited (Registered number: 00956213)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 7,219,974 6,477,317

CURRENT ASSETS
Stocks 9 1,390,281 1,014,605
Debtors 10 5,323,578 3,397,343
Cash at bank and in hand 412,477 965,902
7,126,336 5,377,850
CREDITORS
Amounts falling due within one year 11 1,164,706 702,946
NET CURRENT ASSETS 5,961,630 4,674,904
TOTAL ASSETS LESS CURRENT LIABILITIES 13,181,604 11,152,221

CREDITORS
Amounts falling due after more than one
year

12

(30,000

)

(35,286

)

PROVISIONS FOR LIABILITIES 14 (651,666 ) (526,083 )
NET ASSETS 12,499,938 10,590,852

CAPITAL AND RESERVES
Called up share capital 15 800,000 800,000
Share premium 559,930 559,930
Retained earnings 11,140,008 9,230,922
SHAREHOLDERS' FUNDS 12,499,938 10,590,852

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

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:





Mr M Garcia-Chico - Director


Wychem Limited (Registered number: 00956213)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2023 800,000 8,309,075 559,930 9,669,005

Changes in equity
Total comprehensive income - 921,847 - 921,847
Balance at 31 December 2023 800,000 9,230,922 559,930 10,590,852

Changes in equity
Total comprehensive income - 1,909,086 - 1,909,086
Balance at 31 December 2024 800,000 11,140,008 559,930 12,499,938

Wychem Limited (Registered number: 00956213)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Wychem 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the Company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on, company standard procedures, historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

Critical judgements and key sources of estimation uncertainty in applying the Company's accounting policies
The following are critical judgements including those involving estimations, that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Depreciation of tangible fixed assets
Tangible fixed assets are recognised at cost and depreciated on the basis appropriate to charge to the profit and loss the economic consumption of those assets during the accounting period. The charge is calculated as described below and is based on, standard company policy and the directors knowledge of the reduction in the residual value of plant and machinery and other fixed assets on average over the investment cycle of each class of asset. The rates of depreciation are kept under review such that assets are written down to the residual value of nil at the end of the economic lives of those assets.

Stock obsolescence provision
A provision is made against slow moving stock in accordance with company policy and, where relevant based on the condition or expected future usage of individual stock lines. The charge is calculated as described below such that stock holding value represents stock that can reasonably be expected to be realised within the succeeding two financial periods at or above the holding value.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year.

Wychem Limited (Registered number: 00956213)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line on buildings
Plant and machinery - 10 years straight line
Fixtures and fittings - 3 years straight line and 10 years straight line
Motor vehicles - 6 years straight line

The company does not capitalise the cost of replacement parts of significant equipment such as reactors and replacement components that form part of the factory unless such equipment is individually recognised and the asset is replaced in its entirety or being substantially added to or improved. Other expenditure is capitalised where the underlying asset has a useful life of over two years.

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value. Cost is calculated on a
standard mark down from selling price, being currently 30%. Net realisable value for finished goods is the
company set selling price and for raw materials would be the resale value if the company was to sell this stock on to a third party. Work in progress comprises materials, labour and overheads incurred appropriate to the stage of manufacture. Net realisable value is the expected selling price of the work in progress and costs are constantly monitored against this. If costs exceed net realisable value the stock value will be written down.

Provision is made against slow moving and obsolete stock so as to fully provide after stock lines are held for
more than two years.

Stocks of machine component parts are held at cost. Provision is made to the extent the condition and
potential life of such components has deteriorated as at the accounting date. Net realisable value for these
machine components is the expected resale value if these items were to be sold on to a third party.

Wychem Limited (Registered number: 00956213)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

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.

Wychem Limited (Registered number: 00956213)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off to revenue in the year in which it is incurred.

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.

Pension costs and other post-retirement benefits
The pension cost charge in the financial statements represents the contributions payable by the company during the year to a company sponsored group personal pension scheme. The assets of the scheme are held independently from those of the company.

Related party transactions
On an annual basis, group entities, directors, key management, their close families and other entities in which those parties have significant control are identified as parties related to the company and an assessment is made of the potential type of transactions, if any that may be had with those parties. A review is then made of company transactions material to each party identified and such are disclosed in the notes to the financial statements together with the name of the relevant related party, the relationship to the company and the amount owing or owed to the related party at the accounting date.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

Other working capital elements
Trade debtors and other debtors
Trade debtors, which generally have 30-60 day terms, are recognised and carried at the lower of their original invoiced value and recoverable amount. Balances expressed in foreign currencies are converted to Sterling at the exchange rates prevailing at the balance sheet date. Provision for impairment is made through profit or loss when there is objective evidence that the Company will not be able to recover balances in full. Balances are written off when the probability of recovery is assessed as being remote.

Trade creditors
Trade creditors, which generally have 30 day credit terms, are recognised and carried at the lower of their original invoiced value and the payable amount. Balances expressed in foreign currencies are converted to Sterling at the exchange rates prevailing at the balance sheet date.

3. TURNOVER

All turnover is generated from the one principle activity of the company which is the manufacture of chemicals.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,203,198 1,026,662

Wychem Limited (Registered number: 00956213)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Manufacturing & Distribution 24 25
Administration 3 4
27 29

2024 2023
£ £
Gross pay (including benefits in kind) 1,229,415 1,197,655
Social security 137,153 129,565
Pension contributions 83,223 66,743

Total staff costs (including pensions benefits and social security) 1,449,791 1,393,963


5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 438,436 278,420
Loss on disposal of fixed assets - 4,648
Goodwill amortisation - 75,589
Auditors' remuneration 19,455 33,680
Auditors' remuneration for non audit work 10,587 14,370
Foreign exchange differences 77,010 16,059
Research and development 356,215 368,173

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank charges 3,611 11,421

Wychem Limited (Registered number: 00956213)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 50,588 -
Prior period tax adjustments 35,373 -
Total current tax 85,961 -

Deferred tax 125,583 257,189
Tax on profit 211,544 257,189

UK corporation tax has been charged at 25% (2023 - 25%).

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:

2024 2023
£    £   
Profit before tax 2,120,630 1,179,036
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

530,158

294,759

Effects of:
Depreciation (less)/greater than capital allowances (91,147 ) (233,945 )
Non-deductible expenses 2,802 2,719
(Profit)/loss on Disposal of Assets - 1,162
adjustments
Group relief claim (391,225 ) (64,695 )
Deferred tax 125,583 257,189
Prior year tax charge 35,373 -
Total tax charge 211,544 257,189

Wychem Limited (Registered number: 00956213)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 5,395,067 2,751,907 773,699 12,389 8,933,062
Additions 95,588 1,044,986 40,464 55 1,181,093
At 31 December 2024 5,490,655 3,796,893 814,163 12,444 10,114,155
DEPRECIATION
At 1 January 2024 898,887 1,257,929 286,540 12,389 2,455,745
Charge for year 101,996 269,393 67,047 - 438,436
At 31 December 2024 1,000,883 1,527,322 353,587 12,389 2,894,181
NET BOOK VALUE
At 31 December 2024 4,489,772 2,269,571 460,576 55 7,219,974
At 31 December 2023 4,496,180 1,493,978 487,159 - 6,477,317

9. STOCKS
2024 2023
£    £   
Raw materials 437,422 399,413
Work-in-progress 385,513 69,067
Finished goods 382,600 340,069
Fuel / toner stocks 4,311 3,808
Engineering stocks 180,435 202,248
1,390,281 1,014,605

Stock recognised as an expense during the year through the Statement of Comprehensive Income totalled £2,287,417 (2023: £2,738,288). This includes raw material purchase costs of £2,215,445 (2023: £1,272,134) labour costs of £468,958 (2023: £323,923), and a net change in the stock balance of -£396,986 (2023: £1,142,230).

10. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,970,624 857,199
Other debtors 589 589
Corporation tax - 261,471
VAT 214,702 142,474
Prepayments 222,690 203,689
2,408,605 1,465,422

Wychem Limited (Registered number: 00956213)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 2,914,973 1,931,921

Aggregate amounts 5,323,578 3,397,343

At the balance sheet date no trade debts were overdue and the directors consider that no provision for doubtful or irrecoverable debts is required.

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 565,867 288,872
Social security and other taxes 27,682 31,794
Other creditors 13,051 429
Accruals and deferred income 558,106 381,851
1,164,706 702,946

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 30,000 35,286

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 20,775 19,000
Between one and five years 19,102 30,671
39,877 49,671

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax - accelerated
capital allowances 651,666 526,083
651,666 526,083

Wychem Limited (Registered number: 00956213)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

14. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 526,083
Provided during year 125,583
Balance at 31 December 2024 651,666

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
800,000 Ordinary £1 800,000 800,000

16. PENSION COMMITMENTS

Contributions are made to the Company Group Personal Pension Plan for the majority of its permanent employees.

The total pension costs charged for the year in these financial statements amounted to £83,223 (2023:£66,734).

As at the balance sheet date nothing was owed to the scheme ia £nil (2023: £nil).

17. CONTINGENT LIABILITIES

Bank covenants place restrictions on the amount of the overdraft facility that can be utilised based on the level of trade debtors and inventories. During the year the group operated within the prescribed limits.

18. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 537,330 116,916

19. OTHER FINANCIAL COMMITMENTS

As at 31 December 2024 the company had no commitments in relation to stock purchases (2023: £nil).

Wychem Limited (Registered number: 00956213)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

20. RELATED PARTY DISCLOSURES

i) Key Management Personnel

Employees of Wychem Limited that are considered to be key management received remuneration in the year totalling £237,062 (2023: £237,187).

ii) Ascensus Specialities LLC

Ascensus Specialities LLC has control over Wychem Limited.

During the year Wychem Limited purchased materials from Ascensus Specialities LLC amounting £826,502 (2023: £2,764,118), and received income amounting to £nil (2023: £nil).

Interest recieved on the loan in 2024 amounted to £127,990.

As at 31 December 2024 included in debtors of Wychem Limited is £2,137,349 due from Ascensus Specialities LLC (2023: £1,198,471).

iii) Strem Chemicals Incorporation

During the year Wychem Limited purchased materials from Strem Chemicals Inc amounting £10,005 (2023: £215,641) and sold materials amounting £23,251 (2023: £2,000).

Strem Chemicals Inc are part of the Ascensus Specialities group.


iv) Jockey UK Bidco Ltd

Jockey UK Bidco Ltd has control over Wychem Limited.

As at 31 December 2024 included in creditors of Wychem Limited is £30,000 due to Jockey UK Bidco Ltd.

v) Strem France

As at 31 December 2024 included in debtors of Wychem Limited is £777,624 due from Strem France.

Interest recieved on the loan in 2024 amounted to £47,341.

Strem France are part of the Ascensus Specialities group.

21. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

22. ULTIMATE CONTROLLING PARTY

The controlling party is Jockey UK Bidco Limited.

The ultimate controlling party is New Mountain Partners VI, L.P..

23. STATUTORY INFORMATION

Wychem 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.