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REGISTERED NUMBER: 03377633 (England and Wales)



































Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 August 2024

for

Minchem Limited

Minchem Limited (Registered number: 03377633)






Contents of the Consolidated Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Minchem Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: C A Skidmore
Dr T A Skidmore
J A Ledsham
D C Skidmore



REGISTERED OFFICE: The Old Pottery
4 Hillside Road
Aldershot
Hampshire
GU11 3NB



REGISTERED NUMBER: 03377633 (England and Wales)



SENIOR STATUTORY AUDITOR: Paul Robert Scriven FCCA



AUDITORS: Paterson Brodie Limited
Chartered Certified Accountants
Statutory Auditor
Cliveden Chambers
Cliveden Place
Longton
Stoke-on-Trent
Staffordshire
ST3 4JB

Minchem Limited (Registered number: 03377633)

Group Strategic Report
for the Year Ended 31 August 2024

The directors present their strategic report of the company and the group for the year ended 31 August 2024.

REVIEW OF BUSINESS
The financial performance for the year shows an operating profit of £1,322,636 (year ended 31st August 2023 - £1,573,256).
The Minchem Limited Group of Companies consists of 4 entities;
Minchem Limited an established trading, agency and distribution business with a focus on Zirconium-based specialist products, minerals and chemicals.
Minchem HMP Limited is an established ceramic mineral milling and blending business, with a focus on milling of Zircon (Zirconium Silicate) and related minerals.
ACCS Limited is a manufacturer and supplier of protective linings used in industrial corrosive environments.
Minchem Europe SrL, incorporated in Italy, was formed in 2019 to enable the group to maintain a presence in the European Union post Brexit.
The group was formed following the acquisition by Minchem Limited of Minchem HMP Limited in 2006. ACCS Limited was acquired in 2012. Both companies are based on the same site in Stoke-on-Trent.
The future growth of the group is reliant upon the continued development of the existing business relationships with suppliers and on a number of potential overseas opportunities, in particular in the US, Spain, Korea and Australia.

PRINCIPAL RISKS AND UNCERTAINTIES
Despite the fact that the group companies products can be described as 'niche', each of the group companies operates in highly competitive market areas. In order to maintain competitive pricing, costs, margins and final selling prices are reviewed on a regular basis.
Supply chain risks are managed by a combination of nurturing long-term business relationships with suppliers and holding buffer stocks of materials in UK and European stores. Potential alternative suppliers are vetted on an on-going basis.
Measures have been taken by the group to mitigate the risks relating to Brexit. The directors consider that the group is adequately prepared to deal with this risk.

KEY PERFORMANCE INDICATORS (KPI'S)
The directors monitor progress of the company by reference to the operating results;

Year ended 31st August 2024 31st August 2023

Profit before tax £1,286,867 £1,545,318

The results are in line with forecast, taking into account the volatility of the exchange rate and commodity prices during the year.

FINANCIAL RISK MANAGEMENT
The primary financial risk exposure for the group relates to foreign exchange. The group companies purchase the majority of their raw materials in US Dollars, Japanese Yen and Euro's and sell in Sterling, Euro's and US Dollars. Whenever possible, purchase and sale are made in the same currency but when not possible, the forex position is reviewed on a regular basis.

ON BEHALF OF THE BOARD:





Dr T A Skidmore - Director


22 May 2025

Minchem Limited (Registered number: 03377633)

Report of the Directors
for the Year Ended 31 August 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the processing and sale of minerals and chemicals.

DIVIDENDS
An interim dividend of £22.582 per share on the Ordinary £1 shares was paid on 31 March 2024. The directors recommend a final dividend of £13.781636 per share, making a total of £36.363636 per share for the year ended 31 August 2024.

No interim dividend was paid on the A Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary C D J T £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 August 2024 will be £ 200,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

C A Skidmore
Dr T A Skidmore

Other changes in directors holding office are as follows:

J A Ledsham - appointed 21 February 2024
D C Skidmore - appointed 28 February 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Minchem Limited (Registered number: 03377633)

Report of the Directors
for the Year Ended 31 August 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 group'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 group's auditors are aware of that information.

AUDITORS
The auditors, Paterson Brodie Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Dr T A Skidmore - Director


22 May 2025

Report of the Independent Auditors to the Members of
Minchem Limited

Opinion
We have audited the financial statements of Minchem Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 August 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Minchem Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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:

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies act 2006 and UK corporate taxation laws.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries to the managing director and the management team of the company.
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:
- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- Understanding how those charged with governance considered and addressed the potential override of controls or other inappropriate influence over the financial reporting process;
- Challenging assumptions and judgements made by management in its significant accounting estimates;
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;
- Assessing the extent of compliance with the relevant laws and regulations.
We communicated relevant laws and regulations identified to the management team and our audit team performed the audit procedures as detailed above.

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.

Report of the Independent Auditors to the Members of
Minchem Limited


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.




Paul Robert Scriven FCCA (Senior Statutory Auditor)
for and on behalf of Paterson Brodie Limited
Chartered Certified Accountants
Statutory Auditor
Cliveden Chambers
Cliveden Place
Longton
Stoke-on-Trent
Staffordshire
ST3 4JB

22 May 2025

Minchem Limited (Registered number: 03377633)

Consolidated
Income Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £    £   

TURNOVER 3 18,364,912 15,857,643

Cost of sales 14,150,320 11,887,227
GROSS PROFIT 4,214,592 3,970,416

Distribution costs 413,813 536,907
Administrative expenses 2,478,143 1,860,253
2,891,956 2,397,160
OPERATING PROFIT 5 1,322,636 1,573,256

Fair value adjustment on quoted investments 6 37,068 28,557
1,285,568 1,544,699

Income from fixed asset investments 226 333
Interest receivable and similar income 1,073 403
1,299 736
1,286,867 1,545,435

Interest payable and similar expenses 7 - 117
PROFIT BEFORE TAXATION 1,286,867 1,545,318

Tax on profit 8 327,251 335,139
PROFIT FOR THE FINANCIAL YEAR 959,616 1,210,179
Profit attributable to:
Owners of the parent 959,616 1,210,179

Minchem Limited (Registered number: 03377633)

Consolidated
Other Comprehensive Income
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

PROFIT FOR THE YEAR 959,616 1,210,179


OTHER COMPREHENSIVE INCOME
Revaluation of quoted investments (37,069 ) (28,557 )
Net gain included in income statement 28,206 21,419
Purchase of own shares (91,114 ) (124,250 )
Income tax relating to components of other
comprehensive income

8,863

7,138
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(91,114

)

(124,250

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

868,502

1,085,929

Total comprehensive income attributable to:
Owners of the parent 868,502 1,085,929

Minchem Limited (Registered number: 03377633)

Consolidated Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 1 1
Tangible assets 12 336,946 313,114
Investments 13 36,277 73,346
373,224 386,461

CURRENT ASSETS
Stocks 14 5,044,635 5,526,452
Debtors 15 3,594,420 2,730,063
Cash at bank and in hand 5,570,526 3,856,166
14,209,581 12,112,681
CREDITORS
Amounts falling due within one year 16 3,736,812 2,305,320
NET CURRENT ASSETS 10,472,769 9,807,361
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,845,993

10,193,822

PROVISIONS FOR LIABILITIES 18 32,953 48,738
NET ASSETS 10,813,040 10,145,084

CAPITAL AND RESERVES
Called up share capital 19 8,704 9,250
Capital redemption reserve 20 91,300 90,750
Retained earnings 20 10,713,036 10,045,084
SHAREHOLDERS' FUNDS 10,813,040 10,145,084

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2025 and were signed on its behalf by:




C A Skidmore - Director



Dr T A Skidmore - Director


Minchem Limited (Registered number: 03377633)

Company Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 64,445 11,541
Investments 13 1,386,426 1,423,495
1,450,871 1,435,036

CURRENT ASSETS
Stocks 14 2,882,140 2,737,888
Debtors 15 2,572,277 2,466,520
Cash at bank and in hand 3,938,087 2,755,605
9,392,504 7,960,013
CREDITORS
Amounts falling due within one year 16 2,580,274 1,589,363
NET CURRENT ASSETS 6,812,230 6,370,650
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,263,101

7,805,686

PROVISIONS FOR LIABILITIES 18 - 8,862
NET ASSETS 8,263,101 7,796,824

CAPITAL AND RESERVES
Called up share capital 19 8,704 9,250
Capital redemption reserve 20 91,300 90,750
Retained earnings 20 8,163,097 7,696,824
SHAREHOLDERS' FUNDS 8,263,101 7,796,824

Company's profit for the financial year 757,937 862,652

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2025 and were signed on its behalf by:




C A Skidmore - Director



Dr T A Skidmore - Director


Minchem Limited (Registered number: 03377633)

Consolidated Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 September 2022 10,000 8,909,873 90,000 50,032 9,059,905

Changes in equity
Reduction in share capital (750 ) - - - (750 )
Total comprehensive income - 1,135,211 750 (50,032 ) 1,085,929
Balance at 31 August 2023 9,250 10,045,084 90,750 - 10,145,084

Changes in equity
Increase in share capital 4 - - - 4
Reduction in share capital (550 ) - - - (550 )
Dividends - (200,000 ) - - (200,000 )
Total comprehensive income - 867,952 550 - 868,502
Balance at 31 August 2024 8,704 10,713,036 91,300 - 10,813,040

Minchem Limited (Registered number: 03377633)

Company Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 September 2022 10,000 6,909,140 90,000 50,032 7,059,172

Changes in equity
Reduction in share capital (750 ) - - - (750 )
Total comprehensive income - 787,684 750 (50,032 ) 738,402
Balance at 31 August 2023 9,250 7,696,824 90,750 - 7,796,824

Changes in equity
Increase in share capital 4 - - - 4
Reduction in share capital (550 ) - - - (550 )
Dividends - (200,000 ) - - (200,000 )
Total comprehensive income - 666,273 550 - 666,823
Balance at 31 August 2024 8,704 8,163,097 91,300 - 8,263,101

Minchem Limited (Registered number: 03377633)

Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,407,179 1,231,539
Finance costs paid - (117 )
Tax paid (339,103 ) (222,607 )
Net cash from operating activities 2,068,076 1,008,815

Cash flows from investing activities
Purchase of tangible fixed assets (72,855 ) (24,551 )
Sale of tangible fixed assets 9,500 20,821
Interest received 1,073 403
Dividends received 226 333
Net cash from investing activities (62,056 ) (2,994 )

Cash flows from financing activities
Share issue 4 -
Share buyback (91,664 ) (125,000 )
Equity dividends paid (200,000 ) -
Net cash from financing activities (291,660 ) (125,000 )

Increase in cash and cash equivalents 1,714,360 880,821
Cash and cash equivalents at beginning of
year

2

3,856,166

2,975,345

Cash and cash equivalents at end of year 2 5,570,526 3,856,166

Minchem Limited (Registered number: 03377633)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.8.24 31.8.23
£    £   
Profit before taxation 1,286,867 1,545,318
Depreciation charges 49,022 17,364
Profit on disposal of fixed assets (9,499 ) (9,946 )
Quoted investments fair value adjustment 37,069 28,556
Finance costs - 117
Finance income (1,299 ) (736 )
1,362,160 1,580,673
Decrease/(increase) in stocks 481,817 (692,917 )
(Increase)/decrease in trade and other debtors (864,357 ) 1,453,627
Increase/(decrease) in trade and other creditors 1,427,559 (1,109,844 )
Cash generated from operations 2,407,179 1,231,539

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 5,570,526 3,856,166
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 3,856,166 2,975,345


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 3,856,166 1,714,360 5,570,526
3,856,166 1,714,360 5,570,526
Total 3,856,166 1,714,360 5,570,526

Minchem Limited (Registered number: 03377633)

Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Minchem 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 General Information page.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of goods and services, together with commissions received, excluding value added tax.

Goodwill
Goodwill arising on consolidation, in relation to the acquisition of the subsidiary company in 2006, was amortised evenly over its estimated useful life of 10 years.
Goodwill in the parent company's accounts relates to the acquisition of a business in 2001, and was amortised on the same basis.
The acquisition of ACCS Limited in 2012 resulted in negative goodwill of £86,923. This was amortised over a period of 10 years.

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% on cost
Short leasehold - 33.33% on cost
Plant and machinery - 20% on reducing balance and at varying rates on cost
Fixtures and fittings - 25% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance and 25% on cost
Computer equipment - 33.33% on cost, 20% on reducing balance and 4% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


Minchem Limited (Registered number: 03377633)

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

2. ACCOUNTING POLICIES - continued
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.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.8.24 31.8.23
£    £   
United Kingdom 5,518,040 5,943,570
Export 12,846,872 9,914,073
18,364,912 15,857,643

4. EMPLOYEES AND DIRECTORS
31.8.24 31.8.23
£    £   
Wages and salaries 752,060 730,281
Social security costs 84,480 80,102
Other pension costs 143,557 21,245
980,097 831,628

Minchem Limited (Registered number: 03377633)

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

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.8.24 31.8.23

Management and administration 12 12
Production 3 2
15 14

31.8.24 31.8.23
£    £   
Directors' remuneration 230,811 227,797
Directors' pension contributions to money purchase schemes 72,199 10,667

Information regarding the highest paid director is as follows:
31.8.24 31.8.23
£    £   
Emoluments etc 89,689 89,309
Pension contributions to money purchase schemes 40,000 -

5. OPERATING PROFIT

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

31.8.24 31.8.23
£    £   
Hire of plant and machinery 15,312 7,188
Other operating leases 1,289 1,259
Depreciation - owned assets 49,022 17,364
Profit on disposal of fixed assets (9,499 ) (9,946 )
Auditors' remuneration 20,615 19,690

6. GAIN ON FINANCIAL ASSETS AT FAIR VALUE
31.8.24 31.8.23
£    £   
Fair value adjustment on quoted investments (37,068 ) (28,557 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.8.24 31.8.23
£    £   
PAYE interest - 117

Minchem Limited (Registered number: 03377633)

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

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.8.24 31.8.23
£    £   
Current tax:
UK corporation tax 343,036 339,105

Deferred tax (15,785 ) (3,966 )
Tax on profit 327,251 335,139

UK corporation tax has been charged at 24.95 % .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.8.24 31.8.23
£    £   
Profit before tax 1,286,867 1,545,318
Profit multiplied by the standard rate of corporation tax in the UK of
24.953 % (2023 - 21.515 %)

321,112

332,475

Effects of:
Expenses not deductible for tax purposes 10,740 7,368
Income not taxable for tax purposes (2,427 ) (2,212 )
Capital allowances in excess of depreciation - (3,008 )
Depreciation in excess of capital allowances 5,239 -
Movement in deferred tax provision (15,785 ) 3,172
Overseas subsidiary tax adjustments 8,372 4,482
Tax effect of fixed asset investment revaluation - (7,138 )
Total tax charge 327,251 335,139

Tax effects relating to effects of other comprehensive income

31.8.24
Gross Tax Net
£    £    £   
Revaluation of quoted investments (37,069 ) 8,863 (28,206 )
Net gain included in income statement 28,206 - 28,206
Purchase of own shares (91,114 ) - (91,114 )
(99,977 ) 8,863 (91,114 )


Minchem Limited (Registered number: 03377633)

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

8. TAXATION - continued
31.8.23
Gross Tax Net
£    £    £   
Revaluation of quoted investments (28,557 ) 7,138 (21,419 )
Net gain included in income statement 21,419 - 21,419
Purchase of own shares (124,250 ) - (124,250 )
(131,388 ) 7,138 (124,250 )

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
31.8.24 31.8.23
£    £   
Ordinary shares of £1 each
Final 75,799 -
Interim 124,201 -
200,000 -

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 571,051
AMORTISATION
At 1 September 2023
and 31 August 2024 571,050
NET BOOK VALUE
At 31 August 2024 1
At 31 August 2023 1

Minchem Limited (Registered number: 03377633)

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

11. INTANGIBLE FIXED ASSETS - continued

Group

Group goodwill consists of the following:

Negative
Goodwill goodwill
COST £ £
At 1 September 2023 and 31 August 2024 657,974 (86,923 )

AMORTISATION
At 1 September 2023 657,973 (86,923 )
Amortisation for year - -
At 31 August 2024 657,973 (86,923 )

NET BOOK VALUE
At 31 August 2024 1 -

At 31 August 2023 1 -

Negative goodwill arose on the acquisition by the group of ACCS Limited in 2012. The fair value of the separable net assets exceeded the fair value of the consideration paid. The negative goodwill has been amortised through the profit and loss account over a period of 10 years.

Company
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 176,981
AMORTISATION
At 1 September 2023
and 31 August 2024 176,981
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

Minchem Limited (Registered number: 03377633)

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

12. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 September 2023 175,588 12,138 486,266
Additions - - 4,098
Disposals - - -
At 31 August 2024 175,588 12,138 490,364
DEPRECIATION
At 1 September 2023 33,518 12,138 330,792
Charge for year 1,380 - 31,159
Eliminated on disposal - - -
At 31 August 2024 34,898 12,138 361,951
NET BOOK VALUE
At 31 August 2024 140,690 - 128,413
At 31 August 2023 142,070 - 155,474

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2023 21,388 60,312 52,601 808,293
Additions - 46,000 22,757 72,855
Disposals - (26,350 ) - (26,350 )
At 31 August 2024 21,388 79,962 75,358 854,798
DEPRECIATION
At 1 September 2023 19,624 53,954 45,153 495,179
Charge for year 341 8,297 7,845 49,022
Eliminated on disposal - (26,349 ) - (26,349 )
At 31 August 2024 19,965 35,902 52,998 517,852
NET BOOK VALUE
At 31 August 2024 1,423 44,060 22,360 336,946
At 31 August 2023 1,764 6,358 7,448 313,114

Minchem Limited (Registered number: 03377633)

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

12. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2023 16,165 35,711 32,453 84,329
Additions - 46,000 22,258 68,258
At 31 August 2024 16,165 81,711 54,711 152,587
DEPRECIATION
At 1 September 2023 15,161 29,354 28,273 72,788
Charge for year 151 8,297 6,906 15,354
At 31 August 2024 15,312 37,651 35,179 88,142
NET BOOK VALUE
At 31 August 2024 853 44,060 19,532 64,445
At 31 August 2023 1,004 6,357 4,180 11,541

13. FIXED ASSET INVESTMENTS

Group
Listed
investments
£   
COST OR VALUATION
At 1 September 2023 73,346
Revaluations (37,069 )
At 31 August 2024 36,277
NET BOOK VALUE
At 31 August 2024 36,277
At 31 August 2023 73,346

Minchem Limited (Registered number: 03377633)

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

13. FIXED ASSET INVESTMENTS - continued

Group

Cost or valuation at 31 August 2024 is represented by:

Listed
investments
£   
Valuation in 2018 13,577
Valuation in 2019 683
Valuation in 2020 64,026
Valuation in 2021 178,582
Valuation in 2022 (190,837 )
Valuation in 2023 (28,556 )
Valuation in 2024 (37,069 )
Cost 35,871
36,277
Company
Shares in
group Listed
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 September 2023 1,350,149 73,346 1,423,495
Revaluations - (37,069 ) (37,069 )
At 31 August 2024 1,350,149 36,277 1,386,426
NET BOOK VALUE
At 31 August 2024 1,350,149 36,277 1,386,426
At 31 August 2023 1,350,149 73,346 1,423,495

Cost or valuation at 31 August 2024 is represented by:

Shares in
group Listed
undertakings investments Totals
£    £    £   
Valuation in 2018 - 13,577 13,577
Valuation in 2019 - 683 683
Valuation in 2020 - 64,026 64,026
Valuation in 2021 - 178,582 178,582
Valuation in 2022 - (190,837 ) (190,837 )
Valuation in 2023 - (28,556 ) (28,556 )
Valuation in 2024 - (37,069 ) (37,069 )
Cost 1,350,149 35,871 1,386,020
1,350,149 36,277 1,386,426

Minchem Limited (Registered number: 03377633)

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

13. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Minchem HMP Limited
Registered office: Scott Lidgett Industrial Estate, Scott Lidgett Road, Longport, Stoke on Trent, ST6 4NQ
Nature of business: Micronising of zircon sand
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 3,412,266 3,168,887
Profit for the year 243,379 364,408

ACCS Limited
Registered office: Unit 6, Scott Lidgett Industrial Estate, Scott Lidgett Road, Longport, Stoke on Trent, ST6 4NQ
Nature of business: Industrial protective linings specialists
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 375,864 362,127
Profit/(loss) for the year 13,737 (82,048 )

Minchem Europe SrL
Registered office: Cornaredo (MI), Milan, Italy.
Nature of business: Agents in minerals and chemicals
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 111,957 169,096
(Loss)/profit for the year (55,436 ) 65,168

Minchem Europe SrL is an Italian registered company, incorporated in 2019. The company was established to create a presence within the European Union.


14. STOCKS

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Stocks 5,044,635 5,526,452 2,882,140 2,737,888

Minchem Limited (Registered number: 03377633)

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

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Trade debtors 3,453,368 2,592,463 1,906,984 1,431,280
Amounts owed by group undertakings - - 203,791 357,767
Other debtors 49,846 47,051 45,606 42,841
Minchem Srl loan - - 383,722 583,125
VAT - 3,165 - 15,072
Prepayments 91,206 87,384 32,174 36,435
3,594,420 2,730,063 2,572,277 2,466,520

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Trade creditors 2,966,527 1,855,804 2,024,056 1,322,182
Tax 343,036 339,103 257,919 218,271
Social security and other taxes 28,306 24,639 15,985 13,823
VAT 96,200 - 27,883 -
Other creditors 204,712 6,631 201,380 -
Accrued expenses 98,031 79,143 53,051 35,087
3,736,812 2,305,320 2,580,274 1,589,363

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31.8.24 31.8.23
£    £   
Within one year 53,244 40,105
Between one and five years 73,289 77,282
126,533 117,387

Company
Non-cancellable operating leases
31.8.24 31.8.23
£    £   
Within one year 17,951 17,783
Between one and five years 2,080 3,953
20,031 21,736

Operating lease commitments are in respect of office premises, telephone system and motor vehicles.

Minchem Limited (Registered number: 03377633)

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

18. PROVISIONS FOR LIABILITIES

Group Company
31.8.24 31.8.23 31.8.24 31.8.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 32,953 39,876 - -
Other timing differences - 8,862 - 8,862
32,953 48,738 - 8,862

Group
Deferred
tax
£   
Balance at 1 September 2023 48,738
Credit to Income Statement during year (6,923 )
Fair value adjustment on (8,862 )
quoted investments
Balance at 31 August 2024 32,953

Company
Deferred
tax
£   
Balance at 1 September 2023 8,862
Fair value adjustment on
quoted investments (8,862 )
Balance at 31 August 2024 -

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
5,500 Ordinary £1 5,500 5,500
3,750 A Ordinary £1 3,200 3,750
8,700 9,250

Allotted and issued:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
4 Share capital 3 £1 4 -

4 Ordinary C D J T shares of £1 each were allotted at par during the year.

Minchem Limited (Registered number: 03377633)

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

20. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 September 2023 10,045,084 90,750 10,135,834
Profit for the year 959,616 959,616
Dividends (200,000 ) (200,000 )
Purchase of own shares (91,664 ) 550 (91,114 )
At 31 August 2024 10,713,036 91,300 10,804,336

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 September 2023 7,696,824 90,750 7,787,574
Profit for the year 757,937 757,937
Dividends (200,000 ) (200,000 )
Purchase of own shares (550 ) 550 -
Purchase of own shares (91,114 ) - (91,114 )
At 31 August 2024 8,163,097 91,300 8,254,397


21. RELATED PARTY DISCLOSURES

During the year Mr. C.A. Skidmore, a director of the company, received rent of £8,400 (2023 - £8,400) from Minchem Limited in relation to a property owned by him and used by the company.
All transactions were on a normal commercial basis.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C A Skidmore.

The group is controlled by Mr. C.A. Skidmore, by virtue of his holding of the majority of the voting rights in the parent company.