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Registered number: 02395270












OXERRA PIGMENTS UK LIMITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
 31 DECEMBER 2024





















 


img3313.png
01483 755 399
hamlyns.com

 
OXERRA PIGMENTS UK LIMITED
 

COMPANY INFORMATION


Directors
Timothy Southgate 
Kwan Yau Yu 
Kwan Ping David Yu 




Registered number
02395270



Registered office
Oxerra UK Limited
Liverpool Road East

Kidsgrove

Stoke-On-Trent

Staffordshire

ST7 3AA




Independent auditors
Hamlyns Limited
Chartered Accountants & Statutory Auditors

Sundial House

High Street

Horsell

Woking

Surrey

GU21 4SU






 
OXERRA PIGMENTS UK LIMITED
 

CONTENTS



Page
Strategic report
 
 
1
Directors' report
 
 
2 - 3
Independent auditors' report
 
 
4 - 7
Statement of income and retained earnings
 
 
8
Balance sheet
 
 
9
Statement of cash flows
 
 
10
Analysis of net debt
 
 
11
Notes to the financial statements
 
 
12 - 26


 
OXERRA PIGMENTS UK LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31st December 2024.

Business review
 
The company made a loss after taxation of £345k (2023: £757k loss). Turnover has decreased by 26% to £12,700k due to the full year effect of transferring the driers business to Venator Materials in March 2023. Net assets at 31 December 2024 were £9,337k (2023: £9,682k), the decrease being as a result of the loss for the year. Trade Debtors have decreased by £51k to £39k as a result of all sales now going through internal companies. Total internal and external trade creditors have increased by £225k to £1,195k predominantly due to increasing stock purchases to match demand.

Principal risks and uncertainties
 
The company's principal financial assets are accounts receivable balances from fellow group undertakings. The company holds the majority of its receivable balances with trade debtors and, as at the reporting date, there are no cash and cash equivalent balances held with financial institutions. As a result, the directors consider that credit risk is limited. The company purchases in foreign currencies and is therefore exposed to some foreign exchange risk; this risk is partially mitigated through sales in foreign currencies and foreign currency exchange at a group level.
Development and performance
                                                                                                                                                                          Oxerra Pigments has continued to focus on the manufacture and research & development of its core Dispersions and CICP products during 2024 bringing new products to the market and widening its international customer base via the OXERRA Groups Global sales network. The company saw a solid financial performance in 2024 with particularly strong sales in 1st half of 2024.

Financial key performance indicators
 
Oxerra's key performance indicators allow the business to measure both the financial value created for its stakeholders and the strategic value in growing the business and delivering on its purpose.

Other key performance indicators
 
The directors consider that the company has the following financial KPI's as a measure of its performance and position:
                                           2024  2023  Change
                                           £'000  £'000         %
Revenues                           17,186 17,186 -26%
Operating loss                            (498)  (923)            46%
Dividend income                           -                 197             -100%
profit after tax                     (345)  (757)            54%
Equity shareholders' funds 9,337  9,682     -4%
                     


This report was approved by the board on 2 June 2025 and signed on its behalf.



___________________________
Timothy Southgate
Director

Page 1

 
OXERRA PIGMENTS UK LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic report, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principle activity of the entity is the production of organic pigments and food dyes. 

Results and dividends

The loss for the year, after taxation, amounted to £345,395 (2023 - loss £757,236).

No dividends have been reccomended or paid post year end. 

Directors

The Directors who served during the year were:

Timothy Southgate 
Kwan Yau Yu 
Kwan Ping David Yu 

Future developments

The company will continue its program of research & development to bring new products to the market and investment to further optimise its production facilities. 

Page 2

 
OXERRA PIGMENTS UK LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHamlyns Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 2 June 2025 and signed on its behalf.
 





Timothy Southgate
Director

Page 3

 
OXERRA PIGMENTS UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXERRA PIGMENTS UK LIMITED
 

Opinion


We have audited the financial statements of Oxerra Pigments UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe 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 loss 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 United Kingdom, including the Financial Reporting Council'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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 4

 
OXERRA PIGMENTS UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXERRA PIGMENTS UK LIMITED (CONTINUED)


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 and the accounts take advantage of special provisions relating to small companies when the company is not entitled to do so; or
   we have not received all the information and explanations we require for our audit


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 is 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.


Page 5

 
OXERRA PIGMENTS UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXERRA PIGMENTS UK LIMITED (CONTINUED)


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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 that are applicable to the entity and determined that the most significant are the Companies Act 2006, the reporting framework of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and UK taxation legislation.
We understood how the company was complying with those frameworks through discussions with management and those charged with governance. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. Based on our understanding of the entity and its environment we identified the following areas as key risks and designed our audit approach as detailed to ensure material misstatements and irregularities would be detected in these areas:
Management over-ride:
We undertook testing of controls and systems to gain assurance these have been operating as expected during the period. We also performed journal testing to test the efficacy of journals posted during the period. Additionally, we have reviewed the disclosures in the accounts and the Directors report to ensure they agree with our findings from the audit testing carried out.
Related parties:
Our testing in this area has followed the requirements of ISA 550 (UK). We have issued the Directors with related party declarations to fill out and sign and have compared the information gathered against our knowledge and used this as one way for identifying potential related party disclosures. We have reviewed the disclosure in the financial statements and ensured this agrees with our findings from our audit work.
Revenue recognition:
The main area of risk identified with Income recognition lies with cut off and completion of income. To ensure this is not materially misstated or manipulated we have carried out substantive testing on income cut off and completion.
Stock:
The main risk area in terms of stock is stock valuation. Substantive testing will be carried out on the stock balance to ensure it is not materially misstated.


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.


Page 6

 
OXERRA PIGMENTS UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXERRA PIGMENTS UK LIMITED (CONTINUED)


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 2006Our 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.





Oliver Spevack ACA FCCA (Senior statutory auditor)
  
for and on behalf of
Hamlyns Limited
 
Chartered Accountants
Statutory Auditors
  
Sundial House
High Street
Horsell
Woking
Surrey
GU21 4SU

3 June 2025
Page 7

 
OXERRA PIGMENTS UK LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

  

Turnover
 4 
12,699,678
17,185,517

Cost of sales
  
(11,508,551)
(17,122,680)

Gross profit
  
1,191,127
62,837

Administrative expenses
  
(1,689,557)
(985,858)

Operating loss
 5 
(498,430)
(923,021)

Income from fixed assets investments
  
-
197,335

Interest payable and similar expenses
 9 
(903)
(31,550)

Loss before tax
  
(499,333)
(757,236)

Tax on loss
 10 
153,938
-

Loss after tax
  
(345,395)
(757,236)

  

  

Retained earnings at the beginning of the year
  
1,482,584
9,485,970

  
1,482,584
9,485,970

Loss for the year
  
(345,395)
(757,236)

Dividends declared and paid
  
-
(7,246,150)

Retained earnings at the end of the year
  
1,137,189
1,482,584
Page 8

 
OXERRA PIGMENTS UK LIMITED
REGISTERED NUMBER: 02395270

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
£
£

Fixed assets
  

Intangible assets
 12 
-
392,202

Tangible assets
 13 
1,634,977
1,822,468

Investments
 14 
1,010,550
1,010,550

  
2,645,527
3,225,220

Current assets
  

Stocks
 15 
3,354,587
5,652,187

Debtors: amounts falling due within one year
 16 
10,473,092
7,939,519

Cash at bank and in hand
 17 
318,030
558,830

  
14,145,709
14,150,536

Creditors: amounts falling due within one year
 18 
(4,685,965)
(4,918,041)

Net current assets
  
 
 
9,459,744
 
 
9,232,495

Total assets less current liabilities
  
12,105,271
12,457,715

Provisions for liabilities
  

Other provisions
  
(2,768,083)
(2,775,132)

  
 
 
(2,768,083)
 
 
(2,775,132)

Net assets
  
9,337,188
9,682,583


Capital and reserves
  

Called up share capital 
 21 
2,999,999
2,999,999

Capital redemption reserve
 22 
5,200,000
5,200,000

Profit and loss account
 22 
1,137,189
1,482,584

  
9,337,188
9,682,583


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 June 2025.




___________________________
Timothy Southgate
Director

The notes on pages 12 to 26 form part of these financial statements.

Page 9

 
OXERRA PIGMENTS UK LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(345,395)
(757,236)

Adjustments for:

Amortisation of intangible assets
-
208,899

Depreciation of tangible assets
286,506
390,828

Impairments of fixed assets
392,202
-

Interest paid
903
31,550

Interest received
-
(197,335)

Taxation charge
(153,938)
-

Decrease in stocks
2,297,599
6,989,283

Decrease in debtors
108,266
6,107,766

(Increase) in amounts owed by groups
(2,044,311)
(6,544,825)

Increase/(decrease) in creditors
232,224
(1,164,964)

(Decrease) in amounts owed to groups
(1,061,828)
(1,543,267)

(Decrease)/increase in provisions
(7,049)
-

Corporation tax received
153,938
-

Net cash generated from operating activities

(140,883)
3,520,699


Cash flows from investing activities

Purchase of tangible fixed assets
(99,015)
-

Sale of tangible fixed assets
-
1,257,216

Dividends received
-
197,335

Net cash from investing activities

(99,015)
1,454,551

Cash flows from financing activities

Issue of ordinary shares
-
1,999,999

Dividends paid
-
(7,246,150)

Interest paid
(902)
(31,550)

Net cash used in financing activities
(902)
(5,277,701)

Net (decrease) in cash and cash equivalents
(240,800)
(302,451)

Cash and cash equivalents at beginning of year
558,830
861,281

Cash and cash equivalents at the end of year
318,030
558,830


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
318,030
558,830

318,030
558,830


Page 10

 
OXERRA PIGMENTS UK LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

558,830

(240,800)

318,030


558,830
(240,800)
318,030

Page 11

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Oxerra Pigments UK Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are shown below:
Registered number: 02395270
Registered address: Oxerra UK Limited, Liverpool Road East, Kidsgrove, Stoke-On-Trent, Staffordshire, England, ST7 3AA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Going concern

The directors have gained assurances from the ultimate parent undertaking, Cathay Pigments Holdings Limited, that continued financial support will be provided.
The ultimate parent company has shown its commitment to the directors that it will provide continuous and sufficient financial resources to the company for the foreseeable future, being a period of at least twelve months from approval of these financial statements. This will ensure liabilities are met as they fall due and will enable Oxerra Pigments UK Limited to carry on its business. 
The board of directors have concluded that the business will continue to demonstrate strong sales and increased levels of profitability throughout 2025.
The demand for the companies key UK manufactured product ranges (Complex Inorganic Colour Pigments & Liquid Colorants) continues to be strong and has been further strengthened by the expansion of the Oxerra Group's sales network in both the UK and key Global export markets. 
Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Page 12

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

 
2.5

Revenue

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

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 by management.

Page 14

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
maximum of thirty years
Land
-
not depreciated
Plant and machinery
-
maximum of fifteen years
Tools and equipment
-
maximum of fifteen years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 15

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 
Page 16

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 
The directors have not made any critical accounting judgements in the process of applying the company's accounting policies, that could have a significant effect on the amounts recognised in the parent company Financial Statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
12,699,678
17,185,517

12,699,678
17,185,517


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
12,699,678
17,185,517

12,699,678
17,185,517



5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
68,557
(47,553)

Other operating lease rentals
695
7,552

Page 18

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,000
12,500


7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
2,010,304
2,710,064

Social security costs
209,779
283,043

Cost of defined contribution scheme
398,312
405,737

2,618,395
3,398,844


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average number of employees
54
54


8.


Income from investments

2024
2023
£
£





Dividends received from unlisted investments
-
(197,335)

-
(197,335)



9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
903
31,550

903
31,550

Page 19

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%) as set out below:

2024
2023
£
£


Loss on ordinary activities before tax
(499,333)
(757,236)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(124,833)
(238,643)

Effects of:


Capital allowances in excess of depreciation
(1,595)
(28,222)

Other non-tax deductible items
262
774

Group relief
126,166
88,391

Tax refund
(153,938)
177,700

Total tax charge for the year
(153,938)
-


11.


Dividends

2024
2023
£
£


Dividends
-
7,246,150

-
7,246,150

Page 20

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
4,487,651



At 31 December 2024

4,487,651



Amortisation


At 1 January 2024
4,095,449


Impairment charge
392,202



At 31 December 2024

4,487,651



Net book value



At 31 December 2024
-



At 31 December 2023
392,202



Page 21

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets





Freehold building
Plant and machinery
Land
Total

£
£
£
£



Cost


At 1 January 2024
1,914,560
19,846,068
340,778
22,101,406


Additions
-
99,015
-
99,015



At 31 December 2024

1,914,560
19,945,083
340,778
22,200,421



Depreciation


At 1 January 2024
1,504,266
18,774,672
-
20,278,938


Charge for the year on owned assets
71,401
215,105
-
286,506



At 31 December 2024

1,575,667
18,989,777
-
20,565,444



Net book value



At 31 December 2024
338,893
955,306
340,778
1,634,977



At 31 December 2023
410,294
1,071,396
340,778
1,822,468


14.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2024
1,010,550



At 31 December 2024
1,010,550




Page 22

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Holding

Oxerra Australia Pty Ltd
21 David Street, Dandenong VIC, 3175
100%
Excalibur Realty UK Limited
Liverpool Road East, Kidsgrove, Stoke-On-Trend, ST7 3AA
100%

Oxerra Australia Pty principal activity is to hold an investment in its subsidiary entity, Oxerra Pigments Pty Ltd, a company registered in Australia at 21 David Street, Dandenong, VIC, Australia, which is engaged in the blending, repackaging and sale of inorganic pigments.
Excalibur's principal activity is to hold the land and buildings and plant and machinery purchases as part of the aquisition of the Elementis plc pigments business by Rockwood Pigments (UK0 Limited on 1 September 2007.


15.


Stocks

2024
2023
£
£

Raw materials and consumables
1,983,703
2,462,952

Work in progress (goods to be sold)
113,291
121,952

Finished goods and goods for resale
1,257,593
3,067,283

3,354,587
5,652,187



16.


Debtors

2024
2023
£
£


Trade debtors
38,995
90,028

Amounts owed by group undertakings
10,275,115
7,633,275

Prepayments and accrued income
158,982
216,216

10,473,092
7,939,519



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
318,030
558,830

318,030
558,830


Page 23

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,195,357
970,069

Amounts owed to group undertakings
2,663,854
3,128,152

Other taxation and social security
392,317
507,337

Other creditors
116,122
61,840

Accruals and deferred income
318,315
250,643

4,685,965
4,918,041



19.


Provisions


Dilapidation provision

£





At 1 January 2024
2,775,132


Charged to profit or loss
(7,049)



At 31 December 2024
2,768,083

Following the closure of Cadmium production at our Kidsgrove site in 2021 a review has been carried out on the necessary steps required to decomission the Cadmium plant and as such a provision of £2,768,083 has been entered into the 2024 accounts.


20.


Deferred tax note

Deferred tax assets in relation to fixed assets have not been recognised in 2024 as there is insufficient evidence that the assets will be recovered. 

Page 24

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,999,999 (2023 - 2,999,999) Ordinary shares of £1.00 each
2,999,999
2,999,999



22.


Reserves

Capital redemption reserve

The capital redemption reserve as at 1 January 2024 was £5,200,000. There were movements in the year.

Profit and loss account

Reserves as at 1 January 2024 were £1,482,584. The loss for the year is £345,395. No dividends were paid during the year ended 31 December 2024, resulting in a closing balance of £1,137,189.


23.


Pension commitments

The company operates a defined contribution scheme for all employees. The pension charge for the year of £364k (2023: 406k) represents contibutions payable by the company to the scheme. There was no outstanding or prepaid contributions at the begining or the end of the period. 


24.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
124,000

Later than 1 year and not later than 5 years
-
64,080

-
188,080


25.


Related party transactions

During the year the entity made sales amounting to £12,450,813 to a related group company; Oxerra UK Limited. The balance owed to the company at the year end is £8,128,816. The entity also made purchases of £2,353,069 from the same company. 
Excalibur Realty, a 100% subsidiary of  the company owed £516,787 as at the year end. 

Page 25

 
OXERRA PIGMENTS UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


Controlling party

The immediate parent company is Creambay Limited, a company incorporated in England and Wales. As at 31 December 2024 the ultimate parent undertaking of Creambay Limited was Cathay Pigments Holdings Limited, a company registered in the British Virgin Islands. 
The results of Oxerra Pigments UK Limited for the year ended 31 December 2024 have been consolidated in the financial statements of Cathay Pigments Holdings Limited, being the largest and smallest parent undertaking to prepare group financial statements. 


Page 26