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Registered number: 02404731









MONARCH CHEMICALS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
MONARCH CHEMICALS LIMITED
 
 
COMPANY INFORMATION


Directors
J J Hill Esq 
D Appleton Esq 
A P Scott Esq (resigned 01 August 2024) 
P D Russell Esq (resigned 01 August 2024) 
D T Stanley Esq (resigned 01 August 2024) 
R Argo (appointed 01 August 2024) 
M Gratton (appointed 01 August 2024) 




Registered number
02404731



Registered office
Alpha House, Lawnswood Business Park,
Redvers Close

Leeds

England

LS16 6QY




Independent auditors
Sargeant Partnership Limited
Chartered Accountants & Statutory Auditors

White Oak Square

5 London Road

Swanley

BR8 7AG




Bankers
National Westminster Bank plc
2nd Floor, Riverbridge House

Anchor Boulevard

Crossways

Dartford

Kent

DA2 6QA





 
MONARCH CHEMICALS LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 28


 
MONARCH CHEMICALS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 30 September 2024. 

Business review
 
Monarch Chemicals Limited faced a challenging market environment in 2023/24 due to geopolitical, social and macroeconomic challenges. Despite this, the company delivered a positive performance in 2024.
Turnover and gross profit decreased versus 2022/23 levels, due to market prices falling as supply chain issues eased and products became more readily available. Customers had also taken significant stock holdings in the previous financial year when products were much harder to secure. 
Gross profit decreased 17% from £9.9 million to £8.3 million. This reduction in trading resulted in profit after tax reducing from £4.7 million in 22/23 to £3.1 million in 23/24. 
The business is focused on the development of key products and increasing market share throughout 2024/25. On 1 August 2024, the Monarch Group, of which this company is part of, was acquired by Brenntag UK Holding Limited. Following the acquisition, the business remains well positioned to achieve its targets over the coming years.

Principal risks and uncertainties
 
The key business risks and uncertainties are considered to relate to competition from established competitors,
the retention and development of staff and the state of the economy particularly with the pressures on global transportation and production.

Financial key performance indicators
 
Given the straight forward nature of the business the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.


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






J J Hill Esq
Director

Date: 12 June 2025

Page 1

 
MONARCH CHEMICALS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 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; and

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.

Results and dividends

The profit for the year, after taxation, amounted to £3,112,971 (2023 - £4,696,594).

Dividends of £4,104,526 (2023: £1,882,200) were paid during the year. The directors do not recommend the payment of a final dividend (2023 - £nil).

Directors

The directors who served during the year were:

J J Hill Esq 
D Appleton Esq 
A P Scott Esq (resigned 1 August 2024)
P D Russell Esq (resigned 1 August 2024)
D T Stanley Esq (resigned 1 August 2024)
R Argo (appointed 1 August 2024) 
M Gratton (appointed 1 August 2024) 

Page 2

 
MONARCH CHEMICALS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Financial instruments

The company's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors, loans to the company and lease arrangements. The main purpose of these instruments is to finance the company's operations.
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is as follows.
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.
In respect of loans, these comprise loans to and from the directors as well as from financial institutions. The interest rate on the loans from financial institutions is variable but the monthly repayments are fixed. The company manages the liquidity risk by ensuring there are sufficient funds to meet the repayments. Regarding the loans from directors, the directors are aware of the company's required finance and have determined that these will only be repaid, in whole or in part, when finance is available. Where loans are made to directors credit risk is managed by ensuring that advances are not made without any means for the director to be able to repay the debt within terms acceptable to the company's members.
The company is a lessee in respect of finance leased assets, and has entered into operating leases in respect of property and plant and equipment. The liquidity risk in respect of these is managed in the same way as loans above.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The company has entered into invoice discounting arrangements in order to minimise liquidity risk by accelerating the collection of debtors.
Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Future developments

The company continues to trade profitably and to pursue opportunities to improve its performance and financial position. 

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

An interim dividend for the financial period ended 30 September 2024 amounting to £2.5 million was proposed and paid on 26 November 2024.
On 24 February 2025, as part of the ongoing group simplification project, the Monarch Group was simplified. Monarch Chemicals Holdings Limited sold its shares in Monarch Chemicals Limited to Brenntag UK Holding Limited for market value. 

Page 3

 
MONARCH CHEMICALS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Auditors

Under section 487(2) of the Companies Act 2006Sargeant Partnership Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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







J J Hill Esq
Director

Date: 12 June 2025

Page 4

 
MONARCH CHEMICALS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONARCH CHEMICALS LIMITED
 

Opinion


We have audited the financial statements of Monarch Chemicals Limited (the 'company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity 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 30 September 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 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.


Page 5

 
MONARCH CHEMICALS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONARCH CHEMICALS LIMITED (CONTINUED)


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.


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; 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 6

 
MONARCH CHEMICALS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONARCH CHEMICALS 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:

• 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 discussion with directors and
      other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial   statements or the operations of the company, are as follows:
o Companies Act 2006
o FRS102
o GDPR 
o Employment legislation
o Tax legislation
o Health and safety legislation
o COMAH - Control of major accident hazards
o FEMAS accreditation - The feed materials assurance scheme
o REACH - Registration, Evaluation, Authorisation and restriction of chemicals
o Explosive Precursors and Poisons Regulations 2023
• We assessed the extent of compliance with the laws and regulations identified above through making                        enquiries of management, reviewing board minutes and inspecting legal correspondence; 
• Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit 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 enquires of management as to where they consider there was susceptibility to fraud and 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;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,    most notably settlement credits, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the    company’s usual course of business.
 
Page 7

 
MONARCH CHEMICALS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONARCH CHEMICALS LIMITED (CONTINUED)



The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and 
• Posting of unusual journals or transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 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.





Gary Sargeant (Senior statutory auditor)
for and on behalf of
Sargeant Partnership Limited
Chartered Accountants
Statutory Auditors
White Oak Square
5 London Road
Swanley
BR8 7AG

16 June 2025
Page 8

 
MONARCH CHEMICALS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

Turnover
 4 
28,972,461
35,166,634

Cost of sales
  
(20,707,513)
(25,252,107)

Gross profit
  
8,264,948
9,914,527

Distribution costs
  
(1,404,476)
(1,424,497)

Administrative expenses
  
(2,739,111)
(2,439,048)

Other operating charges
  
-
(9,150)

Operating profit
 5 
4,121,361
6,041,832

Interest receivable and similar income
 9 
70,221
20,854

Interest payable and similar expenses
 10 
(15,696)
(29,139)

Profit before tax
  
4,175,886
6,033,547

Tax on profit
 11 
(1,062,915)
(1,336,953)

Profit for the financial year
  
3,112,971
4,696,594

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

All amounts relate to continuing operations. 
There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 28 form part of these financial statements.

Page 9

 
MONARCH CHEMICALS LIMITED
REGISTERED NUMBER: 02404731

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
-

Tangible assets
 14 
2,977,481
2,475,581

  
2,977,481
2,475,581

Current assets
  

Stocks
 15 
2,827,409
2,137,309

Debtors
 16 
5,173,638
8,581,853

Cash at bank and in hand
 17 
4,627,353
3,283,860

  
12,628,400
14,003,022

Creditors: amounts falling due within one year
 18 
(4,085,347)
(4,150,640)

Net current assets
  
 
 
8,543,053
 
 
9,852,382

Total assets less current liabilities
  
11,520,534
12,327,963

Creditors: amounts falling due after more than one year
 19 
(307,925)
(263,520)

Provisions for liabilities
  

Deferred tax
 22 
(403,561)
(263,840)

Net assets
  
10,809,048
11,800,603


Capital and reserves
  

Called up share capital 
 23 
24,040
24,040

Profit and loss account
  
10,785,008
11,776,563

  
10,809,048
11,800,603


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




J J Hill Esq
D Appleton Esq
Director
Director


Date: 12 June 2025


The notes on pages 12 to 28 form part of these financial statements.

Page 10

 
MONARCH CHEMICALS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2023
24,040
11,776,563
11,800,603



Profit for the year
-
3,112,971
3,112,971

Dividends
-
(4,104,526)
(4,104,526)


At 30 September 2024
24,040
10,785,008
10,809,048



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 October 2022
24,040
8,962,169
8,986,209



Profit for the year
-
4,696,594
4,696,594

Dividends
-
(1,882,200)
(1,882,200)


At 30 September 2023
24,040
11,776,563
11,800,603


The notes on pages 12 to 28 form part of these financial statements.

Page 11

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Monarch Chemicals Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Alpha House,Lawnswood Business Park, Redvers Close, Leeds, England, LS16 6QY.
The company's principal activity continued to be that of chemical distribution.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Brenntag SE as at 31 December 2024 and these financial statements may be obtained from the registered office, at Messeallee 11, D-45131, Essen, Germany.

 
2.3

Going concern

Having considered risk and financial analysis, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 

Page 12

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 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 the Statement of comprehensive income 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.

Turnover represents revenue due from the distribution of chemicals to the extent that the company obtains a right to consideration in exchange for its performance of those activities, exclusive of Value Added Tax.

 
2.6

Operating leases: the company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Page 13

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

 
2.9

Pensions

Defined contribution pension plans
The company operates defined contribution plans 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 the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plans are held separately from the company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 14

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.11

Invoice discounting

The company previously discounted its trade debts. The accounting policy was to include trade debtors discounted with recourse under trade debtors due within one year and to record the returnable element of the proceeds under bank overdrafts within creditors due within one year. Discount fees were charged to profit and loss when payable. Bad debts are borne by the company and charged to the Statement of comprehensive income when reasonably foreseeable. The company facility ceased on 31 July 2024.

 
2.12

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.

Amortisation is provided at the following rates:
          Licenses    -    3 years straight line basis

 
2.13

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following bases:


Freehold buildings
-
20 to 50 years straight line.
Freehold land
-
Not depreciated.
Plant and machinery
-
3 to 10 years straight line.
Motor vehicles
-
4 to 5 years straight line.
Office equipment
-
3 to 5 years straight line.
Tanks, drums and containers
-
2 to 10 years straight line.

 
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 first in, first out 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 the Statement of comprehensive income.

Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 15

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
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.

 
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.

 
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.

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.

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.
Page 16

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


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.



Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.20

Dividends

Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made estimates and assumptions regarding the Waste, Container and Stock provisions. These estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant and reviewed on an ongoing basis. The amounts have been recognised in the year ended 30 September 2024 listed below:
Waste provision      -  £57,285 
(2023 - £93,540)
Container provision -  £132,727 (2023 - £152,529)
Stock provision       -  £85,637 (2023 - £53,390)

Page 17

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
28,672,849
34,832,044

Rest of Europe
241,558
291,016

Rest of the world
58,054
43,574

28,972,461
35,166,634



5.


Operating profit

The operating profit is stated after charging:

2024
Re-stated 2023
£
£

Depreciation
554,056
476,849

Pension costs
164,255
202,154

Other operating lease rentals
149,974
114,377


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
14,250
14,075

Page 18

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
Re-stated 2023
£
£

Wages and salaries
2,517,049
2,389,084

Social security costs
275,966
268,427

Cost of defined contribution scheme
164,255
202,154

2,957,270
2,859,665


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


        2024
        2023
            No.
            No.







Directors
5
5



Employees
54
51

59
56


8.


Directors' remuneration

2024
Re-stated 2023
£
£

Directors' emoluments
448,277
443,225

Company contributions to defined contribution pension schemes
82,052
127,352

530,329
570,577


During the year retirement benefits were accruing to 5 directors (2023 - 5) in respect of defined contribution pension schemes.

M Gratton and R Argo are wholly remunerated through Brenntag UK Limited, a fellow group company. A recharge of £10,000 (2023 - £nil) has been made by Brenntag UK Limited to the Company in respect of these directorship costs. 

Page 19

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
70,221
20,854


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
6,692
16,824

Interest on invoice discounting
-
9,576

Finance leases and hire purchase contracts
9,004
-

Other interest payable
-
2,739

15,696
29,139


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
924,999
1,349,127

Adjustments in respect of previous periods
(1,805)
6,704

Total current tax
923,194
1,355,831

Deferred tax


Origination and reversal of timing differences
139,721
(18,878)

Taxation on profit on ordinary activities
 
1,062,915
 
1,336,953
Page 20

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,175,886
6,033,547


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
1,043,972
1,327,876

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
20,446
6,935

Capital allowances for year (in excess of)/lower than depreciation
(139,419)
12,303

Adjustments to tax charge in respect of prior periods
(1,805)
6,704

Adjustment for impairment of a group loan
-
2,013

Deferred taxation on accelerated capital allowances
139,721
(18,878)

Total tax charge for the year
1,062,915
1,336,953


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends  - Equity
4,104,526
1,882,200

4,104,526
1,882,200

An interim dividend for the financial period ended 30 September 2024 amounting to £2.5 million was proposed and paid on 26 November 2024.

Page 21

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Intangible assets




Licenses

£



Cost


At 1 October 2023
31,325



At 30 September 2024

31,325



Amortisation


At 1 October 2023
31,325



At 30 September 2024

31,325



Net book value



At 30 September 2024
-



At 30 September 2023
-



Page 22

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 October 2023
1,546,450
1,920,587
-
264,161
642,172
4,373,370


Additions
-
387,277
452,027
11,598
232,804
1,083,706


Disposals
-
(104,889)
(54,000)
(3,807)
(265,724)
(428,420)



At 30 September 2024

1,546,450
2,202,975
398,027
271,952
609,252
5,028,656



Depreciation


At 1 October 2023
217,982
1,217,252
-
174,753
287,802
1,897,789


Charge for the year on owned assets
32,676
155,363
26,250
42,547
277,387
534,223


Charge for the year on financed assets
-
-
19,833
-
-
19,833


Disposals
-
(104,889)
(26,250)
(3,807)
(265,724)
(400,670)



At 30 September 2024

250,658
1,267,726
19,833
213,493
299,465
2,051,175



Net book value



At 30 September 2024
1,295,792
935,249
378,194
58,459
309,787
2,977,481



At 30 September 2023
1,328,468
703,335
-
89,408
354,370
2,475,581

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:


2024
2023
£
£



Motor vehicles
378,194
-

378,194
-

Page 23

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
2,827,409
2,137,309

2,827,409
2,137,309



16.


Debtors

2024
2023
£
£

Trade debtors
4,841,403
4,402,566

Amounts owed by group undertakings
-
3,915,401

Prepayments and accrued income
332,235
263,886

5,173,638
8,581,853



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,627,353
3,283,860

4,627,353
3,283,860


Page 24

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
97,954

Trade creditors
2,110,050
1,966,343

Amounts owed to group undertakings
41,610
41,610

Corporation tax
400,590
640,859

Other taxation and social security
821,450
704,283

Obligations under finance lease and hire purchase contracts
68,897
-

Other creditors
113,368
85,544

Accruals and deferred income
529,382
614,047

4,085,347
4,150,640


The company had an invoice discounting agreement with RBS Invoice Finance Limited.  All trade debtors were subject to the invoice discounting agreement, and security was given by way of a fixed and floating charge over the book debts and all the property and undertakings of the company. The company facility ceased on 31 July 2024. 


19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
263,520

Net obligations under finance leases and hire purchase contracts
307,925
-

307,925
263,520


Bank loans were secured by way of a debenture comprising fixed and floating charges over all assets of
the company. The loan was repaid in April 2024.

Page 25

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
97,954

Amounts falling due 1-2 years

Bank loans
-
102,138

Amounts falling due 2-5 years

Bank loans
-
161,382


-
361,474



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
68,897
-

Between 1-5 years
307,925
-

376,822
-

Obligations under hire purchase and finance leases are secured on the assets to which they relate.

Page 26

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Deferred taxation




2024
2023


£

£






At beginning of year
(263,840)
(282,718)


Charged to the Statement of comprehensive income
(139,721)
18,878



At end of year
(403,561)
(263,840)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
403,561
263,840

403,561
263,840


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



24,040 (2023: 24,000) Ordinary shares of £1.00 each
24,040
24,000
0 (2023: 10)  A Ordinary shares of £1.00 each
-
10
0 (2023: 10)  B Ordinary shares of £1.00 each
-
10
0 (2023: 10)  C Ordinary shares of £1.00 each
-
10
0 (2023: 10)  D Ordinary shares of £1.00 each
-
10

24,040

24,040



24.


Capital commitments


At 30 September 2024 the company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
8,956
90,507

Page 27

 
MONARCH CHEMICALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

25.


Pension commitments

The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £164,255 (2023:  £202,154). Contributions totalling £Nil (2023: £Nil) were payable to the funds at the balance sheet date.


26.


Commitments under operating leases

At 30 September 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
155,741
156,867

Later than 1 year and not later than 5 years
291,320
227,508

447,061
384,375


27.


Related party transactions

The company is exempt under FRS 102 from disclosing related party transactions with members of the same group that are wholly owned. There have been no other related party transactions. 


28.


Controlling party and Ultimate Parent

The company's immediate parent company is Monarch Chemicals (Holdings) Limited, a company incorporated in England and Wales. 
As at the date of signing, the company's immediate parent company is Brenntag UK Holding Limited, a company incorporated in England and Wales.
The company's ultimate parent company and controlling entity is Brenntag SE, a company incorporated in Germany. 
Brenntag SE is the parent undertaking of the smallest and largest group to consolidate these financial statements. The consolidated financial statements of Brenntag SE are available from the registered office, at Messeallee 11, D-45131, Essen, Germany.

 
Page 28