Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31falsechemical agent2024-01-01false1615falsefalse 01283674 2024-01-01 2024-12-31 01283674 2023-01-01 2023-12-31 01283674 2024-12-31 01283674 2023-12-31 01283674 2023-01-01 01283674 1 2024-01-01 2024-12-31 01283674 1 2023-01-01 2023-12-31 01283674 5 2024-01-01 2024-12-31 01283674 5 2023-01-01 2023-12-31 01283674 d:CompanySecretary1 2024-01-01 2024-12-31 01283674 d:Director1 2024-01-01 2024-12-31 01283674 d:Director2 2024-01-01 2024-12-31 01283674 d:Director3 2024-01-01 2024-12-31 01283674 d:RegisteredOffice 2024-01-01 2024-12-31 01283674 e:PlantMachinery 2024-01-01 2024-12-31 01283674 e:PlantMachinery 2024-12-31 01283674 e:PlantMachinery 2023-12-31 01283674 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01283674 e:FurnitureFittings 2024-01-01 2024-12-31 01283674 e:FurnitureFittings 2024-12-31 01283674 e:FurnitureFittings 2023-12-31 01283674 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01283674 e:OfficeEquipment 2024-01-01 2024-12-31 01283674 e:OfficeEquipment 2024-12-31 01283674 e:OfficeEquipment 2023-12-31 01283674 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01283674 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01283674 e:CurrentFinancialInstruments 2024-12-31 01283674 e:CurrentFinancialInstruments 2023-12-31 01283674 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 01283674 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 01283674 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 01283674 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 01283674 e:ReportableOperatingSegment7 2024-01-01 2024-12-31 01283674 e:ReportableOperatingSegment7 2023-01-01 2023-12-31 01283674 f:UnitedKingdom 2024-01-01 2024-12-31 01283674 f:UnitedKingdom 2023-01-01 2023-12-31 01283674 f:RestWorldOutsideUK 2024-01-01 2024-12-31 01283674 f:RestWorldOutsideUK 2023-01-01 2023-12-31 01283674 e:UKTax 2024-01-01 2024-12-31 01283674 e:UKTax 2023-01-01 2023-12-31 01283674 e:ShareCapital 2024-01-01 2024-12-31 01283674 e:ShareCapital 2024-12-31 01283674 e:ShareCapital 2023-01-01 2023-12-31 01283674 e:ShareCapital 2023-12-31 01283674 e:ShareCapital 2023-01-01 01283674 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01283674 e:RetainedEarningsAccumulatedLosses 2024-12-31 01283674 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01283674 e:RetainedEarningsAccumulatedLosses 2023-12-31 01283674 e:RetainedEarningsAccumulatedLosses 2023-01-01 01283674 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 01283674 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 01283674 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 01283674 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01283674 d:OrdinaryShareClass1 2024-01-01 2024-12-31 01283674 d:OrdinaryShareClass1 2024-12-31 01283674 d:OrdinaryShareClass1 2023-12-31 01283674 d:FRS102 2024-01-01 2024-12-31 01283674 d:Audited 2024-01-01 2024-12-31 01283674 d:FullAccounts 2024-01-01 2024-12-31 01283674 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01283674 e:WithinOneYear 2024-12-31 01283674 e:WithinOneYear 2023-12-31 01283674 e:BetweenOneFiveYears 2024-12-31 01283674 e:BetweenOneFiveYears 2023-12-31 01283674 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-12-31 01283674 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-12-31 01283674 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2024-12-31 01283674 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2023-12-31 01283674 2 2024-01-01 2024-12-31 01283674 g:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01283674









PRAYON (UK) PUBLIC LIMITED COMPANY









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
COMPANY INFORMATION


Directors
Mr R W McShane 
Mr J A Cerfontaine 
Mr R E De Rijcke 




Company secretary
Mr P Schils



Registered number
01283674



Registered office
Russell Building
West Common

Harpenden

Hertfordshire

AL5 2JQ




Independent auditors
Moore Kingston Smith LLP
Chartered Accountants

4 Victoria Square

St Albans

Hertfordshire

AL1 3TF





 
PRAYON (UK) PUBLIC LIMITED COMPANY
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Profit and Loss Account
9
Balance Sheet
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 26


 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The principal activity of the company during 2024 was as selling agents for the sale of Phosphoric Acid and Phosphate Salts produced and supplied by the parent company Prayon SA, Engis, Belgium.
We also acted as agents for the sale of several products for the Horticultural Market. 

Business review
 
Prayon UK managed 111,681,091 Euros of sales for Prayon SA in 2024 compared with 89,567,308 Euros in 2023. This increase was driven by increased sales and the Nordics and Global accounts being managed by the UK. Margins remained reasonable but under some pressure.
The business expects to manage sales at an even higher level for 2025 as the Coca Cola business will also be managed within the UK.
For 2025 Prayon UK expects a slight increase in volumes as we have regained some accounts. The new commission structure means we will again earn in the region of 14% EBITDA.

We should continue to see solid sales in both Phosphoric Acid and Phosphate salts as although prices are in decline due to competition, new opportunities continue to show promise. However the new SHMP plant will now not come online until November 2025. The Horticulture market however looks solid, but again we will be restricted by some volume constraints across the entire portfolio, MAP in particular is quite tight.

2025 will be again a challenging year. However, the market remains strong and in general we remain stable. We have increased staffing levels by three people to manage the increased workload. This looks to be sufficient for the short term at least. As with many businesses we have had to offer significant salary increase in line with inflation to ensure staff retention and high-level business performance.


Principal risks and uncertainties
 
The process of risk management is addressed through a framework of policies, procedures and internal controls. The policies are subject to Board approval, and compliance with regulatory, legal, ethical and moral standards is a high priority for the Company.
The Company's principal financial instruments comprise bank balances and short term deposits. The main purpose of these financial instruments is to manage the Company's funding and liquidity requirements. The Company has other financial assets and liabilities such as trade creditors and trade debtors, which arise directly from its operations.
The Directors are required to monitor on a regular basis the Company's financial instruments to ensure there is no exposure of the Company to price risk, credit risk, liquidity risk and cash flow risk. The Directors do not consider that there is any risk of exposure of the Company to price risk, credit risk, liquidity risk and cash flow risk.
Please also see the points mentioned in future developments above.

Financial key performance indicators
 
Turnover has increased from £1,352,859 in 2023 to £1,419,521 in 2024.
 
Profits before tax increased from £165,068 in 2023 to £185,660 in 2024. We expect the 2025 results to be in line with these results.

Page 1

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' statement of compliance with duty to promote the success of the Company
 
Prayon UK and its Board of Directors our committed to ensuring that the company supports and assists our Parent Company Prayon SA and its Shareholders in fulfilling its mission and to guiding it in achieving its vision whilst remaining true to its core values. Safety is a top priority. Every day we work to make our sites safer and our facilities more secure, to enhance foodstuffs safety and to make sure that our products are used safely. Safeguarding human health and the environment are also core principles. We want to become a leading player in niche markets such as food additives, horticulture and industrial applications offering a high level of added value. We also aim to consolidate our position as world leader in phosphoric acid technology. We are keen to cement the company’s long-term future via a strategy of excellence in the form of our six strategic priorities, and profitability which will generate added value for staff and shareholders alike. We are careful to listen to both customers and the market and in this context, we supply top-quality products and services and provide the very best application support. Against the backdrop of a highly competitive market, we must continually seek to innovate. We encourage our staff to be creative and to enhance their skills and expertise through appropriate training. Recognising performance and acknowledging achievement is a core value for us in terms of motivating and rewarding our staff. 
Prayon UK and its directors are committed to ensure we fulfil our role as a leading market for Prayon SA and ensure our customers staff and owners our always at the heart of decisions made as we continue to grow our position as a UK market leader.
The UK Directors understand their responsibilities to maintain oversight of the business to ensure maximum value to its parent company and shareholders.


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



Mr R W McShane
Director



Date: 3 July 2025


Page 2

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

Directors

The directors who served during the year were:

Mr R W McShane 
Mr J A Cerfontaine 
Mr R E De Rijcke 

Future developments

Looking forward to 2025, Prayon UK Plc expect to maintain position in the UK market.

Matters covered in the Strategic Report

The business review, details of financial instruments, details of principal risks and uncertainties and engagement with supplies, customers and others are covered in the Strategic Report.

Page 3

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
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.

Auditors

The auditorsMoore Kingston Smith LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





Mr R W McShane
Director

Date: 3 July 2025

Page 4

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRAYON (UK) PUBLIC LIMITED COMPANY
 

Opinion


We have audited the financial statements of Prayon (UK) Plc (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, 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 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRAYON (UK) PUBLIC LIMITED COMPANY (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 3, 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

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRAYON (UK) PUBLIC LIMITED COMPANY (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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. 
The following laws and regulations were identified as being of significance to the entity: 
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. 
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include trade/export compliance, environmental regulations, health and safety legislation, employment law and data protection.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the
Page 7

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRAYON (UK) PUBLIC LIMITED COMPANY (CONTINUED)


effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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.





Graham Wintle (Senior Statutory Auditor)
  
for and on behalf of
Moore Kingston Smith LLP
 
Chartered Accountants
  
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF

23 July 2025
Page 8

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
1,419,521
1,352,859

Gross profit
  
1,419,521
1,352,859

Administrative expenses
  
(1,184,309)
(1,183,884)

Operating profit
  
235,212
168,975

Interest receivable and similar income
  
689
190

Interest payable and similar expenses
 7 
(5,241)
(4,097)

Profit before tax
  
230,660
165,068

Tax on profit
 8 
(67,986)
(47,448)

Profit for the financial year
  
162,674
117,620

The notes on pages 14 to 26 form part of these financial statements.

Page 9

 
PRAYON (UK) PUBLIC LIMITED COMPANY
REGISTERED NUMBER: 01283674

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
10,534
11,176

  
10,534
11,176

Current assets
  

Debtors: amounts falling due within one year
 10 
366,517
260,092

Cash at bank and in hand
  
356,701
338,575

  
723,218
598,667

Creditors: amounts falling due within one year
 11 
(214,117)
(252,962)

Net current assets
  
 
 
509,101
 
 
345,705

Total assets less current liabilities
  
519,635
356,881

Provisions for liabilities
  

Deferred tax
 13 
(2,498)
(2,418)

  
 
 
(2,498)
 
 
(2,418)

Net assets
  
517,137
354,463


Capital and reserves
  

Called up share capital 
 14 
100,000
100,000

Profit and loss account
  
417,137
254,463

  
517,137
354,463


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




Mr R W McShane
Director

Date: 3 July 2025

The notes on pages 14 to 26 form part of these financial statements.

Page 10

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
100,000
136,843
236,843


Comprehensive income for the year

Profit for the year
-
117,620
117,620
Total comprehensive income for the year
-
117,620
117,620


Total transactions with owners
-
-
-



At 1 January 2024
100,000
254,463
354,463


Comprehensive income for the year

Profit for the year

-
162,674
162,674


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
162,674
162,674


Total transactions with owners
-
-
-


At 31 December 2024
100,000
417,137
517,137


The notes on pages 14 to 26 form part of these financial statements.

Page 11

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
162,674
117,620

Adjustments for:

Depreciation of tangible assets
7,750
5,284

Interest paid
5,241
4,097

Interest received
(689)
(190)

Taxation charge
67,986
47,448

(Increase) in debtors
(105,007)
(204,705)

(Increase)/decrease in amounts owed by groups
(1,418)
127,770

(Decrease)/increase in creditors
(55,815)
18,369

(Decrease)/increase in amounts owed to groups
(10,052)
92,722

Corporation tax (paid)
(40,884)
(24,000)

Net cash generated from operating activities

29,786
184,415


Cash flows from investing activities

Purchase of tangible fixed assets
(7,108)
(478)

Interest received
689
190

Net cash from investing activities

(6,419)
(288)

Cash flows from financing activities

Interest paid
(5,241)
(4,097)

Net cash used in financing activities
(5,241)
(4,097)

Net increase in cash and cash equivalents
18,126
180,030

Cash and cash equivalents at beginning of year
338,575
158,545

Cash and cash equivalents at the end of year
356,701
338,575


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
356,701
338,575

356,701
338,575


The notes on pages 14 to 26 form part of these financial statements.

Page 12

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 

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

338,575

18,126

356,701


338,575
18,126
356,701

The notes on pages 14 to 26 form part of these financial statements.

Page 13

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Prayon (UK) Plc is a company limited by shares incorporated in England and Wales under the Companies Act 2006. The address of the registered office is Russell Building, West Common, Harpenden, Hertfordshire, AL5 2JQ.
The principal activity of the company was as selling agents for the sale of Phosphoric Acid and Phosphate Salts.

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

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 14

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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 15

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.


 
2.9

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 16

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.9
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:

Plant and machinery
-
100%
straight line
Fixtures and fittings
-
20%
straight line
Office equipment
-
33%
straight line

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 17

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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. 

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
Page 18

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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.

Derecognition of financial liabilities

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. There are no material judgments made that have a significant effect on the amounts recognised in the financial statements.

Page 19

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

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


2024
2023
£
£

Commission receivable
1,401,521
1,338,901

Management fees
18,000
13,958

1,419,521
1,352,859


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
18,000
13,958

Rest of the world
1,401,521
1,338,901

1,419,521
1,352,859



5.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
6,750
5,750

Fees payable to the Company's auditors and their associates in respect of:

All other services
4,350
6,225

Page 20

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

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


2024
2023
£
£

Wages and salaries
637,036
701,531

Social security costs
85,550
83,735

Cost of defined contribution scheme
38,510
38,851

761,096
824,117


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


        2024
        2023
            No.
            No.







Directors
3
3



Employees
13
12

16
15


7.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
5,241
4,097

5,241
4,097

Page 21

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
67,906
48,503


67,906
48,503


Total current tax
67,906
48,503

Deferred tax


Origination and reversal of timing differences
80
(1,055)

Total deferred tax
80
(1,055)


67,986
47,448

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 23.5% (2023 - 23.5%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
230,660
165,068


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2023 - 23.5%)
57,665
38,825

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
10,373
8,661

Capital allowances for year in excess of depreciation
28
-

Other timing differences leading to an increase (decrease) in taxation
(80)
(38)

Total tax charge for the year
67,986
47,448


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
226
35,456
34,676
70,358


Additions
1,625
3,431
2,052
7,108



At 31 December 2024

1,851
38,887
36,728
77,466



Depreciation


At 1 January 2024
226
25,450
33,506
59,182


Charge for the year on owned assets
1,625
4,664
1,461
7,750



At 31 December 2024

1,851
30,114
34,967
66,932



Net book value



At 31 December 2024
-
8,773
1,761
10,534



At 31 December 2023
-
10,006
1,170
11,176

Page 23

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
3,217
1,799

Other debtors
25,839
21,510

Prepayments and accrued income
337,461
236,783

366,517
260,092



11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
14,608
3,846

Amounts owed to group undertakings
82,670
92,722

Corporation tax
68,453
41,431

Other taxation and social security
32,743
37,006

Other creditors
11,672
13,742

Accruals and deferred income
3,971
64,215

214,117
252,962



12.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
356,701
338,575




Financial assets measured at fair value through profit or loss comprise bank.

Page 24

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Deferred taxation




2024


£






At beginning of year
(2,418)


Charged to profit or loss
(80)



At end of year
(2,498)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(2,498)
(2,418)

(2,498)
(2,418)


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



15.


Pension commitments

The amount recognised in profit or loss is an expense in relation to defined contribution plans amounting to £38,510 (2023: £38,851)

Page 25

 
PRAYON (UK) PUBLIC LIMITED COMPANY
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


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
34,796
31,882

Later than 1 year and not later than 5 years
33,095
31,385

67,891
63,267

2024
2023

£
£



Not later than 1 year
11,863
11,863

11,863
11,863


17.


Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102. 


18.


Controlling party

The Company is a wholly owned subsidary of Prayon S A, a Belgian company.                                     

Registered address :
Rue Joseph Wauters, 144, 4480, Engis, Belgium.
 
Page 26