Company registration number 07140281 (England and Wales)
CHEMANGLIA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CHEMANGLIA LIMITED
COMPANY INFORMATION
Directors
D Burkill
T Burkill
T A Burkill
B P King
M D Pollard
Mr M McHardy
(Appointed 20 June 2025)
Company number
07140281
Registered office
Millers Close
Fakenham Industrial Estate
Fakenham
Norfolk
United Kingdom
NR21 8NW
Auditor
Wheawill & Sudworth Limited
Chartered Accountants
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
Bankers
HSBC Bank plc
2 Cloth Hall Street
Huddersfield
West Yorkshire
HD1 2ES
CHEMANGLIA LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 26
The following pages do not form part of the statutory financial statements
CHEMANGLIA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

The principal activity of the company continued to be the manufacture of cleaning products. Our business is split into four individual business units: Manufacturing, Janitorial Supplier, Washroom Services and Biovate Hygienics.

 

Manufacturing

We develop and manufacture innovative performance cleaning and hygiene products for the Industrial, Retail, Healthcare, Institutional, Automotive, Janitorial, Leisure and Specialist industries throughout the UK and Europe.

 

As an ISO 9001 and 14001 certified company, all our products are manufactured to the highest possible standard at our production facility in East Anglia.

 

Janitorial Supplier

Trading in this sector for over 30 years we have become one of the East of England's premier cleaning and janitorial supplies distributors.

 

Supporting our customers with quality products and service to meet their changing requirements.

 

Washroom Services

We offer a total Washroom service which includes supply, installation and servicing. From cleaning equipment, vending machines, air fresheners, nappy and feminine hygiene bins. Our offering delivers the flexibility our customers require.

 

We offer a safe and discreet sanitary waste and clinical waste collection disposal service designed to help our customers dispose of their waste in accordance with the law.

 

Biovate Hygienics

Is the leading manufacturer of certified, naturally derived biological cleaning products. Its mission is to drive sustainable change in commercial cleaning products whilst providing the best service and support to businesses using cleaning products.

 

Biovate's biotechology range is the next generation of cleaning products. Using a combination of probiotic,enzymes, bio surfactants and plant-based colours and fragrances, we have harnessed the power of nature for maximum cleaning performance with minimum impact on the planet.

 

A number of products in our Biovate range have achieved Ecocert certification during the year. Confirming the sustainability impact of those products from raw materials through to finished products including packaging.

 

Review of the business

Turnover for the year was £15,456,186 compared with £13,270,877 in 2023 which represents 16% growth in line with directors' expectations.

CHEMANGLIA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

Principle and financial risks

The management of the business and the delivery of the company's strategy are subject to a number of risks.

 

The main risks and uncertainties facing the company focus on;

 

In response to the above-mentioned risks, the management believes the company is in a strong position at the year end and is well placed to tackle the challenges that the current economic situation continues to present. We are implementing new systems during 2025 to provide integrated solutions to our employees, supply chain and customers to ensure effective pricing, recognition of our brands and quality of service to maintain our reputation for high quality solutions and services to help maintain and grow our market position.

The company also monitors applicable indices and regulations to ensure that we provide high quality products and services that meet all of our customer's needs.

Key performance indicators

Management monitors the business using the following key performance indicators in the year as follows:

 

Sales per average employee £166,196 (2023:£159,890)

    

Operating profit margin    6.00% (2023: 3.13%)

 

Net profit margin        4.27% (2023: 1.57%)

        

Average number of employees 93 (2023: 83)    

 

Sales per average employee

Sales per average employee has been satisfactory during the year.

 

Operating profit

The operating profit performance is in line with expectations for the year.

 

Net profit

The net profit performance is in line with expectations for the year and in line with our strategic plan.

 

Headcount

The headcount is in line with ongoing business requirements.

CHEMANGLIA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Other information and explanations

Health and Safety

The company is committed to working in a safe environment and has a tailored programme of training, education and ongoing assessment in place to help us achieve our goals.

 

Future Developments

The directors consider the results for the year to be satisfactory and expect performance to improve in line with the new strategic model and future business plans.

 

Operational Developments

During the year further improvements were made to our production facility in order to increase operation efficiencies through better workflow as well as increasing production capacity.

 

The directors expect this new facility to provide additional capacity and opportunities moving forward as well as reducing our cost base by continuing to improve machine efficiencies and workflow.

 

Strategy and Future Outlook

The company plans to maintain market position whilst achieving sustainable growth through the following strategies:

 

 

On behalf of the board

T A Burkill
Director
23 July 2025
CHEMANGLIA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £164,075. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D Burkill
T Burkill
T A Burkill
B P King
M D Pollard
Mr M McHardy
(Appointed 20 June 2025)

 

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
T A Burkill
Director
23 July 2025
CHEMANGLIA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHEMANGLIA LIMITED
- 5 -
Opinion

We have audited the financial statements of Chemanglia Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.

 

The financial statements for the prior period to 31 December 2022 were unaudited.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CHEMANGLIA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHEMANGLIA LIMITED (CONTINUED)
- 6 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

CHEMANGLIA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHEMANGLIA LIMITED (CONTINUED)
- 7 -

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:

 

Obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;

 

Assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur;

 

Ensured whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations;

 

Gained clear understanding of the entity’s current activities, the scope of its authorisation and confirmed the effectiveness of its control environment where the entity is a regulated entity;

 

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 on the effectiveness of the 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 auditor’s 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 auditor’s 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.

CHEMANGLIA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHEMANGLIA LIMITED (CONTINUED)
- 8 -
David Butterworth
Senior Statutory Auditor
For and on behalf of Wheawill & Sudworth Limited
23 July 2025
Chartered Accountants
Statutory Auditor
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
CHEMANGLIA LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
15,456,186
13,270,877
Cost of sales
(9,700,490)
(9,282,684)
Gross profit
5,755,696
3,988,193
Administrative expenses
(4,828,507)
(3,572,616)
Operating profit
3
927,189
415,577
Interest payable and similar expenses
6
(267,267)
(207,253)
Profit before taxation
659,922
208,324
Tax on profit
7
61,046
(126,735)
Profit for the financial year
720,968
81,589

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CHEMANGLIA LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
720,968
81,589
Other comprehensive income
-
-
Total comprehensive income for the year
720,968
81,589
CHEMANGLIA LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
15,649
33,533
Tangible assets
10
4,646,755
3,699,229
4,662,404
3,732,762
Current assets
Stocks
11
1,299,875
1,268,608
Debtors
12
4,614,020
3,808,692
Cash at bank and in hand
611
1,856
5,914,506
5,079,156
Creditors: amounts falling due within one year
13
(6,873,215)
(6,183,064)
Net current liabilities
(958,709)
(1,103,908)
Total assets less current liabilities
3,703,695
2,628,854
Creditors: amounts falling due after more than one year
14
(937,989)
(891,632)
Provisions for liabilities
Deferred tax liability
17
481,242
284,651
(481,242)
(284,651)
Net assets
2,284,464
1,452,571
Capital and reserves
Called up share capital
19
26,316
26,316
Revaluation reserve
454,228
181,782
Profit and loss reserves
1,803,920
1,244,473
Total equity
2,284,464
1,452,571

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 July 2025 and are signed on its behalf by:
T A Burkill
Director
Company registration number 07140281 (England and Wales)
CHEMANGLIA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
26,316
184,695
1,357,034
1,568,045
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
81,589
81,589
Dividends
8
-
-
(197,063)
(197,063)
Transfers
-
(2,913)
2,913
-
Balance at 31 December 2023
26,316
181,782
1,244,473
1,452,571
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
720,968
720,968
Dividends
8
-
-
(164,075)
(164,075)
Transfers
-
(2,554)
2,554
-
Other movements
-
275,000
-
275,000
Balance at 31 December 2024
26,316
454,228
1,803,920
2,284,464
CHEMANGLIA LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,251,951
1,801,179
Interest paid
(267,267)
(207,253)
Income taxes refunded
176,756
-
0
Net cash inflow from operating activities
1,161,440
1,593,926
Investing activities
Purchase of tangible fixed assets
(1,419,087)
(1,559,225)
Proceeds from disposal of tangible fixed assets
16,500
24,205
Net cash used in investing activities
(1,402,587)
(1,535,020)
Financing activities
Increase/(Repayment) of borrowings
166,393
16,547
Increase/(Repayment) of bank loans
(174,258)
315,444
New finance leases obligations
542,656
189,263
Dividends paid to equity shareholders
(164,075)
(197,063)
Net cash generated from financing activities
370,716
324,191
Net increase in cash and cash equivalents
129,569
383,097
Cash and cash equivalents at beginning of year
(128,958)
(512,055)
Cash and cash equivalents at end of year
611
(128,958)
Relating to:
Cash at bank and in hand
611
1,856
Bank overdrafts included in creditors payable within one year
-
0
(130,814)
CHEMANGLIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Chemanglia Limited is a private company limited by shares incorporated in England and Wales. The registered office is Millers Close, Fakenham Industrial Estate, Fakenham, Norfolk, United Kingdom, NR21 8NW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

CHEMANGLIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10% straight line.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
nil
Leasehold improvements
over the term of the respective leases
Plant and machinery
15% reducing balance
Fixtures and fittings
15%/25% reducing balance
Dispensing equipment
33% straight line
Motor vehicles
30% reducing balance

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

CHEMANGLIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CHEMANGLIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

CHEMANGLIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest rate. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

1.16
Foreign exchange

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in the foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

CHEMANGLIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

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

 

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

3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
801
105
Research and development costs
16,225
11,723
Fees payable to the company's auditor for the audit of the company's financial statements
11,624
10,886
Depreciation of owned tangible fixed assets
731,287
449,946
Profit on disposal of tangible fixed assets
(1,226)
(5,595)
Amortisation of intangible assets
17,884
17,884
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was.

2024
2023
Number
Number
93
83

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,574,204
3,124,976
Social security costs
335,784
253,494
Pension costs
92,039
63,207
4,002,027
3,441,677
CHEMANGLIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
323,906
250,580
Company pension contributions to defined contribution schemes
34,161
13,591
358,067
264,171
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
105,275
92,205
6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
66,401
84,620
Interest on invoice finance arrangements
150,663
94,834
217,064
179,454
Other finance costs:
Interest on finance leases and hire purchase contracts
50,203
27,799
267,267
207,253
7
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(257,636)
-
0
Deferred tax
Origination and reversal of timing differences
196,590
126,735
Total tax (credit)/charge
(61,046)
126,735
CHEMANGLIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Taxation
(Continued)
- 21 -

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
659,922
208,324
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
164,981
52,081
Tax effect of expenses that are not deductible in determining taxable profit
23,199
-
0
Research and development tax credit
(257,636)
-
0
Deferred tax adjustments in respect of prior years
-
0
74,654
Tax losses utilised
(19,583)
-
0
Capital allowances in excess of depreciation
(168,598)
-
0
Deferred tax movement
196,591
-
0
Taxation (credit)/charge for the year
(61,046)
126,735
8
Dividends
2024
2023
£
£
Final declared
50,000
-
0
Interim paid
114,075
197,063
164,075
197,063
9
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
178,842
Amortisation and impairment
At 1 January 2024
145,309
Amortisation charged for the year
17,884
At 31 December 2024
163,193
Carrying amount
At 31 December 2024
15,649
At 31 December 2023
33,533
CHEMANGLIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
10
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and machinery
Fixtures and fittings
Dispensing equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
1,050,000
256,528
1,760,422
809,734
1,513,318
431,968
5,821,970
Additions
-
0
6,841
203,960
655,346
325,715
227,225
1,419,087
Disposals
-
0
-
0
(52,000)
-
0
-
0
-
0
(52,000)
Revaluation
275,000
-
0
-
0
-
0
-
0
-
0
275,000
At 31 December 2024
1,325,000
263,369
1,912,382
1,465,080
1,839,033
659,193
7,464,057
Depreciation and impairment
At 1 January 2024
-
0
38,045
933,610
349,810
698,303
102,973
2,122,741
Depreciation charged in the year
-
0
25,879
138,158
136,548
297,314
133,388
731,287
Eliminated in respect of disposals
-
0
-
0
(36,726)
-
0
-
0
-
0
(36,726)
At 31 December 2024
-
0
63,924
1,035,042
486,358
995,617
236,361
2,817,302
Carrying amount
At 31 December 2024
1,325,000
199,445
877,340
978,722
843,416
422,832
4,646,755
At 31 December 2023
1,050,000
218,483
826,812
459,924
815,015
328,995
3,699,229
CHEMANGLIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -

Land and buildings with a carrying amount of £1,325,000 were revalued at 8/10/24 by Bruton Knowles, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and Buildings
2024
2023
£
£
Cost
783,942
783,942
11
Stocks
2024
2023
£
£
Raw materials and consumables
1,020,938
851,163
Finished goods and goods for resale
278,937
417,445
1,299,875
1,268,608
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,632,644
2,365,197
Corporation tax recoverable
122,386
41,505
Amounts owed by group undertakings
1,316,955
479,513
Other debtors
183,015
272,661
Prepayments and accrued income
359,020
649,816
4,614,020
3,808,692
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
174,258
297,124
Obligations under finance leases
454,018
139,925
Invoice finance facilities
15
2,174,896
2,008,503
Trade creditors
2,410,976
2,155,354
Taxation and social security
524,306
837,788
Other creditors
84,644
71,999
Accruals and deferred income
1,050,117
672,371
6,873,215
6,183,064
CHEMANGLIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
411,247
593,453
Obligations under finance leases
526,742
298,179
937,989
891,632
15
Loans and overdrafts
2024
2023
£
£
Bank loans
585,505
759,763
Bank overdrafts
-
0
130,814
Other loans
2,174,896
2,008,503
2,760,401
2,899,080
Payable within one year
2,349,154
2,305,627
Payable after one year
411,247
593,453
16
Secured indebtedness

The aggregate amount of secured liabilities at the year end totalled £3,741,161 (2023: £3,337,184).

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
481,242
284,651
2024
Movements in the year:
£
Liability at 1 January 2024
284,651
Other
196,591
Liability at 31 December 2024
481,242

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

CHEMANGLIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
92,039
63,207

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
11,250
11,250
11,250
11,250
Ordinary B shares of £1 each
11,250
11,250
11,250
11,250
Ordinary C shares of £1 each
1,250
1,250
1,250
1,250
Ordinary D shares of £1 each
1,250
1,250
1,250
1,250
Ordinary E shares of £1 each
1,250
1,250
1,316
1,316
26,250
26,250
26,316
26,316
20
Financial commitments, guarantees and contingent liabilities

The company has provided an unlimited guarantee in support of the bank facilities of an associated company.

21
Related party transactions
Transactions with related parties

Included within debtors are loans to directors of £161,262 (2023:£28,590). The loans to directors are unsecured, repayable on demand and interest free.

 

Included in debtors are a loan to Superformula Holdings Limited of £99,013 (2023: £99,013), a loan to

DTR Hygiene Limited of £249,049 (2023: £272,564 ), a loan to Spectrum Digital Labels Limited of £451,038 (2023: £58,922), a loan to Tailored Manufacturing Limited of £16,322 (2023: 222,778) and a loan to Seasoned and Spiced Limited of £517,854 (2023: £49,013). These loans are unsecured, repayable on demand and currently interest free. These companies are under common control.

22
Ultimate controlling party

The company is a subsidiary of Superformula Holdings Limited. This company is controlled by D Burkill.

CHEMANGLIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
23
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
720,968
81,589
Adjustments for:
Taxation (credited)/charged
(61,046)
126,735
Finance costs
267,267
207,253
Gain on disposal of tangible fixed assets
(1,226)
(5,595)
Amortisation and impairment of intangible assets
17,884
17,884
Depreciation and impairment of tangible fixed assets
731,287
449,946
Movements in working capital:
Increase in stocks
(31,267)
(101,025)
Increase in debtors
(724,447)
(53,385)
Increase in creditors
332,531
1,077,777
Cash generated from operations
1,251,951
1,801,179
24
Analysis of changes in net debt
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,856
(1,245)
611
Bank overdrafts
(130,814)
130,814
-
0
(128,958)
129,569
611
Borrowings excluding overdrafts
(2,768,266)
7,865
(2,760,401)
Obligations under finance leases
(438,104)
(542,656)
(980,760)
(3,335,328)
(405,222)
(3,740,550)
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