Company registration number 02391086 (England and Wales)
MAPEI (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MAPEI (UK) LIMITED
COMPANY INFORMATION
Directors
Mr M Squinzi
Ms V Squinzi
Mr P Breakspear
Secretary
Mr M A Walters
Company number
02391086
Registered office
Mapei House
Steel Park Road
Halesowen
West Midlands
B62 8HD
Auditor
Ernst & Young LLP
Birmingham
Business address
Mapei House
Steel Park Road
Halesowen
West Midlands
B62 8HD
Solicitors
Knights PLC
14 Church Street
Kidderminster
Worcestershire
DY10 2AH
MAPEI (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 8
Directors' responsibilities statement
9
Independent auditor's report
10 - 12
Statement of comprehensive income
13
Statement of financial position
14
Statement of changes in equity
15
Notes to the financial statements
16 - 28
MAPEI (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

In the year ended 31 December 2024 the Company's turnover was £107.9 million with a profit after tax of £7.0m compared to turnover of £102.5 million with a profit after tax of £6.5m in the year ended 31 December 2023. The increase in turnover was largely due to increased volume from our key customers and a change in the overall product mix, and selling price increases in response to increases in material costs fluctuations in prior year.

 

There was an improvement in gross profit as a percentage of sales, mainly due to increased volume of sales, and improved margin on the sales product mix. Administration and distribution costs increased in the year, mainly due to higher payroll costs and one off expenses for legal and rental. Employee numbers have increased to support the increase in turnover. Inventory has decreased due to improved inventory control.

 

Our strength continues to be remaining customer focused and continuing to manage opportunities and risks in the market. We work closely with our existing customers to further develop our market share and continue to expand our products and systems into new areas, in particular the building chemicals market.

Acquisition of Lectros Intl Ltd and Wykamol Group Ltd

On 30 September 2024, the Company has acquired 100% of the share holdings in Lectros International Limited and its wholly owned subsidiary, Wykamol Group Limited (together known as ‘Wykamol Group’) for a total consideration of £23.1m (including a deferred consideration of £4.4m, which is payable in April 2026 and adjustments to initial consideration of £0.8m as per the sale and purchase agreement).  The difference to above is legal & professional costs incurred in respect of the acquisition.  It is expected that the operations and product range of Wykamol Group will compliment the company’s business and help in expanding the existing range of the products by providing waterproofing solutions.

The investment has been part funded by cash and the remainder through the cash pooling facility available to the company from the Mapei Group.

Subsequent to the year end, the directors have agreed to hive up the trade and net assets of Wykamol Group Limited at net book value, totalling to £3.4m into the company following a Transfer Agreement dated 31 January 2025, initially for loan consideration.  This will result in the difference between the investment value and net assets hived up being transferred to goodwill in 2025. 

Principal risks and uncertainties

Credit risk

The largest concentration of credit exposure within the Company is amounts due from customers. It is Company policy that all customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on a daily basis. A Credit Insurance policy provides bad debt cover for eligible trading. Customer’s credit terms are reassessed annually by management to reduce the Company's exposure to bad debts.

 

Liquidity risk

The Company has entered into cash pooling arrangements with other Group companies whereby certain cleared bank balances are automatically transferred to, or from, the Company on a daily basis. The Company borrowed for its additional funding needs from the Group via the cash pooling arrangement as required during the year. The Directors continually monitor the financial position of the Group, its cash flows, liquidity position and borrowing facilities. As a consequence, the directors believe that the Company is well placed to manage business risks successfully despite the current uncertain economic outlook.

 

Foreign currency risk

The Company is exposed to short term movements in the exchange rates on a significant amount of its purchases. The Company limits this exposure by liaising with the Group Treasury function.

MAPEI (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Other risk

The company regularly monitors the macro-economy with particular focus on the impact of the wars in Ukraine and the Middle East. The war in Ukraine contributed to an initial inflationary increase in raw-material prices. Whilst prices continue to rise, the rate of inflation is reducing. The changes in current global tariff agreements with the US are not a risk as all the trade is in UK and Europe. Supply chains have not been significantly impacted though remains a risk and is closely monitored to allow prompt mitigating action if required.

Key performance indicators

The company's key financial performance indicators during the year were as follows:

 

                2024        2023        change

                £000        £000        £000

                            

Turnover             107,894     102,538        5,356

                            

Profit for the financial year     7,014         6,483         531

                            

Shareholders' funds     38,106        31,092         7,014

                            

Current assets as a % of          137%         207%         (70%)

current liabilities                        

                            

Average number of employees     365         327         38

                            

Stocks             10,788        11,152         (364)

 

 

Key performance indicators continue to be used throughout the business, and the financial indicators such as turnover, profit and inventory levels are set out in the body of the financial statements. Stocks have decreased in the year as we continue to monitor appropriate stock holding for more efficient operations. The critical movements have been discussed in the fair review of the business, above. Health, safety and environmental initiatives and efforts are also treated as areas of high importance within the business.

Promoting the success of the company

Section 172(1) statement

The Directors of Mapei (UK) Limited must act in accordance with a set of general duties, as set out in section 172 of the Companies Act 2006, which is summarised as follows:

 

A Director of a company must act in the way they consider, in good faith, to promote the success of the company, for the benefit of the shareholders, and in doing so have regard (amongst other matters) to:

 

- The likely consequences of any decision in the long-term;

- The interest of the company's employees;

- The need for the company to foster the company's relationships with suppliers, customers and others;

- The impact of the company's operations on the community and the environment;

- The requirement of the company maintaining a reputation of high standards of business conduct.

 

Directors are briefed on their duties, and they can access professional advice on these from either the Group, or, if they judge necessary, from an independent adviser. To allow Directors to fulfil their duties effectively, there is a delegation framework in place, allowing day to day decisions to be made by senior employees and local senior management of the company. The company holds regular Senior Management Meetings, as well as regular Operations Meetings which include the operational management team, including the Managing Director.

MAPEI (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

Key stakeholders

The stakeholders are identified in the Mapei UK Integrated Management System. Mapei (UK) Limited has developed and implemented an integrated Quality, Environmental and Occupational Health & Safety Management System, which uses ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 as framework for our organization to document and improve our operational practices in order to better satisfy the needs and expectations of our workers, customers, suppliers, stakeholders and interested parties.

 

The key stakeholders are defined as groups who may be affected by our organisation's activities. These are consumers, regulators, suppliers, media, shareholders, and community.

 

Customers and suppliers

The company is part of a group of global companies that manufactures and distributes adhesives, sealants and chemical products for the building industry. Mapei meets the needs of our customers with the most comprehensive offer in the world of products for the building sector. We are committed to using the best raw materials and employing the most qualified personnel so that we can always offer the best products possible.

Suppliers are fundamental to the company, and our dedicated teams of purchasing managers specialise in ensuring the supply and quality of materials is maintained. We have an integrated quality, environmental and occupational health and safety management system, as a framework to monitor and improve our relationships with customers and suppliers.

The code of ethics, covering anti-bribery, corruption, and third party business relationships, along with other topics, and the modern slavery statement are published on the corporate website.

Our people

The Company believes that people with health conditions must have full and fair consideration for all vacancies. For those employees in the workforce, whose health condition changes during employment, the Company will arrange appropriate retraining and adjust employees' environments where possible, to allow them to maximise their potential and to continue to work for the company.

 

The company engages with employees with a monthly “employee communication” email. This is sent to all employees and displayed on notice boards. This communication covers topics such as health and safety, sales, production, HR updates and financial performance.

Community and environment

The Company's approach is to support positive changes in the people and communities with which we interact. This includes the company sponsoring the local football team, as an example of giving back to the community. The company is ISO 14001:2015 (environmental) certified, which shows the importance of reduction of waste, and improved environmental impact, which are valued by directors. This is in line with the Corporate social responsibility strategy. Updated regulations for the Extended Producer Responsibility (EPR) legislation, will require the company to record and report information for the amount of packaging we supply, with fees payable from April 2025; we are actively engaging with the new regulations across all company activities.

 

Culture and values

The Directors recognise the importance of having the right corporate culture. The management creates this by leading by example and being role models for our employees. Our long-term success depends on achieving our strategic goals in an ethical way, so that we safeguard the best interests of our people, customers, suppliers and other stakeholders. The company's values are in alignment with the values published on the Mapei Group website. The company is ISO 45001:2018 (occupation health and safety) certified.

 

Risk management

As our business grows, our risk environment also becomes more complex. The directors will continue to effectively identify, evaluate, manage and mitigate the risks we face. The company maintains, and regularly reviews, a Risk and Opportunities register. This then forms part of local management meetings where new risks are discussed and mitigations have been put in place as necessary.

 

 

MAPEI (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

Principal decisions in the year

As part of the company’s strategy to grow the business, the acquisition of the Lectros / Wykamol was completed in September 2024, with the subsequent hive up of trade and assets: see note 12.

No Dividend was paid in 2024 to facilitate the reduction of the cash pooling borrowings for the acquisition.

On behalf of the board

Mr P Breakspear
Director
6 August 2025
MAPEI (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

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

Principal activities

The principal activity of the company in the year under review was that of the sale of ceramic tile adhesives, levelling compounds, soft flooring adhesives and general construction chemicals.

Results and dividends

The results for the year are set out on page 13.

No ordinary dividends were paid (2023: £4m). The directors do not recommend payment of a final dividend.

Directors

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

Mr M Squinzi
Ms V Squinzi
Mr P Breakspear
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Business relationships

The Company is committed to being a responsible business. Our behaviour supports our people, customers, suppliers, communities and society as a whole. People are at the centre of our business. For our business to succeed we manage our people's performance, and develop and foster talent, whist maintaining an efficient operation. We also promote common values that inform and guide our behaviour so that our goals are achieved in the correct and most ethical way.

 

Our strategy prioritises organic growth, by expanding the product ranges and applications. In order to succeed, we continuously strive to maintain strong customer relationships. We seek feedback from our customers regarding the products and service level that they require. We value our suppliers and seek to build long term relationships with our key suppliers, by being a reliable partner. The company is ISO 9001 2015 (Quality Management system) accredited.

Post reporting date events

Subsequent to the year end, the directors have agreed to hive up the trade and net assets of Wykamol Group Limited at net book value, totalling to £3.4m into the company following a Transfer Agreement dated 31 January 2025, initially for loan consideration.  This will result in the difference between the investment value and net assets hived up being transferred to goodwill in 2025.

MAPEI (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Auditor

In accordance with the company's articles, a resolution proposing that Ernst & Young LLP be reappointed as auditor of the company will be put at a General Meeting.

Energy and carbon report

Statement of carbon emissions compliant with UK legislation set out in the Streamlined Energy and Carbon Reporting (SECR), 21 January 2021 covering energy use and associated greenhouse gas emissions relating to gas, electricity and transport, intensity ratios and energy efficiency actions.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
1,094,579
1,239,324
- Electricity purchased
3,752,988
3,266,781
- Fuel consumed for transport
1,128,757
753,630
5,976,324
5,259,735
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
200.00
227.00
- Fuel consumed for owned transport
417.00
318.00
617.00
545.00
Scope 2 - indirect emissions
- Electricity purchased
777.00
676.00
- Well to tank (WTT)
326.00
283.00
Scope 3 - other indirect emissions
- Transport and distribution (T&D)
68.00
59.00
Total gross emissions
1,788.00
1,563.00
Intensity ratios
kg CO2e per tonne produced
11.87
10.35
kg CO2e per sqft
4.90
4.24
MAPEI (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Quantification and reporting methodology

The information presented for 2023 and 2024 includes energy use at the Speke and Tividale facilities, both of which became operational in 2023.

ESOS methodology (as specified in Complying with the Energy Savings Opportunity Scheme version 6, published by the Environment Agency, 21.01.21) used in conjunction with Government GHG reporting conversion factors.

For carbon only related matters, the SECR methodology as specified in "Environmental reporting guidelines: including Streamlined Energy and Carbon Reporting and greenhouse gas reporting" was used in conjunction with Government GHG reporting conversion factors.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/850130/Env- reporting-guidance_inc_SECR_31March.pdf

The calculations have been approved by a PAS51215 compliant body.

Intensity measurement

Intensity ratios calculated using kg CO2e per tonne produced and kg CO2e per sqft.

Measures taken to improve energy efficiency

We are committed to responsible carbon management and will practise energy efficiency throughout our organisation, wherever it’s cost effective. We recognise that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions.

We have implemented the policies below for the purpose of increasing the businesses energy efficiency in the relevant financial year. 

Review of energy consumption
  1. The annual electricity consumption in 2024 increased as new facilities in Speke and Tividale were fully operational.

  2. Gas consumption reduced in 2024 due to the warmer seasonal weather.

  3. Transport fuel energy consumption increased in 2024 due to a new fleet of Mapei UK owned HGV's for inter warehouse transport.

  4. The carbon intensity ratio has increased from 10.35 CO2e per tonne produced in 2023 to 11.87 CO2e per tonne produced in 2024. This is due to increases set out in item 3 above. The ratio based on kg CO2e per sqft has increased from 4.24 in 2023 to 4.9 in 2024. The small increase reflects a full year of operations at all sites including the new facilities at Speke and Tividale.

Disclosure in the strategic report

Certain information, as permitted by the Companies Act, has been included in the Strategic Report instead of the Directors Report.

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.

MAPEI (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Going concern

The Company is expected to continue to be profitable and generate positive cash flows for the foreseeable future. The Company has a net asset of £38.1m and a cash balance of £7.0m at year end. Further, the company has a cash balance of c£5.7m at the end of June 2025. During the year, the company has drawn down from the cash pooling facility extended by Mapei S.p.A. to facilitate the purchase of Wykamol Group. The balance payable under the cash pooling balance has increased from £6.8m as at 31 December 2024 to c£9.7m at 30 June 2025. The Company has prepared budgets and forecasts of its cash flow until December 2026. These forecasts indicate that the Company is expected to be profitable and cash generative.

Whilst the Company has forecast no significant additional funding requirements during the review period, given the Company participates in the Group cash pooling arrangement (disclosed as an intercompany balance), the company is reliant on the support from Mapei group. Accordingly, the directors have obtained a letter of support, from the parent company Mapei S.p.A. confirming that the parent will assist the company in meeting liabilities as they fall due, to the extent that money is not otherwise available to meet such liabilities for a period of 12 months from the date of approval of this financial statements.

Based on the enquiries the Directors have made regarding future forecasts and available funding of Mapei group, the Directors believe that the Group has the ability to provide the support to meet the Company’s needs over the period of 12 months from the date of approval of these financial statements. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.

On behalf of the board
Mr P Breakspear
Director
6 August 2025
MAPEI (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”). 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:

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 enable them to ensure that the company’s financial statements comply with the Companies Act 2006. They 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.

Under applicable law and regulations, the directors are also responsible for preparing a strategic report, directors’ report, that comply with that law and those regulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website.

 

MAPEI (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAPEI (UK) LIMITED
- 10 -
Opinion

We have audited the financial statements of Mapei (UK) Limited for the year ended 31 December 2024 which comprise Statement of Comprehensive Income, Statement of Financial Position, the Statement of changes in equity and the related notes 1 to 25, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 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 12 months from the date of approval of this financial statements.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.

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 this 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 the other information, we are required to report that fact.

 

We have nothing to report in this regard.

MAPEI (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAPEI (UK) LIMITED
- 11 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

 

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 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 set out on page 9, 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

 

MAPEI (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAPEI (UK) LIMITED
- 12 -

 

 

 

 

A further description of our responsibilities for the audit of the financial statements is located 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.

Lorna McNeil (Senior Statutory Auditor)
For and on behalf of Ernst & Young LLP
6 August 2025
Statutory Auditor
Birmingham
MAPEI (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
Turnover
3
107,894,409
102,537,732
Cost of sales
(64,424,135)
(65,168,957)
Gross profit
43,470,274
37,368,775
Distribution costs
(15,201,270)
(12,626,618)
Administrative expenses
(19,329,054)
(16,656,686)
Other operating income
3
292,929
232,131
Operating profit
4
9,232,879
8,317,602
Interest receivable and similar income
6
253,308
272,874
Interest payable and similar expenses
7
(3,611)
-
0
Profit before taxation
9,482,576
8,590,476
Tax on profit
9
(2,468,292)
(2,107,352)
Profit for the financial year
7,014,284
6,483,124

The income statement has been prepared on the basis that all operations are continuing operations.

MAPEI (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
8,494,815
8,766,130
Investments
12
24,518,607
-
0
33,013,422
8,766,130
Current assets
Stocks
14
10,787,551
11,151,928
Debtors
15
22,197,646
30,484,919
Cash at bank and in hand
6,954,939
1,727,863
39,940,136
43,364,710
Creditors: amounts falling due within one year
16
(29,964,062)
(20,901,116)
Net current assets
9,976,074
22,463,594
Total assets less current liabilities
42,989,496
31,229,724
Creditors: amounts falling due after more than one year
17
(4,470,183)
-
Provisions for liabilities
Deferred tax liability
18
413,365
138,060
(413,365)
(138,060)
Net assets
38,105,948
31,091,664
Capital and reserves
Called up share capital
19
7,300,000
7,300,000
Profit and loss reserves
21
30,805,948
23,791,664
Total equity
38,105,948
31,091,664
The financial statements were approved by the board of directors and authorised for issue on 6 August 2025 and are signed on its behalf by:
Mr P Breakspear
Director
Company registration number 02391086 (England and Wales)
MAPEI (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
7,300,000
21,308,540
28,608,540
Year ended 31 December 2023:
Profit and total comprehensive income
-
6,483,124
6,483,124
Dividends
10
-
(4,000,000)
(4,000,000)
Balance at 31 December 2023
7,300,000
23,791,664
31,091,664
Year ended 31 December 2024:
Profit and total comprehensive income
-
7,014,284
7,014,284
Balance at 31 December 2024
7,300,000
30,805,948
38,105,948
MAPEI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

Mapei (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mapei House, Steel Park Road, Halesowen, West Midlands, B62 8HD.

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Mapei SpA, whose address is Via Cafiero, 22-50158, Milan, Italy.

The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

MAPEI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.2
Going concern

The Company is expected to continue to be profitable and generate positive cash flows for the foreseeable future. The Company has a net asset of £38.1m and a cash balance of £7.0m at year end. Further, the company has a cash balance of c£5.7m at the end of June 2025. During the year, the company has drawn down from the cash pooling facility extended by Mapei S.p.A. to facilitate the purchase of Wykamol Group. The balance payable under the cash pooling balance has increased from £6.8m as at 31 December 2024 to true c£9.7m at 30 June 2025. The Company has prepared budgets and forecasts of its cash flow until December 2026. These forecasts indicate that the Company is expected to be profitable and cash generative.

Whilst the Company has forecast no significant additional funding requirements during the review period, given the Company participates in the Group cash pooling arrangement (disclosed as an intercompany balance), the company is reliant on the support from Mapei group. Accordingly, the directors have obtained a letter of support, from the parent company Mapei S.p.A. confirming that the parent will assist the company in meeting liabilities as they fall due, to the extent that money is not otherwise available to meet such liabilities for a period of 12 months from the date of approval of this financial statements.

Based on the enquiries the Directors have made regarding future forecasts and available funding of Mapei group, the Directors believe that the Group has the ability to provide the support to meet the Company’s needs over the period of 12 months from the date of approval of these financial statements. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

1.4
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 property
2% straight line
Leasehold improvements
Over remaining life of lease
Plant and equipment
11.5% straight line
Motor vehicles
20% straight line
Freehold land
Not depreciated
Other assets
12%/20%/33% straight line

Freehold land and assets in the course of construction are not depreciated. When the asset is fully commissioned and has commenced use, the asset under construction is transferred to the appropriate asset class and depreciation commences at the rate (as set out above) appropriate to that asset class.

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.

MAPEI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.7
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.

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.

1.8
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.

1.9
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 statement of financial position 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.

MAPEI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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.

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.

MAPEI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

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

1.10
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.

1.11
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 income statement 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 income statement, 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.

1.12
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.

1.13
Retirement benefits

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

1.14
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

MAPEI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

Key estimates inherent in these accounts are the estimates included for the adjustments to consideration following the acquisition of the Wykamol group. These are the in the process of being finalised and agreed with the seller. See note 11.

3
Turnover and other operating income
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
104,958,773
99,340,870
Europe
2,916,962
3,192,443
Rest of the world
18,674
4,419
107,894,409
102,537,732
2024
2023
£
£
Other operating income
Recharges to group companies
292,929
232,131
4
Operating profit
2024
2023
Operating profit for the year is stated after (crediting)/charging:
£
£
Exchange differences
(226,437)
90,334
Fees payable to the company's auditor for the audit of the company's financial statements
75,682
51,000
Depreciation of owned tangible fixed assets
945,543
859,816
Profit on disposal of tangible fixed assets
(12,500)
-
Impairment of stocks recognised or reversed
306,278
111,938
Operating lease charges
3,165,006
2,641,850

Non-audit services in respect of the company of £10,000 (2023: £8,000) were borne by the parent company.

MAPEI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
5
Employees

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

2024
2023
Number
Number
Warehouse, production and distribution
176
156
Administration
112
101
Selling
77
70
Total
365
327

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
16,410,973
13,900,798
Social security costs
1,751,352
1,448,087
Pension costs
1,277,325
1,102,259
19,439,650
16,451,144
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
253,308
272,874
7
Interest payable and similar expenses
2024
2023
£
£
Other interest
3,611
-
0
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
317,319
297,769
Company pension contributions to defined contribution schemes
19,698
17,555
337,017
315,324

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

MAPEI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Directors' remuneration
(Continued)
- 23 -

Two of the directors are remunerated by other group companies. There has been no allocation of their fees to the company as the role of director is incidental to their group roles.

9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,192,987
2,109,297
Deferred tax
Origination and reversal of timing differences
275,305
(1,945)
Total tax charge
2,468,292
2,107,352

The main rate of corporation tax is 25% for the year ended 31 December 2024 (23.52% for the year ended 31 December 2023).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
9,482,576
8,590,476
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
2,370,644
2,020,480
Tax effect of expenses that are not deductible in determining taxable profit
57,209
47,995
Effect of change in corporation tax rate
-
0
(6,164)
Permanent capital allowances in excess of depreciation
-
0
(1,304)
Depreciation on assets not qualifying for tax allowances
41,203
46,345
Other non-reversing timing differences
(764)
-
0
Taxation charge for the year
2,468,292
2,107,352

On 20 June 2023, the UK Finance Bill was substantively enacted in the UK, including legislation to implement the OECD Pillar two income taxes for periods beginning on or after 31 December 2023. The company has applied the mandatory exception in Amendments to FRS 102 issued in July 2023 and has neither recognised nor disclosed information about deferred tax assets or liabilities relating to Pillar Two. No current tax adjustments are required in the current year.

10
Dividends
2024
2023
£
£
Final paid
-
0
4,000,000
MAPEI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
11
Tangible fixed assets
Freehold property
Leasehold improvements
Assets under construction
Plant and equipment
Motor vehicles
Freehold land
Other assets
Total
£
£
£
£
£
£
£
£
Cost
At 1 January 2024
5,462,967
37,600
795,875
9,615,176
352,190
1,499,549
3,029,306
20,792,663
Additions
-
0
-
0
192,390
433,732
804
-
0
47,302
674,228
Disposals
-
0
-
0
-
0
-
0
-
0
-
0
(35,902)
(35,902)
Transfers
12,028
-
0
(793,898)
705,178
7,102
-
0
69,590
-
0
At 31 December 2024
5,474,995
37,600
194,367
10,754,086
360,096
1,499,549
3,110,296
21,430,989
Depreciation
At 1 January 2024
1,889,341
12,401
-
0
7,390,150
-
0
-
0
2,734,641
12,026,533
Depreciation charged in the year
109,341
8,204
-
0
677,172
47,735
-
0
103,091
945,543
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
-
0
(35,902)
(35,902)
At 31 December 2024
1,998,682
20,605
-
0
8,067,322
47,735
-
0
2,801,830
12,936,174
Carrying amount
At 31 December 2024
3,476,313
16,995
194,367
2,686,764
312,361
1,499,549
308,466
8,494,815
At 31 December 2023
3,573,626
25,199
795,875
2,225,026
352,190
1,499,549
294,665
8,766,130

Included above, is freehold land costing £1,499,549 which is not depreciated (2023: £1,499,549).

MAPEI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
24,518,607
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
-
Additions
24,518,607
At 31 December 2024
24,518,607
Carrying amount
At 31 December 2024
24,518,607
At 31 December 2023
-

Acquisition of Lectros Intl Ltd and Wykamol Group Ltd

On 30 September 2024, the Company has acquired 100% of the share holdings in Lectros International Limited and its wholly owned subsidiary, Wykamol Group Limited (together known as ‘Wykamol Group’) for a total consideration of £23.1m (including a deferred consideration of £4.4m, which is payable in April 2026 and adjustments to initial consideration of £0.8m as per the sale and purchase agreement). The difference to above is legal & professional costs incurred in respect of the acquisition. The investment has been part funded by the Cash Pooling facility available from the Mapei Group and the balance from Mapei UK working capital. The deferred consideration of £4.4m is payable in April 2026 and will be funded from Mapei UK working capital.

13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Wykamol Group Limited
Unit 3 Boran Court, Network 65 Business Park, Hapton, Burnley, Lancashire, BB11 5TH
Manufacture of Chemical Products and Electrical installation
Ordinary shares
0
100.00
Lectros International Limited
Unit 3 Boran Court, Network 65 Business Park Hapton, Burnley, Lancashire, BB11 5TH
Activities of Head Office
Ordinary shares
100.00
-
MAPEI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
14
Stocks
2024
2023
£
£
Raw materials and consumables
3,231,332
3,329,065
Finished goods and goods for resale
7,556,219
7,822,863
10,787,551
11,151,928
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
20,330,989
20,628,175
Corporation tax recoverable
222,455
242,110
Amounts owed by group undertakings
211,362
7,607,881
Other debtors
644,274
894,947
Prepayments and accrued income
788,566
1,111,806
22,197,646
30,484,919

The ‘Amounts owed by group undertakings’ includes a balance of £nil (2023: £7,364,802) owed by the parent company under a cash pooling arrangement. Interest is charged on this balance based on bank base rates. The remainder of the balance relate to intergroup trade and are not interest bearing and are repayable on demand.

16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,804,717
3,605,725
Amounts owed to group undertakings
15,553,056
7,490,201
Taxation and social security
2,719,347
2,579,738
Accruals and deferred income
5,886,942
7,225,452
29,964,062
20,901,116

The ‘Amounts owed to group undertakings’ includes a balance of £6,808,330 (2023: £nil) owed to the parent company under a cash pooling arrangement. Interest is charged on this balance based on bank base rates. The remainder of the balances relate to intergroup trade and are not interest bearing and are repayable on demand.

17
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,470,183
-
0
MAPEI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
18
Deferred taxation

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

2024
2023
Balances:
£
£
Accelerated capital allowances
423,365
267,180
Short term timing differences
(10,000)
(129,120)
413,365
138,060
2024
Movements in the year:
£
Liability at 1 January 2024
138,060
Charge to profit or loss
275,305
Liability at 31 December 2024
413,365
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
7,300,000
7,300,000
7,300,000
7,300,000
20
Retirement benefit schemes

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.

At the end of 2024 there are overpaid pension contributions to the defined contribution scheme of £nil (2023: £nil).

21
Profit and loss reserves

The profit and loss reserve represents cumulative profits or losses net of dividends paid and other adjustments.

MAPEI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
22
Financial commitments, guarantees and contingent liabilities

CMA

 

In October 2023, the Competition Markets Authority (CMA) launched an investigation into suspected anti-competitive conduct in relation to the supply of chemicals for use in the construction industry, which included Mapei (UK) Limited.

In January 2025 the Competition Markets Authority (CMA) closed the above-mentioned investigation on the grounds that the investigation no longer constitutes an administrative priority.

 

Guarantee information

In December 2023, Mapei S.p.A. executed a financing transaction with a pool of financial institutions for a total amount of approximately €405m (£351m). This operation aims to cover the financial needs arising from investments and potential acquisitions to be carried out by companies within the Mapei Group.

The Company is included in the list of guarantor companies for the financing arrangement.

The total level of borrowings under this arrangement at the end of 31 December 2024 has been disclosed in the Mapei S.p.A financial statements for the year ended 31 December 2024.

23
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within 1 year
2,929,737
2,436,286
Years 2-5
8,247,016
6,997,851
After 5 years
1,617,921
2,613,500
12,794,674
12,047,637
24
Events after the reporting date

Subsequent to the year end, the directors have agreed to hive up the trade and net assets of Wykamol Group Limited at net book value, totalling to £3.4m into the company following a Transfer Agreement dated 31 January 2025, initially for loan consideration. This will result in the difference between the investment value and net assets hived up being transferred to goodwill in 2025

25
Ultimate controlling party

The immediate parent undertaking is Mapei S.p.A. and ultimate parent undertaking is Emme Esse VI S.R.L., both companies incorporated in Italy.

 

The company is controlled by V Squinzi, M Squinzi and S Giorgetta by virtue of their shareholding in the ultimate parent company.

 

Group accounts have been prepared by Mapei S.p.A., and these are the only group accounts that Mapei (UK) Limited are consolidated in. These accounts can be found at Mapei S.p.A., Via Cafiero, 22-50158, Milan, Italy.

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