REGISTERED NUMBER: 11815355 (England and Wales)

Colonial Chemical (UK) Limited

Financial Statements

for the Year Ended 31 December 2024

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

Directors:

D D Anderson

C R Mobley

Mrs C A Cooper

Registered office:

Mynshull House

78 Churchgate

Stockport

Cheshire

SK1 1YJ

Registered number:

11815355 (England and Wales)

Auditors:

Warr & Co Limited

Mynshull House

78 Churchgate

Stockport

Cheshire

SK1 1YJ

Current assets

Stocks

263,175

196,595

Debtors

4

384,771

330,267

Cash at bank

51,841

158,059

699,787

684,921

Creditors

Amounts falling due within one year

5

(890,326

)

(791,151

)

Net current liabilities

(190,539

)

(106,230

)

Total assets less current liabilities

(190,539

)

(106,230

)

Capital and reserves

Called up share capital

10,000

10,000

Retained earnings

(200,539

)

(116,230

)

Shareholders' funds

(190,539

)

(106,230

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 June 2025 and were signed on its behalf by:

C R Mobley - Director

1.	Statutory information

Colonial Chemical (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting 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 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.

The directors have determined whether there are any indicators of impairment of stock held by the company. Factors taken into consideration include the date of last sale of stock lines, the conditions of stock held and managements expectations for the recoverable value against the total stock cost recognised in the accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans to and from related parties and investments in ordinary shares.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company contributes to a defined contribution pension plan for its employees. The plan is a separate entity and the assets are held independently of the company. Contributions payable are charged to the profit and loss in the period to which they relate and once contributions have been paid the company has no further payment obligations.

Going concern

In preparing the financial statements the directors are required to prepare the financial statements on a going concern basis unless it is inappropriate to assume that the company will continue trading. In satisfaction of this responsibility, the directors have considered the company's ability to meet its liabilities as they fall due for the period of at least twelve months from the signing of the financial statements.

The company meets its day to day working capital requirements through a loan from Colonial Chemicals Inc. the parent company. Colonial Chemicals Inc. has provided a written guarantee to cover all liabilities of Colonial Chemicals (UK) Limited should this be required.

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

3.	Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

4.

Debtors: amounts falling due within one year

31.12.24

31.12.23

as restated

£

£

Trade debtors

181,429

160,046

Amounts owed by group undertakings

172,619

164,889

Other debtors

30,723

5,332

384,771

330,267

5.

Creditors: amounts falling due within one year

31.12.24

31.12.23

as restated

£

£

Trade creditors

42,982

12,169

Amounts owed to group undertakings

792,080

681,362

Taxation and social security

3,111

12,567

Other creditors

52,153

85,053

890,326

791,151

6.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was qualified on the following basis:

Basis for qualified opinion

We were not appointed as auditors of the company until after 31 December 2022 and thus did not observe the counting of physical inventories at the beginning and end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2022, which are stated in the financial statements at £355,792. Furthermore, we were unable to determine whether inventories have been valued in accordance with the accounting policy as set out in note 2 of the accounts.

In addition, we were unable to obtain sufficient audit evidence to confirm the sums included in the financial statements in respect of debtors recorded at £415,728 and creditors recorded at £798,457 at 31 December 2022.

As a result of these matters, we were unable to determine whether there was any consequential effect on sales or cost of sales for the year ended 31 December 2023.

Our audit opinion on the financial statements for the year ended 31 December 2023 was modified accordingly. Our opinion on the current years financial statements is also modified because of the possible effect of these matters on the comparability of the current years figures and the corresponding figures.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note seven to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained sufficient and appropriate to provide a basis for our qualified opinion.

Matters required to report by exception

Nicola Jayne Joyce ACA (Senior Statutory Auditor)

for and on behalf of Warr & Co Limited

7.	Related party disclosures

During the year sales commissions amounting to £4,339 (2023 £9,853) were received from Colonial Chemical Inc. Purchases were made from Colonial Chemical Inc amounting to £804,345 (2023 £1,135,517). The balance owing by the company at the balance sheet date amounted to £792,080 (2023 £681,362). Colonial Chemical Inc. is the parent company.

During the year sales commissions amounting to £74,598 (2023 £89,155) were received from Colonial Chemical EU B.V. At the balance sheet date a sum of £172,619 (2023 £164,889) was owed to the company by Colonial Chemical EU B.V. a subsidiary company of Colonial Chemical Inc.

8.	FRC Ethical Standard - provisions available for small entities

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

9.	Post balance sheet events

There were no significant events after the reporting period.

10.	Ultimate controlling party

The controlling party is Colonial Chemical Inc..