wk-2024-12-31-ixbrl

Page 2

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

PURPOSE OF THE ENTITY

The Valspar (UK) Funding Corporation Limited ("the Company") exists to enable the steady cash flow between

the cash accounts used within the Sherwin-Williams EMEAI (Europe, the Middle East, Africa and India)

entities. The funds are distributed to allow the entities to make scheduled payments, excess funds are swept

from the accounts on a daily basis and net funds are paid into a global account to ensure better liquidity

management.

The funds swept/lent to the entities are recorded in the local and Funding Corporation books as intercompany

loans attracting an accrued daily rate of interest based on the 30 day average SOFR rates for USD, daily short

term rate €STR for EUR and daily SONIA overnight rate for GBP plus 200 points.

REVIEW OF BUSINESS

Profit and loss account

During the year the Company generated interest income on intercompany loans of €17,032,323 (2023:

€12,410,816) on investment of excess cash and incurred €14,155,870 (2023: €10,539,422) of interest expense

on intercompany loans and overdrawn accounts.

The Company generated a profit after taxation for the year of €3,806,385 (2023: €2,759,360)

Balance sheet

During the year as part of the cash sweep activities, the Company accumulated bank overdraft balances totalling

€161,720,404 (2023: €94,604,017) which are offset against intercompany receivable loan accounts held within

the EMEAI entities totalling €169,440,464 (2023: €104,511,986).

Consolidation

The Sherwin-Williams Company is the ultimate parent of the Group (The Sherwin-Williams Company and all

subsidiaries) in whose accounts the entity is consolidated.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company has loans and borrowings, which are subject to floating interest rates. The Company is therefore

exposed to interest rate risk. The Company is also exposed to economic risk and also has some exposure to

foreign exchange risk. Corporate treasury reviews the requirement for foreign exchange deals on behalf of

participating entities and where necessary converts deals entered into from non functional currency into

functional currency. The Company is exposed to funding risk however the risk of being unable to fund the

operations on an ongoing basis has been mitigated through the level of financial support available from the

ultimate parent company.

SECTION 172(1) STATEMENT

The Directors fulfil their duty by ensuring that there is a strong governance structure and process running

through all aspects of the Group's operations. The Group's strategy and business model are underpinned by the

employees and all members of the Board undertake regular site visits to deliver key engagement and

development programmes. The Group engages with its key stakeholders in a variety of ways, explained in more

detail in the Directors' responsibilities statement on page 5. The Board is kept informed of all relevant issues by

means of a number of written reports.

The Board of Directors of The Valspar (UK) Funding Corporation Limited consider that they, both individually

and collectively, have acted in a way that would be most likely to promote the success of the Company for the

benefit of its members as a whole (having regard to the stakeholders and matters set out in Sl72(1)(a-f) of the

Act) in the decisions they have taken during the year ended 31 December 2024. In making this statement, the

Directors considered the longer term consideration of stakeholders, the environment and have taken into account

the following:

a) the likely consequences of any decisions in the long-term;

b) the interests of the Group's employees;

c) the need to foster the Group's business relationships with suppliers, customers and others;

d) the impact of the Group's operations on the community and the environment;

e) the desirability of the Group maintaining a reputation for high standards of business conduct; and

f) the need to act fairly between members of the Company.

Page 3

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

KEY PERFORMANCE INDICATORS

The Company does not have specific key performance indicators since the main function is to provide support

to the Group. The intercompany loan positions were managed effectively and reconciled every month.

GOING CONCERN AND LIQUIDITY RISK ASSESSMENT

The Company is part of The Sherwin-Williams Company, a company incorporated in the United States of

America. The Company is a listed Fortune 500 company and provides comfort in respect of the provision of

financial support to The Valspar (UK) Funding Corporation Limited to assist in meeting liabilities as and when

they fall due to the extent that money is not otherwise available to meet such liabilities.

The parent company, The Sherwin-Williams Company, will continue to support the Company in the foreseeable

future. This has been confirmed by a letter of support that covers the period of 12 months from the date of

signing the financial statements.

The Directors have assessed the ability of The Sherwin-Williams Company to provide the level of support that

might be required given the level of uncertainty associated with trading and cash forecasts. The Directors see no

reason to believe that a material uncertainty exists that may cast significant doubt about the ability of The

Valspar (UK) Funding Corporation Limited to continue as a going concern or its ability to continue with the

current banking arrangements.

The Group operates in a low growth market environment which is set to continue in 2025. The Group continues

to manage its risk by developing innovation in its product range, and maintaining a very strong brand presence

through advertising and promotional literature spend. The Group is financially sound and continues to have a

strong customer retention from its customer base who place a value on continuity of supply.

The Company's business activities, together with the factors likely to affect its future development and position,

are set out in the Report of the Directors on page 4.

The Company is expected to continue to generate positive cash flows on its own account for the foreseeable

future. The Company participates in the Group's centralised treasury arrangements and shares banking

arrangements with its parent and fellow subsidiaries.

Annual and rolling company profit forecasts are collated on a business unit level as oppose to each individual

statutory entity level.

The 2025 forecast anticipates further volume growth and improved performance for the business unit reflecting

the Company's and Sherwin's EMEAI strategy to grow business.

On the basis of their assessment of the Company's financial position, the Company's Directors have a reasonable

expectation that the Company will be able to continue in operational existence for the foreseeable future. Thus

they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

ON BEHALF OF THE BOARD:

J J Miklich - Director

Date: 26 September 2025

Page 4

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report with the financial statements of the Company for the year ended 31 December

2024.

PRINCIPAL ACTIVITY

The principal activity of the Company in the year under review was that of the investment of funds available

from the daily cash concentration of bank balances into the Company. The daily cash balances across EMEAI

are swept into the Company and excess cash invested.

DIVIDENDS

No Dividends were paid during the year ended 31 December 2024 (2023 - €nil).

FUTURE DEVELOPMENTS

The Company will review the opportunities to invest funds in longer term investments at higher returns, subject

to liquidity needs and security over funds.

DIRECTORS

The Directors shown below have held office during the whole of the period from 1 January 2024 to the date of

this report.

C G Morley

J J Miklich

J M Donchess - resigned on 20 January 2025

S J Walker

J P Lang - appointed on 20 January 2025

DIRECTORS' LIABILITIES

The Company has granted an indemnity to one or more of its Directors against liability in respect of proceedings

brought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. Such

qualifying third-party indemnity provision remains in force as at the date of approving the Directors' report.

GOING CONCERN

See Strategic Report page 3.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the Directors are aware, there is no relevant audit information (as defined by Section 418 of the

Companies Act 2006) of which the Company's auditors are unaware, and each Director has taken all steps that

he ought to have taken as a Director in order to make himself aware of any relevant audit information and to

establish that the Company's auditors are aware of that information.

AUDITORS

The auditors, Bradshaw Johnson, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

ON BEHALF OF THE BOARD:

J J Miklich - Director

Date: 26 September 2025

Page 5

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

STATEMENT OF DIRECTORS' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial

statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the

Directors have elected to prepare the financial statements in accordance with United Kingdom Generally

Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial

Reporting Standard 102 (FRS 102) 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied

that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company

for that period. In preparing these financial statements, the Directors are required to:

– select suitable accounting policies and then apply them consistently;

– make judgements and accounting estimates that are reasonable and prudent;

– prepare the financial statements on the going concern basis unless it is inappropriate to presume that

the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain

the Company's transactions and disclose with reasonable accuracy at any time the financial position of the

Company and enable them to ensure that the 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.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

Opinion

We have audited the financial statements of The Valspar (UK) Funding Corporation Limited (the "Company")

for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of

Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary

of significant accounting policies. The financial reporting framework that has been applied in their preparation

is applicable by law and United Kingdom Account Standards, including Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally

Accepted Accounting Practice).

In our opinion, the financial statements:

– give a true and fair view of the Company's affairs as at 31 December 2024 and of its profit for the 12

month period then ended;

– have been properly prepared in accordance with United Kingdom Generally Accepted Accounting

Practice; and

– have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and

applicable law. Our responsibilities under those standards are further described in the 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 Directors are responsible for the other information. The other information comprises the information in the

Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of

the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

Opinions on other matters prescribed by the Companies Act 2006

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

– the information given in the Strategic Report and the Report of the Directors for the financial year for

which the financial statements are prepared is consistent with the financial statements; and

– the Strategic Report and the Report of the Directors have been prepared in accordance with applicable

legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of

the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to

report to you if, in our opinion:

– adequate accounting records have not been kept, or returns adequate for our audit have not been

received from branches not visited by us; or

– the financial statements are not in agreement with the accounting records and returns; or

– certain disclosures of Directors' remuneration specified by law are not made; or

– we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, 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 necessary to enable the preparation of

financial statements 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.

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:

We considered the nature of the Company's industry and its control environment, and reviewed the Company's

documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We

also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the Company operates in, and

identified the key laws and regulations that:

– had a direct effect on the determination of material amounts and disclosures in the financial statements.

These included the UK Companies Act and tax legislation; and

– do not have a direct effect on the financial statements but compliance with which may be fundamental

to the Company's ability to operate or to avoid a material penalty.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

We discussed among the audit engagement team including relevant internal specialists such as tax specialists

regarding the opportunities and incentives that may exist within the organisation for fraud and how and where

fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to

the risk of management override. In addressing the risk of fraud through management override of controls, we

tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in

making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any

significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

– reviewing financial statement disclosures by testing to supporting documentation to assess compliance

with provisions of relevant laws and regulations described as having a direct effect on the financial

statements;

– performing analytical procedures to identify any unusual or unexpected relationships that may indicate

risks of material misstatement due to fraud;

– enquiring of management and external legal counsel concerning actual and potential litigation and

claims, and instances of non-compliance with laws and regulations; and

– reading minutes of meetings of those charged with governance, reviewing internal audit reports and

reviewing correspondence with HMRC.

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

Reporting Council's website at www.frc.org,uk/auditorsresponsibilities. This description forms part of our

Report of the Auditors.

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 a Report of the Auditors 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.

Andrew Pearce (Senior Statutory Auditor)

for and on behalf of Bradshaw Johnson

Chartered Accountants

Statutory Auditor

Croft Chambers

11 Bancroft

Hitchin

Hertfordshire

SG5 1JQ

26 September 2025

Page 9

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024


		31.12.24	31.12.23
	Notes	€	€
TURNOVER		—	—

Foreign exchange gain		(922,371)	(872,890)
Administrative expenses		(7,561)	(15,076)

OPERATING PROFIT	5	929,932	887,966

Interest receivable and similar income	6	17,032,323	12,410,816
		17,962,255	13,298,782

Interest payable and similar expenses	7	14,155,870	10,539,422

PROFIT BEFORE TAXATION		3,806,385	2,759,360

Tax on profit	8	—	—

PROFIT FOR THE FINANCIAL YEAR		3,806,385	2,759,360

OTHER COMPREHENSIVE INCOME		—	—

TOTAL COMPREHENSIVE INCOME FOR THE YEAR		3,806,385	2,759,360

The notes form part of these financial statements

Page 10

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

STATEMENTS OF FINANCIAL POSITION

FOR THE YEAR ENDED 31 DECEMBER 2024


		31.12.24	31.12.23
	Notes	€	€
CURRENT ASSETS
Debtors	15	319,424,737	246,289,641

CREDITORS
Amounts falling due within one year	10	311,723,087	236,418,886

NET CURRENT ASSETS		7,701,650	9,870,755

TOTAL ASSETS LESS CURRENT LIABILITIES		7,701,650	9,870,755

CAPITAL AND RESERVES
Called up share capital	12	1,148	1,148
Share premium		4,999,999	4,999,999
Retained earnings		2,700,503	4,869,608
SHAREHOLDERS' FUNDS		7,701,650	9,870,755

The financial statements were approved and authorised for issue by the Board of Directors on 26 September

2025 and were signed on its behalf by:

J J Miklich

The accompanying notes are an integral part of this balance sheet

Page 11

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

STATEMENTS OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024


	Called up share capital	Retained earnings	Share premium	Total equity
	€	€	€	€
Balance at 1 January 2023	1,148	2,110,248	4,999,999	7,111,395

Changes in equity
Issue of share capital	—	—	—	—
Total comprehensive income	—	2,759,360	—	2,759,360
Balance at 31 December 2023	1,148	4,869,608	4,999,999	9,870,755

Changes in equity
Distribution (see note 15)	—	(5,975,490)	—	(5,975,490)
Total comprehensive income	—	3,806,385	—	3,806,385
Balance at 31 December 2024	1,148	2,700,503	4,999,999	7,701,650

Page 12

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATEMENT OF COMPLIANCE

The Valspar (UK) Funding Corporation Limited is a private company limited by shares incorporated in

England. The registered office is:

Avenue One

Station Lane

Witney, Oxfordshire

OX28 4XR

The Company's financial statements have been prepared in compliance with FRS 102 as it applies to the

financial statements for the year ended 31 December 2024.

2. ACCOUNTING POLICIES

2.1. Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards. The financial

statements are prepared in Euros.

The financial statements are presented to round €1's to align with fellow group companies within the UK.

2.2. Going concern

The financial statements have been prepared on a going concern basis as The Sherwin-Williams Company, the

ultimate parent undertaking, has agreed to provide adequate support to enable the Company to meet its liabilities

as they fall due for a period of at least 12 months from the date of approval of these financial statements.

2.3. Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland":


-	the requirements of Section 7 Statement of Cash Flows;
-	the requirement of paragraph 33.7.

2.4. Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position

date and the amounts reported for revenues and expenses during the year. However, the nature of estimation

means that actual outcomes could differ from those estimates. The Directors believe there are no key sources of

estimation uncertainty in preparation of the financial statements.

2.5. Taxation

Taxation for the year comprises current tax. Tax is recognised in the Statements of Comprehensive income,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised as the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

2.6. Deferred taxation

Deferred taxation is recognised in respect of all temporary differences arising between the tax base of assets and

liabilities and their carrying amount. Deferred tax is determined using the tax rates (and laws) that have been

enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred

tax asset is realised or the deferred tax liability is settled. Deferred tax is measured on an undiscounted basis.

Deferred tax assets are recognised only to the extent that the Directors consider there is probable future suitable

taxable profits available against which the temporary differences can be utilised.

Page 13

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets

against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the

same tax authority.

2.7. Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into Euros at the rates of exchange ruling at

the statement of financial position date. Transactions in foreign currencies are translated into Euros at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are

translated using the exchange rate at the date of the transaction.

2.8. Financial instruments

All financial assets and liabilities are measured at amortised cost.

2.9. Interest receivable and payable

Intercompany loan interest receivable and payable is calculated on the daily balance of the intercompany loan

position. The Company accrues interest receivable at 30 day average SOFR rates for USD, daily short term rate

€STR for EUR and daily SONIA overnight rate for GBP plus 200 points. The Company accrues interest payable

at 30 day average SOFR rates for USD, daily short term rate €STR for EUR and daily SONIA overnight rate for

GBP plus 200 points.

2.10. Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short-

term deposits with an original maturity date of three months or less.

2.11. Short-term debtors and creditors

Debtors and creditors with no stated interest rate and have a receivable or payable within one year are recorded

at transaction price. Any losses arising from impairment are recognised in the income statement specifically in

other operating income.

2.12. Group balances

This Company holds the pooled cash balances for the EMEAI entities. The funds lent to/from the entities are

recorded as intercompany payables/receivables and attract a daily rate of interest based on 30 day average SOFR

rates for USD, daily short term rate €STR for EUR and daily SONIA overnight rate for GBP plus 200 points.

The Company does not expect to settle these period-end account balances on a net basis, therefore they are

disclosed on a gross basis by entity.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023.

4. DIRECTORS' EMOLUMENTS

Directors' remuneration for the year ended 31 December 2024 and year ended 31 December 2023 has been

borne by other companies within the Group. The Directors of the Company are also Directors or Officers of

other companies within the Group. The Directors' services to the Company do not occupy a significant amount

of their time. As such, the Directors have not received any remuneration for their incidental services to the

Company for the year ended 31 December 2024 and year ended 31 December 2023.

Page 14

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5. OPERATING PROFIT

The operating profit is stated after charging:


	31.12.24	31.12.23
	€	€
Foreign exchange gain	(922,371)	(872,890)

6. INTEREST RECEIVABLE AND SIMILAR INCOME


	31.12.24	31.12.23
	€	€
Interest income from group entities	17,032,323	12,410,816

Interest rates are based on 30 day average SOFR rates for USD, daily short term rate €STR for EUR and daily

SONIA overnight rate for GBP plus 200 points.

7. INTEREST PAYABLE AND SIMILAR EXPENSES


	31.12.24	31.12.23
	€	€
Interest expense to group entities	14,155,870	10,539,422

8. TAXATION

8.1. Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended

31 December 2023.

8.2. Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is

explained below:


	31.12.24	31.12.23
	€	€
Profit before tax	3,806,385	2,759,360
Profit multiplied by the standard rate of corporation tax in the UK of 25%	951,596	689,840
Effects of:
Group relief	(951,596)	(689,840)

Total tax charge	—	—

The standard rate of tax applied to reported profit on ordinary activities is 25%.

Page 15

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


	31.12.24	31.12.23
	€	€
Amounts owed by group undertakings	319,424,737	246,289,641

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


		31.12.24	31.12.23
	Note	€	€
Bank loans and overdrafts	15	161,720,404	94,604,017
Amounts owed to group undertakings		149,984,273	141,777,655
Accrued expenses		18,410	37,214

		311,723,087	236,418,886

Balances are repayable on demand. Interest rates are based on 30 day average SOFR rates for USD, daily short

term rate €STR for EUR and daily SONIA overnight rate for GBP plus 200 points.

11. LOANS

An analysis of the maturity of loans is given below:


	31.12.24	31.12.23
	€	€
Amounts falling due within one year or on demand:
Bank overdrafts	161,720,404	94,604,017

The bank overdraft is repayable on demand. Interest rates are based on average rate of 0.8458%.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:


Number:	Class:	Nominal	31.12.24	31.12.23
		value:	€	€
1,001	Ordinary	£1	1,148	1,148

The nominal value of each share has been issued in GBP (£), however the presentational and functional

currency of these financial statements is in Euro's (€).

13. RELATED PARTY DISCLOSURES

The Company has taken advantage of the exemption under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Page 16

THE VALSPAR (UK) FUNDING CORPORATION LIMITED

(REGISTERED NUMBER: 07185959)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

As at 31 December 2024 the Company's ultimate parent undertaking and controlling party is The Sherwin-

Williams Company, which is incorporated in the United States of America. Copies of its Group financial

statements, which include the Company are available from www.investors.sherwin-williams.com and:

The Sherwin-Williams Company

101 W. Prospect Avenue

Cleveland

Ohio

USA

44115-1075

15. DISTRIBUTION

During the period, the Company made a distribution via equity in relation to intercompany balances across

Sherwin-Williams EMEAI entities.

16. POST BALANCE SHEET EVENTS

In January 2025, a deed of release relating to the intercompany loan payable to SW Jersey amounting to

€30,940,953 was executed by the Directors.


	Page

Company Information	1

Strategic Report	2

Report of the Directors	4

Statement of Directors' Responsibilities	5

Report of the Independent Auditors	6

Statements of Comprehensive Income	9

Statements of Financial Position	10

Statements of Changes in Equity	11

Notes to the Financial Statements	12


DIRECTORS:	C G Morley
	J J Miklich
	S J Walker
	J P Lang

REGISTERED OFFICE:	Avenue One
	Station Lane
	Witney, Oxfordshire
	OX28 4XR

REGISTERED NUMBER:	07185959 (England and Wales)

AUDITORS:	Bradshaw Johnson
	Chartered Accountants
	Statutory Auditor
	Croft Chambers
	11 Bancroft
	Hitchin
	Hertfordshire
	SG5 1JQ