ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Company registration number: 02140069

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	H. J. BAKER SULPHUR & FERTILIZER UK LTD


H. J. BAKER SULPHUR & FERTILIZER UK LTD

COMPANY INFORMATION

Directors	L F Masroua Goecke
	C V B Smith
	A Sanchez


Registered number	02140069


Registered office	Sulphur Processing Plant West Bay Road
	Port of Southampton
	Southampton
	SO15 1AW


Independent auditors	Menzies LLP
	Chartered Accountants & Statutory Auditor
	Midas House
	62 Goldsworth Road
	Woking
	Surrey
	GU21 6LQ


H. J. BAKER SULPHUR & FERTILIZER UK LTD

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 9


H. J. BAKER SULPHUR & FERTILIZER UK LTD REGISTERED NUMBER:02140069

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	4		-		15,965
Tangible assets	5		3,594,890		2,482,820
			3,594,890		2,498,785
Current assets
Debtors: amounts falling due within one year	6	2,453,206		3,310,821
Cash at bank and in hand		61,895		86,136
		2,515,101		3,396,957
Creditors: amounts falling due within one year	7	(1,888,311)		(1,539,518)
Net current assets			626,790		1,857,439
Total assets less current liabilities			4,221,680		4,356,224
Creditors: amounts falling due after more than one year	8		-		(166,252)
Provisions for liabilities
Deferred tax		-		(49,787)
			-		(49,787)
Net assets			4,221,680		4,140,185

Capital and reserves
Called up share capital	100,000	100,000
Profit and loss account	4,121,680	4,040,185
	4,221,680	4,140,185

Page 1


H. J. BAKER SULPHUR & FERTILIZER UK LTD REGISTERED NUMBER:02140069

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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

................................................

A Sanchez

Director

Date: 30 September 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2


H. J. BAKER SULPHUR & FERTILIZER UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

H. J. Baker Sulphur & Fertilizer UK Ltd is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of its registered office and principal place of business is disclosed on the company information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The directors have received confirmation that the company will continue to receive support from its ultimate parent company, H.J. Baker & Bro. LLC.
As a result of the actions and support described above, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss

2.4

Revenue

Revenue is charged based on the expenditure incurred, with a mark-up added. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes, for services rendered.

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H. J. BAKER SULPHUR & FERTILIZER UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Environmental Permit

years straight line method

Page 4


H. J. BAKER SULPHUR & FERTILIZER UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery

5 - 15 years straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Assets under construction are carried at historical cost and are not depreciated until they come into use.

2.9

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).

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H. J. BAKER SULPHUR & FERTILIZER UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Intangible assets

		Environmental permit
		£

	At 1 January 2024	74,645
	Disposals	(74,645)
	At 31 December 2024	-

	At 1 January 2024	58,680
	On disposals	(58,680)
	At 31 December 2024	-
	Net book value
	At 31 December 2024	-
	At 31 December 2023	15,965

Page 6


H. J. BAKER SULPHUR & FERTILIZER UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Plant and machinery	Assets under construction	Total
	£	£	£
Cost
At 1 January 2024	6,040,938	432,693	6,473,631
Additions	1,334,992	293,359	1,628,351
Transfers between classes	432,693	(432,693)	-
At 31 December 2024	7,808,623	293,359	8,101,982
Depreciation
At 1 January 2024	3,990,811	-	3,990,811
Charge for the year on owned assets	516,281	-	516,281
At 31 December 2024	4,507,092	-	4,507,092
Net book value
At 31 December 2024	3,301,531	293,359	3,594,890
At 31 December 2023	2,050,127	432,693	2,482,820

Borrowing costs of £289,800 were capitalised in 2016 in relation to construction of the plant. The plant became operational on 1 July 2016 and the borrowing costs are being depreciated over a useful economic life of 10 years in line with the plant.

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H. J. BAKER SULPHUR & FERTILIZER UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	2,292,852	3,123,724
Other debtors	75,299	137,128
Prepayments and accrued income	44,025	49,969
Deferred taxation	41,030	-
	2,453,206	3,310,821

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	68,619	95,543
Amounts owed to group undertakings	1,608,015	1,255,009
Corporation tax	29,092	5,993
Other taxation and social security	4,965	-
Other creditors	-	9,176
Accruals and deferred income	177,620	173,797
	1,888,311	1,539,518

8.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Accruals and deferred income	-	166,252
	-	166,252

9.	Contingent liabilities

At the year ending 31 December 2024 the company has a contingent liability in connection with dilapidation costs that will be incurred when H.J. Baker Sulphur & Fertilizer UK Ltd vacate their sulphur production plant. The reason a provision has not been included within these financial statements is due to the fact the expected future costs cannot be reliably estimated and the timing of economic outflow is unknown.

Page 8


H. J. BAKER SULPHUR & FERTILIZER UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Not later than 1 year	348,493	347,941
Later than 1 year and not later than 5 years	1,423,988	1,391,762
Later than 5 years	-	328,921
	1,772,481	2,068,624

11.	Related party transactions
	The Company has taken advantage of the exemption available under FRS 102 Section 33.1A not to disclose transactions with the ultimate parent undertaking and those subsidiary undertakings, where the group controls 100% of those companies' voting rights.

12.	Parent company

The parent of the smallest and largest group for which consolidated financial statements are drawn up is H.J. Baker & Bro. LLC. The address of their registered office is 1450 Lake Robbins Drive, Suite 550. The Woodlands, TX.77382.

13.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 30 September 2025 by Miriam Hanley ACA (Senior Statutory Auditor) on behalf of Menzies LLP.

Page 9